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    <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="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="center"><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: 14pt; 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>March
      9, 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 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>
    <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">(Exact
      name of registrant as specified in its charter)</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="32%" 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>Colorado</strong></font></div>
            </td>
            <td width="2%">&#160;</td>
            <td valign="top" width="32%" 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>0-27659</strong></font></div>
            </td>
            <td width="2%">&#160;</td>
            <td valign="top" width="32%" 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>98-0461154</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="32%">
              <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">(State
                or other jurisdiction of incorporation)</font></div>
            </td>
            <td width="2%">&#160;</td>
            <td valign="top" width="32%">
              <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
                File Number)</font></div>
            </td>
            <td width="2%">&#160;</td>
            <td valign="top" width="32%">
              <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 Identification No.)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="32%">&#160;</td>
            <td width="2%">&#160;</td>
            <td valign="top" width="32%">&#160;</td>
            <td width="2%">&#160;</td>
            <td valign="top" width="32%">&#160;</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>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="49%" 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>206
                - 475 Howe Street, Vancouver, British Columbia, Canada
                </strong></font></div>
            </td>
            <td width="2%">&#160;</td>
            <td valign="top" width="49%" 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>V6C
                2B3</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="49%">
              <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 width="2%">&#160;</td>
            <td valign="top" width="49%">
              <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>
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    </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>(604)
      </u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>685-8355</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>&#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="left">&#160;</div>
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              <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">[
                ]</font></div>
            </td>
            <td align="left" valign="top" width="95%">
              <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>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="5%">&#160;</td>
            <td align="left" valign="top" width="95%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="5%">
              <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">[
                ]</font></div>
            </td>
            <td align="left" valign="top" width="95%">
              <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>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="5%">&#160;</td>
            <td align="left" valign="top" width="95%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="5%">
              <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">[
                ]</font></div>
            </td>
            <td align="left" valign="top" width="95%">
              <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>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="5%">&#160;</td>
            <td align="left" valign="top" width="95%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="5%">
              <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">[
                ]
                </font></div>
            </td>
            <td align="left" valign="top" width="95%">
              <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>
            </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="left"><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="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      March
      9, 2006, the Board of Directors of CanWest Petroleum Corporation (the &#8220;Company&#8221;)
      declared a dividend distribution of one right (&#8220;Right&#8221;) for each outstanding
      share of common stock, par value $.001 per share (the &#8220;Common Stock&#8221;), of the
      Company, payable to stockholders of record on March&#160;23, 2006. Each Right,
      when exercisable, entitles the registered holder to purchase from the Company
      one one-thousandth of a share of Series&#160;A Junior Participating Preferred
      Stock (&#8220;Preferred Stock&#8221;) at a price of $20 per one one-thousandth share (the
&#8220;Purchase Price&#8221;), subject to adjustment. The description and terms of the
      Rights are set forth in a Rights Agreement (the &#8220;Rights Agreement&#8221;) dated as of
      March 9, 2006, between the Company and Computershare Investor Services, Inc.,
      as
      Rights Agent (the &#8220;Rights Agent&#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>
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        <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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Initially,
      the Rights will be attached to all certificates representing shares of Common
      Stock then outstanding, and no separate certificates evidencing the Rights
      will
      be distributed. The Rights will separate from the Common Stock and a
      distribution of Rights Certificates (as defined below) will occur upon the
      earlier to occur of (i)&#160;10&#160;days following a public announcement that a
      person or group of affiliated or associated persons (an &#8220;Acquiring Person&#8221;) has
      acquired beneficial ownership of 20% or more of the outstanding shares of Common
      Stock (the &#8220;Stock Acquisition Date&#8221;) or (ii)&#160;10 business days (or such
      later date as the Board of Directors of the Company may determine) following
      the
      commencement of, or the first public announcement of the intention to commence,
      a tender offer or exchange offer the consummation of which would result in
      the
      beneficial ownership by a person of 20% or more of the outstanding shares of
      Common Stock (the earlier of such dates being called the &#8220;Distribution Date&#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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Until
      the
      Distribution Date, (i)&#160;the Rights will be evidenced by the Common Stock
      certificates, and will be transferred with and only with the Common Stock
      certificates, and (ii)&#160;the surrender for transfer of any certificates for
      Common Stock outstanding will also constitute the transfer of the Rights
      associated with the Common Stock represented by such certificate. </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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Rights are not exercisable until the Distribution Date and will expire either
      (i) at the close of business on March&#160;9, 2007 if the Company&#8217;s shareholders
      have not approved the Rights Agreement; or (ii) at the close of business on
      March 9, 2016, unless such date is extended, the Rights Agreement is terminated,
      or the Rights are earlier redeemed or exchanged by the Company as described
      below. The Rights will not be exercisable by a holder in any jurisdiction where
      the requisite qualification to the issuance to such holder, or the exercise
      by
      such holder, of the Rights has not been obtained or is not obtainable.
