<html>
  <head>
    <title>
</title>
</head>
  <body bgcolor="#ffffff">
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington,
      D.C. 20549</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FORM
      8-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
      REPORT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
      to Section 13 OR 15(d) of </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>The
      Securities Exchange Act of 1934</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
      of
      Report (Date of earliest event reported) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>August
      14, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="bottom" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CanWest
                Petroleum Corporation </strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
                name of registrant as specified in its
                charter)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="33%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Colorado</strong></font></div>
            </td>
            <td valign="top" width="34%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>0-27659</strong></font></div>
            </td>
            <td valign="top" width="33%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>98-0461154</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                or other jurisdiction</font></div>
            </td>
            <td valign="top" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission</font></div>
            </td>
            <td valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
                Employer</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
                incorporation)</font></div>
            </td>
            <td valign="top" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">File
                Number)</font></div>
            </td>
            <td valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification
                No.)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div align="left">
      <table border="0" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="70%">&#160;</td>
            <td valign="top" width="30%">&#160;</td>
          </tr>
          <tr>
            <td valign="top" width="70%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Suite
                205, 707</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>-
                7</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup><strong>th</strong></sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
                Avenue S.W. Calgary, Alberta, Canada </strong></font></div>
            </td>
            <td valign="top" width="30%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>T2P
                3H6</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="70%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
                of principal executive offices)</font></div>
            </td>
            <td valign="top" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Zip
                Code)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
      telephone number, including area code </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>(403)
      263</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>-1623</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="90%">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (see General Instruction A.2. below):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      ]
      Written communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      ]
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      ]
      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
      Act
      (17 CFR 240.14d-2(b))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      ]
      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
      Act
      (17 CFR 240.13e-4(c))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      1.01 Entry into a Material Definitive Agreement.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">See
      Items
      2.01, 3.02 and 5.02 for a full discussion of material definitive agreements
      entered into by the Company on August 14, 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      2.01 Completion of Acquisition or Disposition of Assets. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      August
      14, 2006, CanWest Petroleum Corporation (the &#8220;Company&#8221; or &#8220;CanWest&#8221;) closed the
      Reorganization Agreement with its subsidiary, Oilsands Quest, Inc. (&#8220;OQI&#8221;),
      which was initially executed June 9, 2006 (the &#8220;Reorganization Agreement&#8221;).
      CanWest acquired the minority interest in OQI, going from a 59.5% ownership
      interest to a 100% ownership interest. OQI is a private Alberta company that
      owns 100% of exploration permits covering 508,000 net acres in northwest
      Saskatchewan. In connection with the Reorganization Agreement, CanWest also
      entered into a Voting and Exchange Trust Agreement with OQI and Computershare
      Trust Company of Canada (&#8220;CTC&#8221;), and a Support Agreement with OQI. Collectively,
      these agreements are referred to as the &#8220;Acquisition Agreements.&#8221; </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">According
      to the Acquisition Agreements, all common stock of&#160;OQI&#160;other than that
      held by CanWest were exchanged for a new class of shares called Exchangeable
      Shares pursuant to a ratio of one OQI common share to 8.23 Exchangeable Shares.
