UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One):
|_| Form 10-K |_| Form 20-F |_| Form 11-K |X| Form 10-Q |_| Form N-SAR
|_| Form N-CSR
FOR PERIOD ENDED: January 31, 2006
|_| Transition Report on Form 10-K
|_| Transition Report on Form 20-F
|_| Transition Report on Form 11-K
|_| Transition Report on Form 10-Q
|_| Transition Report on Form N-SAR
For the Transition Period Ended: _______________________________
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates: ________________________
PART I - REGISTRANT INFORMATION
CANWEST PETROLEUM CORPORATION
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Full Name of Registrant
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Former Name if Applicable
206 - 475 Howe Street
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Address of Principal Executive Office (Street and Number)
Vancouver, British Columbia, Canada V6C 2B3
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City, State and Zip Code
PART II - RULES 12b-25(b) and (c)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate)
|X| (a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense; and
|X| (b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, Form 11-K or Form N-SAR, or portion thereof,
will be filed on or before the fifteenth calendar day following the
prescribed due date; or the subject quarterly report of transition
report on Form 10-Q, or portion thereof will be filed on or before
the fifth calendar day following the prescribed due date; and
|_| (c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III - NARRATIVE
State below in reasonable detail the reasons why the Form 10-K, Form 20-F, Form
11-K, Form 10-Q, Form N-SAR, or the transition report or portion thereof, could
not be filed within the prescribed time period. (Attach extra sheets if needed.)
The Company is short-staffed and could not compile its financial
information in a timely manner in order to allow management to complete a review
of the financial statements by the deadline.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification:
Theresa M. Mehringer, Esq. (303) 796-2626
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company
Act of 1940 during the preceding 12 months (or for such shorter) period
that the registrant was required to file such report(s) been filed? If the
answer is no, identify report(s). |X| Yes |_| No
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected
by the earnings statements to be included in the subject report or portion
thereof? |X| Yes |_| No
If so, attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a
reasonable estimate of the results cannot be made. See Attachment 1.
CANWEST PETROLEUM CORPORATION
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(Name of Registrant as specified in charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: March 17, 2006 By: /s/ Thornton J. Donaldson
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Thornton J. Donaldson,
President
ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001).
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ATTACHMENT 1 TO
FORM 12b-25
NOTIFICATION OF LATE FILING
For the period ended January 31, 2005, the Company had substantially fewer
operations, and therefore a substantially lower net loss compared to the period
ended January 31, 2006. Since January 2005, the Company received funding from
two private placements, one in August 2005 and the other in December 2005, which
provided the Company with the financial resources necessary to increase its
operations and drilling projects. As a result, the Company's operations for the
period ended January 31, 2006 are substantially greater than the corresponding
period in 2005. This resulted in a net loss for the nine months ended January
31, 2006 of more than five times greater than the net loss for the same nine
month period in 2005. However, since the Company issued a significant amount of
shares of common stock during the nine months ended January 31, 2006, the net
loss per share for the period ended in 2006 is only two times greater than the
net loss per share for the corresponding period in 2005.
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