Petrowest Corporation announces closing of bought deal offering

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./

CALGARY, Nov. 5, 2013 /CNW/ - Petrowest Corporation (Petrowest) has completed its previously announced bought-deal offering, including the exercise in full of the underwriters' over-allotment option. A total of 21,562,500 class A common shares (Common Shares) have been issued at a price of $0.80 per share for aggregate gross proceeds of $17,250,000.

The syndicate of underwriters was co-led by Beacon Securities Limited and Canaccord Genuity Corp. and included Dundee Securities Ltd., GMP Securities L.P., Cormark Securities Inc. and Paradigm Capital Inc.

The net proceeds from the offering will be used to reduce corporate indebtedness and for general corporate working capital purposes.

"We are very pleased with the level of investor interest in this financing, as we believe the strong support of the market clearly underscores our strategy to be an early participant of the LNG build-out in northeast British Columbia," said President and Chief Executive Officer, Rick Quigley. "We are looking forward to putting the new capital to use to strengthen our balance sheet through debt reduction and enhance our efforts to execute on our long term contracts and growth initiatives".

This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The Common Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

ABOUT PETROWEST

Petrowest is an Alberta corporation involved in pre-drilling and post-completion energy services as well as industrial and civil infrastructure projects, gravel crushing and hauling for non-energy sector customers. Petrowest's primary operations are based in the Grande Prairie area of northern Alberta and in northeastern British Columbia.


SOURCE: Petrowest Corporation

For further information:

Please contact Richard Quigley, President and Chief Executive Officer, at (780) 830-0881, or Ian Hogg, Vice President, Corporate Affairs, at (403) 384-0407, or Lloyd Wiggins, Chief Financial Officer, at (416) 572-2760, or info@petro-west.com.


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