      The Exchangeable Shares are exchangeable at any time on a one-for-one basis,
      at
      the option of the holder, for CanWest shares of common stock. An Exchangeable
      Share provides a holder with economic terms and voting rights which are, as
      nearly as practicable, effectively equivalent to those of a share of CanWest
      common stock. Holders of Exchangeable Shares have registration rights with
      respect to the resale of CanWest common stock to be received upon exchanging
      the
      Exchangeable Shares into CanWest shares. The holders of the Exchangeable Shares
      will receive an aggregate of </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">76,504,302
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">shares
      of
      CanWest common stock at each holder&#8217;s election. </font><a name="001"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Exchangeable Shares are represented for voting purposes in the aggregate by
      one
      share of CanWest Series B Preferred Stock (the &#8220;Preferred Share&#8221;), which
      Preferred Share is held by CTC. CTC will in turn vote the one Preferred Share
      as
      indicated by the individual holders of Exchangeable Shares. The one Preferred
      Share represents a number of votes equal to the total outstanding Exchangeable
      Shares on the applicable record date for the vote submitted to CanWest
      shareholders.</font></a></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      3.02 Unregistered Sales of Equity Securities.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">See
      Item
      2.01 regarding the issuance of one Preferred Share by CanWest to CTC, which
      Preferred Share represents a number of votes equal to the total outstanding
      Exchangeable Shares on the applicable record date for the vote submitted to
      CanWest shareholders. In connection with the closing of the Reorganization
      Agreement, TD Securities, Inc. will be paid a success fee of $1,800,000 Cdn
      by
      CanWest. OQI paid CIBC World Markets Inc. a success fee of $250,000 Cdn. and
      35,000 OQI common shares (288,050 Exchangeable Shares) in connection with the
      closing of the Reorganization Agreement.&#160;The Preferred Share was issued
      pursuant to Regulation S of the United States Securities Act of 1933, as amended
      (the &#8220;Securities Act&#8221;). </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      August
      14, 2006, the Company completed a private offering (the &#8220;Offering&#8221;) of 3.9
      million shares of its common stock, $.001 par value per share (the &#8220;Purchased
      Shares&#8221;), at a price of $3.80 per share for gross proceeds of $14,820,000
      ($16,604,328 Cdn) pursuant to subscription agreements (the &#8220;Subscription
      Agreements&#8221;) with the subscribers. No commissions were paid in connection with
      the Offering.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">According
      to the terms of the Subscription Agreements, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      gross
      proceeds of the Offering will be used to purchase all of the shares of Stripper
      Energy Services, Inc. (the &#8220;Acquisition&#8221;) which holds a 2.5% gross overriding
      royalty on certain lands in the Province of Saskatchewan held by OQI. The
      Acquisition was an arms-length transaction with unrelated parties. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Purchased Shares were sold to non-US persons pursuant to Regulation S under
      the
      Securities Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><a name="003"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      5.02 Departure of Directors or Principal Officers; Election of Directors;
      Appointment of Principal Officers.</strong></font></a></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Effective
      August 14, 2006 and concurrent with the closing of the Reorganization Agreement,
      the Company accepted the resignation of two directors, Romeo D&#8217;Angela and
      Roderick Haverslew. Mr. Haverslew has also resigned from his position with
      the
      Audit, Compensation and Nominating Committees. The remaining two members of
      the
      Board, T. Murray Wilson and Ronald Phillips, then appointed Christopher Hopkins,
      Gordon Tallman, Scott Thompson and Thomas Milne to fill the vacancies created
      by
      these resignations and by previous resignations of directors who were never
      replaced. Messrs. Tallman and Milne are considered &#8220;independent&#8221; as that term is
      defined in Section 121A of the American Stock Exchange Company Guide and each
      has been appointed to the Company&#8217;s Audit, Compensation, and Nominating
      Committees. Ronald Phillips, also an independent director, will continue to
      serve on these committees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Neither
      Mr. Tallman, nor any of his affiliates hold any of the Company&#8217;s securities, and
      during the last two years, neither Mr. Tallman nor any affiliate, has or had
      a
      material interest, direct or indirect, in any transaction, or in any proposed
      transaction, with the Company. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
      for (i)&#160;Mr. Milne&#8217;s former position as a director of OQI (ii) 16,800 shares
      of the Company&#8217;s common stock purchased by Mr. Milne&#8217;s affiliate, Precise
      Details, Inc., in the Flow-Through Share Offering on July 5, 2006 and
      (iii)&#160;options to acquire 2,757,050 shares of the Company&#8217;s common stock
      beneficially owned by Mr. Milne under the Reorganization Agreement, neither
      Mr.