</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: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      soon
      as practicable following the Distribution Date, separate certificates evidencing
      the Rights (&#8220;Rights Certificates&#8221;) will be mailed to holders of record of the
      Common Stock as of the close of business on the Distribution Date and,
      thereafter, the separate Rights Certificates alone will evidence the Rights.
      Except as otherwise determined by the Board of Directors of the Company, only
      shares of Common Stock issued prior to the Distribution Date will be issued
      with
      Rights.</font></div>
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    <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;&#160;&#160;&#160;&#160;&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      the
      event that a Person becomes the beneficial owner of 20% or more of the then
      outstanding shares of Common Stock, except pursuant to an offer for all
      outstanding shares of Common Stock which the Directors determine to be fair
      to
      and otherwise in the best interests of the Company and its stockholders (a
      &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Qualifying
      Offer</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;),
      each
      holder of a Right will, after the end of a redemption period referred to below,
      have the right to exercise the Right by purchasing, for an amount equal to
      the
      Purchase Price, Common Stock (or, in certain circumstances, cash, property
      or
      other securities of the Company) having a value equal to two times such amount.
      Notwithstanding any of the foregoing, following the occurrence of the events
      set
      forth in this paragraph, all Rights that are, or (under certain circumstances
      specified in the Rights Agreement) were, beneficially owned by any Acquiring
      Person will be null and void. However, Rights are not exercisable following
      the
      occurrence of the events set forth above until such time as the Rights are
      no
      longer redeemable by the Company as set forth below. </font></div>
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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <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>
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    <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;&#160;&#160;&#160;&#160;&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
      example, at a Purchase Price of $20 per Right, each Right not owned by an
      Acquiring Person (or by certain related parties) following an event set forth
      in
      the preceding paragraph would entitle its holder to purchase $40 worth of Common
      Stock (or other consideration, as noted above) for $20. Assuming that the Common
      Stock had a per share value of $10 at such time, the holder of each valid Right
      would be entitled to purchase four shares of Common Stock for $20. </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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      the
      event that at any time following the Stock Acquisition Date, (i)&#160;the
      Company is acquired in a merger or other business combination transaction (other
      than a merger that follows a Qualifying Offer), or (ii)&#160;50% or more of the
      Company&#8217;s assets or earning power is sold or transferred, each holder of a Right
      (except Rights which previously have been voided as set forth above) shall,
      after the expiration of the redemption period referred to below, have the right
      to receive, upon exercise, common stock of the acquiring company having a value
      equal to two times the Purchase Price of the Right (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>e.g.</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      common
      stock of the acquiring company having a value of $40 for the $20 Purchase
      Price). </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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
      any
      time after a person or group of affiliated or associated persons becomes an
      Acquiring Person and prior to the acquisition by such person of 50% or more
      of
      the outstanding Common Stock, the Board of Directors of the Company may exchange
      the Rights (other than Rights owned by such person or group which have become
      void), in whole or in part, at an exchange ratio of one share of Common Stock
      (or, in certain circumstances, other equity securities of the Company that
      are
      deemed by the Board of Directors of the Company to have the same value as shares
      of Common Stock) per Right (subject to adjustment). </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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Purchase Price payable, and the number of one one-thousandths of a share of
      Preferred Stock or other securities or property issuable, upon exercise of
      the
      Rights are subject to adjustment from time to time to prevent dilution under
      certain circumstances. </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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">With
      certain exceptions, no adjustment in the Purchase Price will be required until
      cumulative adjustments require an adjustment of at least 1% in such Purchase
      Price. No fractional shares will be issued (other than fractions which are
      integral multiples of one one-thousandth of a share of Preferred Stock)
      and</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>&#160;</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">in
      lieu
      thereof, an adjustment in cash will be made based on the market price of the
      Preferred Stock on the last trading date prior to the date of