      Milne, nor any affiliate, has or had a material interest, direct or indirect,
      in
      any transaction, or in any proposed transaction, with the Company during the
      last two years.</font></div>
    <div>&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt"><font size="2">Except
      for (i) Mr. Hopkins&#8217; former position as a director and the Chief
      Executive Officer of OQI; (ii) 16,400 shares of the Company&#8217;s common stock
      purchased by Mr. Hopkins and his spouse in the Flow-Through Share Offering
      on
      July 5, 2006; and (iii) 20,739,600 (does not include 823,000 unvested options
      to
      acquire Exchangeable Shares)&#160;shares and options to acquire shares&#160;of
      the Company&#8217;s common stock beneficially owned by Mr. Hopkins and his spouse
      under the Reorganization Agreement, neither Mr. Hopkins, nor any affiliate,
      has
      or had a material interest, direct or indirect, in any transaction, or in any
      proposed transaction, with the Company during the last two years.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Thompson is president and a director of Harris-Forbes, Inc., which was engaged
      by the Company as a financial advisor from May 2005 to June 2006. Harris-Forbes,
      Inc. received 2,000,000 shares of the Company&#8217;s restricted common stock as
      compensation for its services and Mr. Thompson beneficially owns 500,000&#160;of
      those shares. In addition, Mr. Thompson beneficially owns&#160;options to
      acquire 2,057,500 shares of the Company&#8217;s common stock&#160;in connection
      with&#160;the Reorganization Agreement. Other than the Company&#8217;s transaction
      with Harris-Forbes, Inc.,&#160;Mr. Thompson&#8217;s former position as a Board member
      of OQI, and the Exchangeable Shares received pursuant to the Reorganization
      Agreement, neither Mr. Thompson, nor any affiliate, has or had&#160;a material
      interest, direct or indirect, in any transaction, or in any proposed
      transaction, with the Company. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Also
        effective with the closing of the Reorganization, the following changes in
        officer positions occurred: T. Murray Wilson was appointed Executive Chairman,
        and will continue with that title under his employment agreement dated May
        1,
        2006; Christopher Hopkins was appointed Chief Executive Officer and President;
        Karim Hirji was appointed Chief Financial Officer; and Errin Kimball was
        appointed Vice President, Exploration. </font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
      for (i) Mr. Hirji&#8217;s former position as the Chief Financial Officer of OQI; (ii)
      1,000 shares of the Company&#8217;s common stock purchased by Mr. Hirji in the
      Flow-Through Share Offering on July 5, 2006; and (iii)&#160;5,349,500 (does not
      include 823,000 unvested options to acquire Exchangeable Shares)&#160;shares and
      options to acquire shares&#160;of the Company&#8217;s common stock beneficially owned
      by Mr. Hirji under the Reorganization Agreement, neither Mr. Hirji, nor any
      affiliate, has or had a material interest, direct or indirect, in any
      transaction, or in any proposed transaction, with the Company during the last
      two years.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Messrs.
      Hopkins, Hirji and Kimball entered into Executive Employment Agreements with
      the
      Company, with each receiving base annual salaries (each referred to as the
      Base
      Fee in their respective agreements) as follows: Mr. Hopkins, $267,528 ($300,000
      Cdn); Mr. Hirji, $222,940 ($250,000 Cdn); Mr. Kimball, $222,940 ($250,000 Cdn).
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">According
      to the severance terms of the Executive Employment Agreements for Messrs.
      Hopkins, Hirji and Kimball, upon termination of employment by the Company
      without cause or upon triggering events or a change in control (all of which
      are
      defined in the respective agreements along with the capitalized terms used
      in
      this paragraph), the executive will receive: (i) a lump sum payment equal to
      the
      Monthly Base Fee (the Base Fee divided by 12) as at the termination date,
      multiplied by the number of months in the Notice Period (which is equal to
      one
      month for each completed year of service, subject to a minimum of 18 months
      plus
      one month for each completed year of service, including years of service with
      OQI from November 1, 2004); (ii) a further lump sum payment equal to the value
      of the executive&#8217;s benefits, multiplied by the number of months in the Notice
      Period; (iii) a further lump sum payment based on the average annual bonus
      (for
      the previous three years) paid to the executive, divided by 12 and multiplied
      by
      the number of months in the Notice Period; and (iv) accelerated vesting of
      all
      unvested stock options. The respective agreements may also be terminated at
      any
      time by the executive, with 60 days&#8217; notice, in which case the executive is only
      entitled to payments of salary and benefits through the date of
      termination.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Biographies
      for Messrs. Hopkins and Hirji are included below:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Christopher
      Hopkins has served as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">President,
      Chief Executive Officer and a director of OQI since November 10, 2004. He was
      a
      founder and an Executive Vice President of Synenco Energy Inc. ("Synenco"),
      an
      oil sands exploration company, from October 1999 to September 2004 and a
      director of Synenco from October 1999 until August 2003. Mr. Hopkins was a
      founder, director and Vice President, Finance of Thunder Road Resources Ltd.,
      a
      private oil and gas production company, from June 1996 to June 2000. Mr. Hopkins
      is a management professional and businessman with 25 years of Canadian and
      international energy and mining experience. He has held executive positions
      in
      corporate planning and business development with Suncor Inc.'s Oil Sands Group,
      Pembina Corporation and Amoco Canada and has additional management experience
      in
      environmental control and regulatory affairs in the mining industry. Mr. Hopkins
      holds a B.Sc. (Chemistry and Biology) from Carleton University and a MBA from
      Queen's University.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Karim
      Hirji has served as Chief Financial Officer of OQI since November 10, 2004.
      He
      was Vice President, Finance and Chief Financial Officer of Synenco from November
      2001 to June 2004. Mr. Hirji has also served as: Vice President, Finance and
      Chief Financial Officer of Anadime Corporation, a public oilfield services
      company, from September 2000 to October 2001; Manager of Financial Reporting
      at
      Enbridge Inc. from January 2000 to April 2000; Corporate Controller from 1999
      to
      January 2000 and Assistant Corporate Controller from 1994 to 1999 of AGRA Inc.,
      a public engineering company. Mr. Hirji brings to the Corporation over 20 years
      of experience in financial management, including significant treasury, project
      management and corporate finance skills. Mr. Hirji received his B.Comm from
      the
      University of Calgary and CA while articling with Deloitte &amp; Touche
      LLP.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      5.03 Amendments to Articles of Incorporation or Bylaws.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      August
      14, 2006, the Company filed Articles of Amendment with Certificate of
      Designation, Preferences and Rights of Series B Preferred Stock (the
&#8220;Certificate of Designations&#8221;) with the Secretary of State of Colorado. In
      connection with the adoption of the Certificate of Designations, the Board
      of
      Directors of the Company authorized the creation of a series of one share of
      Series B Preferred Stock. A copy of the Certificate of Designations is attached
      hereto as Exhibit 3.1 and is incorporated herein by reference. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item&#160;9.01.
      Financial Statements and Exhibits.</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Financial
      Statements of Business Acquired</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      accordance with Item&#160;9.01(a)(4) of Form 8-K, the financial statements
      required by Item 9.01(a) will be filed no later than 71 calendar days after
      the
      date this report must be filed. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Pro
      Forma Financial Information</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;</font></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      accordance with Item&#160;9.01(b)(2) of Form 8-K, the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>pro
      forma </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">financial
      information required by Item&#160;9.01(b) will be filed no later than 71
      calendar days after the date this report must be filed. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Exhibits</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.1
      </font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certificate
      of Designations of Series B Preferred Stock effective August 14,
      2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Voting
      Exchange and Trust Agreement dated August 14, 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font size="2">10.2</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Support
      Agreement dated August 14, 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive
      Employment Agreement with Christopher Hopkins dated August 14,
      2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.4</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive
      Employment Agreement with Karim Hirji dated August 14, 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.5</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive
      Employment Agreement with Errin Kimball dated August 14, 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.6</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
      of
      Subscription Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>
      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.7</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exchangeable
        Shares Provisions.</font></div>
      <div align="left">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
      Release #1 dated August 15, 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.2</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
      Release #2 dated August 15, 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="right" valign="top" width="40%">&#160;</td>
            <td align="left" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CanWest
                Petroleum Corporation</strong></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="40%">&#160;</td>
            <td valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant)</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="40%">&#160;</td>
            <td align="left" valign="top" width="46%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
                August 17, 2006</font></div>
            </td>
            <td valign="top" width="46%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                Christopher Hopkins</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="40%">&#160;</td>
            <td valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name:
                Christopher Hopkins</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="40%">&#160;</td>
            <td align="left" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title:
                Chief Executive Officer and President</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="40%">&#160;</td>
            <td align="left" valign="top" width="46%">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div style="WIDTH: 100%; TEXT-ALIGN: center">
      </div>
      <div style="WIDTH: 100%; TEXT-ALIGN: center">
        <hr style="COLOR: black" noshade size="2">
      </div>
    </div>
    <div id="HDR">
      <div id="GLHDR" style="WIDTH: 100%" align="right">
      </div>
    </div>
  </body>
</html>
{"company-data": {"conformed-name": "CANWEST PETROLEUM CORP", "cik": "0001096791", "assigned-sic": "1090", "irs-number": "000000000", "fiscal-year-end": "0806"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-27659", "film-number": "061041692"}, "business-address": {"street1": "206-475 HOWE ST", "city": "VANCOUVER BC", "state": "A1", "zip": "00000", "phone": "6046858355"}, "mail-address": {"street1": "206-475 HOWE ST", "street2": "V6C 2B3", "city": "VANCOUVER BC", "state": "A1", "zip": "00000"}, "former-company": {"former-conformed-name": "URANIUM POWER CORP", "date-changed": "19991013"}}
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
Washington,
      D.C. 20549
FORM
      8-K
CURRENT
      REPORT
Pursuant
      to Section 13 OR 15(d) of
The
      Securities Exchange Act of 1934
Date
      of
      Report (Date of earliest event reported)
August
      14, 2006
CanWest
                Petroleum Corporation
(Exact
                name of registrant as specified in its
                charter)
Colorado
0-27659
98-0461154
(State
                or other jurisdiction
(Commission
(IRS
                Employer
of
                incorporation)
File
                Number)
Identification
                No.)
Suite
                205, 707
-
                7
th
Avenue S.W. Calgary, Alberta, Canada
T2P
                3H6
(Address
                of principal executive offices)
(Zip
                Code)
Registrant's
      telephone number, including area code
(403)
      263
-1623
Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (see General Instruction A.2. below):
[
      ]
      Written communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)
[
      ]
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
[
      ]
      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
      Act
      (17 CFR 240.14d-2(b))
[
      ]
      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
      Act
      (17 CFR 240.13e-4(c))
Item
      1.01 Entry into a Material Definitive Agreement.
See
      Items
      2.01, 3.02 and 5.02 for a full discussion of material definitive agreements
      entered into by the Company on August 14, 2006.
Item
      2.01 Completion of Acquisition or Disposition of Assets.
On
      August
      14, 2006, CanWest Petroleum Corporation (the "Company" or "CanWest") closed the
      Reorganization Agreement with its subsidiary, Oilsands Quest, Inc. ("OQI"),
      which was initially executed June 9, 2006 (the "Reorganization Agreement").
      CanWest acquired the minority interest in OQI, going from a 59.5% ownership
      interest to a 100% ownership interest. OQI is a private Alberta company that
      owns 100% of exploration permits covering 508,000 net acres in northwest
      Saskatchewan. In connection with the Reorganization Agreement, CanWest also
      entered into a Voting and Exchange Trust Agreement with OQI and Computershare
      Trust Company of Canada ("CTC"), and a Support Agreement with OQI. Collectively,
      these agreements are referred to as the "Acquisition Agreements."
According
      to the Acquisition Agreements, all common stock of OQI other than that
      held by CanWest were exchanged for a new class of shares called Exchangeable
      Shares pursuant to a ratio of one OQI common share to 8.23 Exchangeable Shares.
      The Exchangeable Shares are exchangeable at any time on a one-for-one basis,
      at
      the option of the holder, for CanWest shares of common stock. An Exchangeable
      Share provides a holder with economic terms and voting rights which are, as
      nearly as practicable, effectively equivalent to those of a share of CanWest
      common stock. Holders of Exchangeable Shares have registration rights with
      respect to the resale of CanWest common stock to be received upon exchanging
      the
      Exchangeable Shares into CanWest shares. The holders of the Exchangeable Shares
      will receive an aggregate of
76,504,302
shares
      of
      CanWest common stock at each holder's election.