      exercise.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      general, the Board of Directors of the Company, may cause the Company to redeem
      the Rights in whole, but not in part, at any time during the period commencing
      on March 9, 2006 and ending on the tenth business day following the Stock
      Acquisition Date (the &#8220;Redemption Period&#8221;) at a price of $0.001 per Right
      (payable in cash, Common Stock or other consideration deemed appropriate by
      the
      Board of Directors of the Company). Under certain circumstances set forth in
      the
      Rights Agreement, the decision to redeem the Rights will require the concurrence
      of a two-thirds vote of the Board of Directors. After the Redemption Period
      has
      expired, the Company&#8217;s right of redemption may be reinstated if an Acquiring
      Person reduces his beneficial ownership to 10% or less of the outstanding shares
      of Common Stock in a transaction or series of transactions not involving the
      Company and there are no other Acquiring Persons. Immediately upon the action
      of
      the Board of Directors of the Company ordering redemption of the Rights, the
      Rights will terminate and the only right of the holders of Rights will be to
      receive the $0.001 redemption price. </font></div>
    <div>&#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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Until
      a
      Right is exercised, the holder thereof, as such, will have no rights as a
      stockholder of the Company, including, without limitation, the right to vote
      or
      to receive dividends. While the distribution of the Rights will not be subject
      to federal taxation to stockholders or to the Company, stockholders may,
      depending upon the circumstances, recognize taxable income in the event that
      the
      Rights become exercisable for Common Stock (or other consideration) of the
      Company or for common stock of the acquiring company as set forth above.
</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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
      with respect to the Redemption Price of the Rights, any of the provisions of
      the
      Rights Agreement may be amended by the Board of Directors of the Company prior
      to the Distribution Date. After the Distribution Date, the provisions of the
      Rights Agreement may be amended by the Board of Directors of the Company in
      order to cure any ambiguity, defect or inconsistency or to make changes which
      do
      not adversely affect the interests of holders of Rights (excluding the interests
      of any Acquiring Person), or to shorten or lengthen any time period under the
      Rights Agreement; provided however, no amendment to adjust the time period
      governing redemption may be made at such time as the Rights are not redeemable.
      </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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;As
      of March 9, 2006, there were 250,000,000 authorized shares of Common Stock,
      of
      which 105,574,848 shares were issued and outstanding, and 10,000,000 authorized
      shares of Preferred Stock, none of which were outstanding. A total of 250,000
      shares of Preferred Stock are reserved for issuance upon exercise of the Rights.
      </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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Rights have certain anti-takeover effects. The Rights will cause substantial
      dilution to a person or group that attempts to acquire the Company without
      conditioning the offer on a substantial number of Rights being acquired, or
      in a
      manner or on terms not approved by the Board of Directors of the Company. The
      Rights, however, should not deter any prospective offeror willing to negotiate
      in good faith with the Board of Directors of the Company, nor should the Rights
      interfere with any merger or other business combination approved by the Board
      of
      Directors of the Company. </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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      foregoing description of the Rights and the Rights Agreement between the Company
      and the Rights Agent does not purport to be complete and is qualified in its
      entirety by reference to the Rights Agreement, which is included as Exhibit
      4.1
      hereto by reference to Exhibit 1 to the Company&#8217;s Registration Statement on Form
      8-A filed on March 13, 2006 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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      3.03 Material Modification to Rights of Security Holders.</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="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      information contained in Item 1, which includes information on the Rights and
      the Rights Agreement, 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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      5.02 Election of Directors.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Effective
      March 9, 2006, the Company expanded its Board of Directors to five members
      and
      appointed Roderick Haverslew to fill the vacancy created by such expansion.
      Mr.
      Haverslew is considered &#8220;independent&#8221; as that term is defined in Rule
      4200(a)(15) of the Nasdaq listing standards. Mr. Haverslew and Mr. Ron Phillips,
      another independent director, were appointed to the Company&#8217;s audit committee,
      compensation committee, and nominating committee. Neither Mr. Haverslew nor
      any
      of his affiliates hold any of the Company&#8217;s securities. Moreover, during the
      last two years, neither Mr. Haverslew nor any associate or affiliate of Mr.
      Haverslew, has or had a material interest, direct or indirect, in any
      transaction, or in any proposed transaction, which has materially affected
      or
      will affect 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="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="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      March
      10, 2006, the Company filed Articles of Amendment with Certificate of
      Designation, Preferences and Rights of Series A Junior Participating 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
      250,000 shares of Series A Junior Participating 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="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><br>
    <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
      9.01 Financial Statements and Exhibits.</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 style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)
      Exhibits. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="5%">
              <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">3.1</font></div>
            </td>
            <td align="justify" valign="top" width="95%">
              <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">Articles
                of Amendment with Certificate of Designation, Preference and Rights
                of
                Series A Junior Participating Preferred Stock.</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="5%">&#160;</td>
            <td align="justify" valign="top" width="95%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="5%">
              <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">4.1</font></div>
            </td>
            <td align="justify" valign="top" width="95%">
              <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">Rights
                Agreement, dated as of March 9, 2006, between the Company and
                Computershare Investor Services, Inc., as Rights Agent (incorporated
                by
                reference to Exhibit 1 to the Company&#8217;s Registration Statement on Form 8-A
                filed on March 13, 2006). </font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="5%">&#160;</td>
            <td align="justify" valign="top" width="95%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="5%">
              <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">99.1</font></div>
            </td>
            <td align="justify" valign="top" width="95%">
              <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">Press
                Release dated March 13, 2006.</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><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><br>
    <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>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#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="45%">&#160;</td>
            <td align="left" valign="top" width="45%">
              <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>CanWest
                Petroleum Corporation</strong></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="45%">&#160;</td>
            <td valign="top" width="45%">
              <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">(Registrant)</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="45%">&#160;</td>
            <td align="left" valign="top" width="45%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="45%">
              <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:
                March 10, 2006</font></div>
            </td>
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              <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">/s/
                Thornton Donaldson</font></div>
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                President</font></div>
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{"company-data": {"conformed-name": "CANWEST PETROLEUM CORP", "cik": "0001096791", "assigned-sic": "1090", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-27659", "film-number": "06682779"}, "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"}}
Unassociated Document
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)
March
      9, 2006
CanWest
      Petroleum Corporation
(Exact
      name of registrant as specified in its charter)
Colorado
0-27659
98-0461154
(State
                or other jurisdiction of incorporation)
(Commission
                File Number)
(IRS
                Employer Identification No.)
206
                - 475 Howe Street, Vancouver, British Columbia, Canada
V6C
                2B3
(Address
                of principal executive offices)
(Zip
                Code)
Registrant's
      telephone number, including area code
(604)
685-8355
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.
On
      March
      9, 2006, the Board of Directors of CanWest Petroleum Corporation (the "Company")
      declared a dividend distribution of one right ("Right") for each outstanding
      share of common stock, par value $.001 per share (the "Common Stock"), of the
      Company, payable to stockholders of record on March 23, 2006. Each Right,
      when exercisable, entitles the registered holder to purchase from the Company
      one one-thousandth of a share of Series A Junior Participating Preferred
      Stock ("Preferred Stock") at a price of $20 per one one-thousandth share (the
"Purchase Price"), subject to adjustment. The description and terms of the
      Rights are set forth in a Rights Agreement (the "Rights Agreement") dated as of
      March 9, 2006, between the Company and Computershare Investor Services, Inc.,
      as
      Rights Agent (the "Rights Agent").
Initially,
      the Rights will be attached to all certificates representing shares of Common
      Stock then outstanding, and no separate certificates evidencing the Rights
      will
      be distributed. The Rights will separate from the Common Stock and a
      distribution of Rights Certificates (as defined below) will occur upon the
      earlier to occur of (i) 10 days following a public announcement that a
      person or group of affiliated or associated persons (an "Acquiring Person") has
      acquired beneficial ownership of 20% or more of the outstanding shares of Common
      Stock (the "Stock Acquisition Date") or (ii) 10 business days (or such
      later date as the Board of Directors of the Company may determine) following
      the
      commencement of, or the first public announcement of the intention to commence,
      a tender offer or exchange offer the consummation of which would result in
      the
      beneficial ownership by a person of 20% or more of the outstanding shares of
      Common Stock (the earlier of such dates being called the "Distribution Date").
Until
      the
      Distribution Date, (i) the Rights will be evidenced by the Common Stock
      certificates, and will be transferred with and only with the Common Stock
      certificates, and (ii) the surrender for transfer of any certificates for
      Common Stock outstanding will also constitute the transfer of the Rights
      associated with the Common Stock represented by such certificate.
The
      Rights are not exercisable until the Distribution Date and will expire either
      (i) at the close of business on March 9, 2007 if the Company's shareholders
      have not approved the Rights Agreement; or (ii) at the close of business on
      March 9, 2016, unless such date is extended, the Rights Agreement is terminated,
      or the Rights are earlier redeemed or exchanged by the Company as described
      below. The Rights will not be exercisable by a holder in any jurisdiction where
      the requisite qualification to the issuance to such holder, or the exercise
      by
      such holder, of the Rights has not been obtained or is not obtainable.