The
      Exchangeable Shares are represented for voting purposes in the aggregate by
      one
      share of CanWest Series B Preferred Stock (the "Preferred Share"), which
      Preferred Share is held by CTC. CTC will in turn vote the one Preferred Share
      as
      indicated by the individual holders of Exchangeable Shares. The one Preferred
      Share represents a number of votes equal to the total outstanding Exchangeable
      Shares on the applicable record date for the vote submitted to CanWest
      shareholders.
Item
      3.02 Unregistered Sales of Equity Securities.
See
      Item
      2.01 regarding the issuance of one Preferred Share by CanWest to CTC, which
      Preferred Share represents a number of votes equal to the total outstanding
      Exchangeable Shares on the applicable record date for the vote submitted to
      CanWest shareholders. In connection with the closing of the Reorganization
      Agreement, TD Securities, Inc. will be paid a success fee of $1,800,000 Cdn
      by
      CanWest. OQI paid CIBC World Markets Inc. a success fee of $250,000 Cdn. and
      35,000 OQI common shares (288,050 Exchangeable Shares) in connection with the
      closing of the Reorganization Agreement. The Preferred Share was issued
      pursuant to Regulation S of the United States Securities Act of 1933, as amended
      (the "Securities Act").
On
      August
      14, 2006, the Company completed a private offering (the "Offering") of 3.9
      million shares of its common stock, $.001 par value per share (the "Purchased
      Shares"), at a price of $3.80 per share for gross proceeds of $14,820,000
      ($16,604,328 Cdn) pursuant to subscription agreements (the "Subscription
      Agreements") with the subscribers. No commissions were paid in connection with
      the Offering.
According
      to the terms of the Subscription Agreements,
the
      gross
      proceeds of the Offering will be used to purchase all of the shares of Stripper
      Energy Services, Inc. (the "Acquisition") which holds a 2.5% gross overriding
      royalty on certain lands in the Province of Saskatchewan held by OQI. The
      Acquisition was an arms-length transaction with unrelated parties.
The
      Purchased Shares were sold to non-US persons pursuant to Regulation S under
      the
      Securities Act.
Item
      5.02 Departure of Directors or Principal Officers; Election of Directors;
      Appointment of Principal Officers.
Effective
      August 14, 2006 and concurrent with the closing of the Reorganization Agreement,
      the Company accepted the resignation of two directors, Romeo D'Angela and
      Roderick Haverslew. Mr. Haverslew has also resigned from his position with
      the
      Audit, Compensation and Nominating Committees. The remaining two members of
      the
      Board, T. Murray Wilson and Ronald Phillips, then appointed Christopher Hopkins,
      Gordon Tallman, Scott Thompson and Thomas Milne to fill the vacancies created
      by
      these resignations and by previous resignations of directors who were never
      replaced. Messrs. Tallman and Milne are considered "independent" as that term is
      defined in Section 121A of the American Stock Exchange Company Guide and each
      has been appointed to the Company's Audit, Compensation, and Nominating
      Committees. Ronald Phillips, also an independent director, will continue to
      serve on these committees.
Neither
      Mr. Tallman, nor any of his affiliates hold any of the Company's securities, and
      during the last two years, neither Mr. Tallman nor any affiliate, has or had
      a
      material interest, direct or indirect, in any transaction, or in any proposed
      transaction, with the Company.
Except
      for (i) Mr. Milne's former position as a director of OQI (ii) 16,800 shares
      of the Company's common stock purchased by Mr. Milne's affiliate, Precise
      Details, Inc., in the Flow-Through Share Offering on July 5, 2006 and
      (iii) options to acquire 2,757,050 shares of the Company's common stock
      beneficially owned by Mr. Milne under the Reorganization Agreement, neither
      Mr.