As
      soon
      as practicable following the Distribution Date, separate certificates evidencing
      the Rights ("Rights Certificates") will be mailed to holders of record of the
      Common Stock as of the close of business on the Distribution Date and,
      thereafter, the separate Rights Certificates alone will evidence the Rights.
      Except as otherwise determined by the Board of Directors of the Company, only
      shares of Common Stock issued prior to the Distribution Date will be issued
      with
      Rights.
In
      the
      event that a Person becomes the beneficial owner of 20% or more of the then
      outstanding shares of Common Stock, except pursuant to an offer for all
      outstanding shares of Common Stock which the Directors determine to be fair
      to
      and otherwise in the best interests of the Company and its stockholders (a
      "
Qualifying
      Offer
"),
      each
      holder of a Right will, after the end of a redemption period referred to below,
      have the right to exercise the Right by purchasing, for an amount equal to
      the
      Purchase Price, Common Stock (or, in certain circumstances, cash, property
      or
      other securities of the Company) having a value equal to two times such amount.
      Notwithstanding any of the foregoing, following the occurrence of the events
      set
      forth in this paragraph, all Rights that are, or (under certain circumstances
      specified in the Rights Agreement) were, beneficially owned by any Acquiring
      Person will be null and void. However, Rights are not exercisable following
      the
      occurrence of the events set forth above until such time as the Rights are
      no
      longer redeemable by the Company as set forth below.
For
      example, at a Purchase Price of $20 per Right, each Right not owned by an
      Acquiring Person (or by certain related parties) following an event set forth
      in
      the preceding paragraph would entitle its holder to purchase $40 worth of Common
      Stock (or other consideration, as noted above) for $20. Assuming that the Common
      Stock had a per share value of $10 at such time, the holder of each valid Right
      would be entitled to purchase four shares of Common Stock for $20.
In
      the
      event that at any time following the Stock Acquisition Date, (i) the
      Company is acquired in a merger or other business combination transaction (other
      than a merger that follows a Qualifying Offer), or (ii) 50% or more of the
      Company's assets or earning power is sold or transferred, each holder of a Right
      (except Rights which previously have been voided as set forth above) shall,
      after the expiration of the redemption period referred to below, have the right
      to receive, upon exercise, common stock of the acquiring company having a value
      equal to two times the Purchase Price of the Right (
e.g.
,
      common
      stock of the acquiring company having a value of $40 for the $20 Purchase
      Price).
At
      any
      time after a person or group of affiliated or associated persons becomes an
      Acquiring Person and prior to the acquisition by such person of 50% or more
      of
      the outstanding Common Stock, the Board of Directors of the Company may exchange
      the Rights (other than Rights owned by such person or group which have become
      void), in whole or in part, at an exchange ratio of one share of Common Stock
      (or, in certain circumstances, other equity securities of the Company that
      are
      deemed by the Board of Directors of the Company to have the same value as shares
      of Common Stock) per Right (subject to adjustment).
The
      Purchase Price payable, and the number of one one-thousandths of a share of
      Preferred Stock or other securities or property issuable, upon exercise of
      the
      Rights are subject to adjustment from time to time to prevent dilution under
      certain circumstances.
With
      certain exceptions, no adjustment in the Purchase Price will be required until
      cumulative adjustments require an adjustment of at least 1% in such Purchase
      Price. No fractional shares will be issued (other than fractions which are
      integral multiples of one one-thousandth of a share of Preferred Stock)
      and
in
      lieu
      thereof, an adjustment in cash will be made based on the market price of the
      Preferred Stock on the last trading date prior to the date of
      exercise.
In
      general, the Board of Directors of the Company, may cause the Company to redeem
      the Rights in whole, but not in part, at any time during the period commencing
      on March 9, 2006 and ending on the tenth business day following the Stock
      Acquisition Date (the "Redemption Period") at a price of $0.001 per Right
      (payable in cash, Common Stock or other consideration deemed appropriate by
      the
      Board of Directors of the Company). Under certain circumstances set forth in
      the
      Rights Agreement, the decision to redeem the Rights will require the concurrence
      of a two-thirds vote of the Board of Directors. After the Redemption Period
      has
      expired, the Company's right of redemption may be reinstated if an Acquiring
      Person reduces his beneficial ownership to 10% or less of the outstanding shares
      of Common Stock in a transaction or series of transactions not involving the
      Company and there are no other Acquiring Persons. Immediately upon the action
      of
      the Board of Directors of the Company ordering redemption of the Rights, the
      Rights will terminate and the only right of the holders of Rights will be to
      receive the $0.001 redemption price.