      Milne, nor any affiliate, has or had a material interest, direct or indirect,
      in
      any transaction, or in any proposed transaction, with the Company during the
      last two years.
Except
      for (i) Mr. Hopkins' former position as a director and the Chief
      Executive Officer of OQI; (ii) 16,400 shares of the Company's common stock
      purchased by Mr. Hopkins and his spouse in the Flow-Through Share Offering
      on
      July 5, 2006; and (iii) 20,739,600 (does not include 823,000 unvested options
      to
      acquire Exchangeable Shares) shares and options to acquire shares of
      the Company's common stock beneficially owned by Mr. Hopkins and his spouse
      under the Reorganization Agreement, neither Mr. Hopkins, nor any affiliate,
      has
      or had a material interest, direct or indirect, in any transaction, or in any
      proposed transaction, with the Company during the last two years.
Mr.
      Thompson is president and a director of Harris-Forbes, Inc., which was engaged
      by the Company as a financial advisor from May 2005 to June 2006. Harris-Forbes,
      Inc. received 2,000,000 shares of the Company's restricted common stock as
      compensation for its services and Mr. Thompson beneficially owns 500,000 of
      those shares. In addition, Mr. Thompson beneficially owns options to
      acquire 2,057,500 shares of the Company's common stock in connection
      with the Reorganization Agreement. Other than the Company's transaction
      with Harris-Forbes, Inc., Mr. Thompson's former position as a Board member
      of OQI, and the Exchangeable Shares received pursuant to the Reorganization
      Agreement, neither Mr. Thompson, nor any affiliate, has or had a material
      interest, direct or indirect, in any transaction, or in any proposed
      transaction, with the Company.
Also
        effective with the closing of the Reorganization, the following changes in
        officer positions occurred: T. Murray Wilson was appointed Executive Chairman,
        and will continue with that title under his employment agreement dated May
        1,
        2006; Christopher Hopkins was appointed Chief Executive Officer and President;
        Karim Hirji was appointed Chief Financial Officer; and Errin Kimball was
        appointed Vice President, Exploration.
Except
      for (i) Mr. Hirji's former position as the Chief Financial Officer of OQI; (ii)
      1,000 shares of the Company's common stock purchased by Mr. Hirji in the
      Flow-Through Share Offering on July 5, 2006; and (iii) 5,349,500 (does not
      include 823,000 unvested options to acquire Exchangeable Shares) shares and
      options to acquire shares of the Company's common stock beneficially owned
      by Mr. Hirji under the Reorganization Agreement, neither Mr. Hirji, nor any
      affiliate, has or had a material interest, direct or indirect, in any
      transaction, or in any proposed transaction, with the Company during the last
      two years.
Messrs.
      Hopkins, Hirji and Kimball entered into Executive Employment Agreements with
      the
      Company, with each receiving base annual salaries (each referred to as the
      Base
      Fee in their respective agreements) as follows: Mr. Hopkins, $267,528 ($300,000
      Cdn); Mr. Hirji, $222,940 ($250,000 Cdn); Mr. Kimball, $222,940 ($250,000 Cdn).
According
      to the severance terms of the Executive Employment Agreements for Messrs.
      Hopkins, Hirji and Kimball, upon termination of employment by the Company
      without cause or upon triggering events or a change in control (all of which
      are
      defined in the respective agreements along with the capitalized terms used
      in
      this paragraph), the executive will receive: (i) a lump sum payment equal to
      the
      Monthly Base Fee (the Base Fee divided by 12) as at the termination date,
      multiplied by the number of months in the Notice Period (which is equal to
      one
      month for each completed year of service, subject to a minimum of 18 months
      plus
      one month for each completed year of service, including years of service with
      OQI from November 1, 2004); (ii) a further lump sum payment equal to the value
      of the executive's benefits, multiplied by the number of months in the Notice
      Period; (iii) a further lump sum payment based on the average annual bonus
      (for
      the previous three years) paid to the executive, divided by 12 and multiplied
      by
      the number of months in the Notice Period; and (iv) accelerated vesting of
      all
      unvested stock options. The respective agreements may also be terminated at
      any
      time by the executive, with 60 days' notice, in which case the executive is only
      entitled to payments of salary and benefits through the date of
      termination.
Biographies
      for Messrs. Hopkins and Hirji are included below:
Christopher
      Hopkins has served as
President,
      Chief Executive Officer and a director of OQI since November 10, 2004. He was
      a
      founder and an Executive Vice President of Synenco Energy Inc. ("Synenco"),
      an
      oil sands exploration company, from October 1999 to September 2004 and a
      director of Synenco from October 1999 until August 2003. Mr. Hopkins was a
      founder, director and Vice President, Finance of Thunder Road Resources Ltd.,
      a
      private oil and gas production company, from June 1996 to June 2000. Mr. Hopkins
      is a management professional and businessman with 25 years of Canadian and
      international energy and mining experience. He has held executive positions
      in
      corporate planning and business development with Suncor Inc.'s Oil Sands Group,
      Pembina Corporation and Amoco Canada and has additional management experience
      in
      environmental control and regulatory affairs in the mining industry. Mr. Hopkins
      holds a B.Sc. (Chemistry and Biology) from Carleton University and a MBA from
      Queen's University.
Karim
      Hirji has served as Chief Financial Officer of OQI since November 10, 2004.
      He
      was Vice President, Finance and Chief Financial Officer of Synenco from November
      2001 to June 2004. Mr. Hirji has also served as: Vice President, Finance and
      Chief Financial Officer of Anadime Corporation, a public oilfield services
      company, from September 2000 to October 2001; Manager of Financial Reporting
      at
      Enbridge Inc. from January 2000 to April 2000; Corporate Controller from 1999
      to
      January 2000 and Assistant Corporate Controller from 1994 to 1999 of AGRA Inc.,
      a public engineering company. Mr. Hirji brings to the Corporation over 20 years
      of experience in financial management, including significant treasury, project
      management and corporate finance skills. Mr. Hirji received his B.Comm from
      the
      University of Calgary and CA while articling with Deloitte & Touche
      LLP.
Item
      5.03 Amendments to Articles of Incorporation or Bylaws.
On
      August
      14, 2006, the Company filed Articles of Amendment with Certificate of
      Designation, Preferences and Rights of Series B Preferred Stock (the
"Certificate of Designations") with the Secretary of State of Colorado. In
      connection with the adoption of the Certificate of Designations, the Board
      of
      Directors of the Company authorized the creation of a series of one share of
      Series B Preferred Stock. A copy of the Certificate of Designations is attached
      hereto as Exhibit 3.1 and is incorporated herein by reference.
Item 9.01.
      Financial Statements and Exhibits.
(a)
Financial
      Statements of Business Acquired
In
      accordance with Item 9.01(a)(4) of Form 8-K, the financial statements
      required by Item 9.01(a) will be filed no later than 71 calendar days after
      the
      date this report must be filed.
(b)
Pro
      Forma Financial Information
In
      accordance with Item 9.01(b)(2) of Form 8-K, the
pro
      forma
financial
      information required by Item 9.01(b) will be filed no later than 71
      calendar days after the date this report must be filed.
(d)
Exhibits
3.1
Certificate
      of Designations of Series B Preferred Stock effective August 14,
      2006.
10.1
Voting
      Exchange and Trust Agreement dated August 14, 2006.
10.2
Support
      Agreement dated August 14, 2006.
10.3
Executive
      Employment Agreement with Christopher Hopkins dated August 14,
      2006.
10.4
Executive
      Employment Agreement with Karim Hirji dated August 14, 2006.
10.5
Executive
      Employment Agreement with Errin Kimball dated August 14, 2006.
10.6
Form
      of
      Subscription Agreement.
10.7
Exchangeable
        Shares Provisions.
99.1
Press
      Release #1 dated August 15, 2006.
99.2
Press
      Release #2 dated August 15, 2006.
SIGNATURES
Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.
CanWest
                Petroleum Corporation
(Registrant)
Date:
                August 17, 2006
/s/
                Christopher Hopkins
Name:
                Christopher Hopkins
Title:
                Chief Executive Officer and President