Until
      a
      Right is exercised, the holder thereof, as such, will have no rights as a
      stockholder of the Company, including, without limitation, the right to vote
      or
      to receive dividends. While the distribution of the Rights will not be subject
      to federal taxation to stockholders or to the Company, stockholders may,
      depending upon the circumstances, recognize taxable income in the event that
      the
      Rights become exercisable for Common Stock (or other consideration) of the
      Company or for common stock of the acquiring company as set forth above.
Except
      with respect to the Redemption Price of the Rights, any of the provisions of
      the
      Rights Agreement may be amended by the Board of Directors of the Company prior
      to the Distribution Date. After the Distribution Date, the provisions of the
      Rights Agreement may be amended by the Board of Directors of the Company in
      order to cure any ambiguity, defect or inconsistency or to make changes which
      do
      not adversely affect the interests of holders of Rights (excluding the interests
      of any Acquiring Person), or to shorten or lengthen any time period under the
      Rights Agreement; provided however, no amendment to adjust the time period
      governing redemption may be made at such time as the Rights are not redeemable.
As
      of March 9, 2006, there were 250,000,000 authorized shares of Common Stock,
      of
      which 105,574,848 shares were issued and outstanding, and 10,000,000 authorized
      shares of Preferred Stock, none of which were outstanding. A total of 250,000
      shares of Preferred Stock are reserved for issuance upon exercise of the Rights.
The
      Rights have certain anti-takeover effects. The Rights will cause substantial
      dilution to a person or group that attempts to acquire the Company without
      conditioning the offer on a substantial number of Rights being acquired, or
      in a
      manner or on terms not approved by the Board of Directors of the Company. The
      Rights, however, should not deter any prospective offeror willing to negotiate
      in good faith with the Board of Directors of the Company, nor should the Rights
      interfere with any merger or other business combination approved by the Board
      of
      Directors of the Company.
The
      foregoing description of the Rights and the Rights Agreement between the Company
      and the Rights Agent does not purport to be complete and is qualified in its
      entirety by reference to the Rights Agreement, which is included as Exhibit
      4.1
      hereto by reference to Exhibit 1 to the Company's Registration Statement on Form
      8-A filed on March 13, 2006 and is incorporated herein by
      reference.
Item
      3.03 Material Modification to Rights of Security Holders.
The
      information contained in Item 1, which includes information on the Rights and
      the Rights Agreement, is incorporated herein by reference.
Item
      5.02 Election of Directors.
Effective
      March 9, 2006, the Company expanded its Board of Directors to five members
      and
      appointed Roderick Haverslew to fill the vacancy created by such expansion.
      Mr.
      Haverslew is considered "independent" as that term is defined in Rule
      4200(a)(15) of the Nasdaq listing standards. Mr. Haverslew and Mr. Ron Phillips,
      another independent director, were appointed to the Company's audit committee,
      compensation committee, and nominating committee. Neither Mr. Haverslew nor
      any
      of his affiliates hold any of the Company's securities. Moreover, during the
      last two years, neither Mr. Haverslew nor any associate or affiliate of Mr.
      Haverslew, has or had a material interest, direct or indirect, in any
      transaction, or in any proposed transaction, which has materially affected
      or
      will affect the Company.
Item
      5.03 Amendments to Articles of Incorporation or Bylaws.
On
      March
      10, 2006, the Company filed Articles of Amendment with Certificate of
      Designation, Preferences and Rights of Series A Junior Participating 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
      250,000 shares of Series A Junior Participating 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.
(d)
      Exhibits.
3.1
Articles
                of Amendment with Certificate of Designation, Preference and Rights
                of
                Series A Junior Participating Preferred Stock.
4.1
Rights
                Agreement, dated as of March 9, 2006, between the Company and
                Computershare Investor Services, Inc., as Rights Agent (incorporated
                by
                reference to Exhibit 1 to the Company's Registration Statement on Form 8-A
                filed on March 13, 2006).
99.1
Press
                Release dated March 13, 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:
                March 10, 2006
/s/
                Thornton Donaldson
Name:
                Thornton Donaldson
Title:
                President