MegaWest Issues Correction

Cusip: No. 585168 107

CALGARY, Aug. 4 /CNW/ - MegaWest Energy Corp., (the "Company" or "MegaWest"), (OTCBB:MGWSF) issues a correction to the terms of the junior Secured Convertible Notes that were announced on August 3, 2010 as follows:

FINANCING

$2,200,000 Junior Secured Convertible Notes:

    
        -  Conversion Price: Was originally announced as US$0.07 per common
           share. The correct conversion price is US$0.05 per common share.
    

Please refer to the company's press release issued on August 3, 2010 for the remainder of the financing terms.

%CIK: 0001172298

SOURCE MEGAWEST ENERGY CORP.

For further information: For further information: Kelly D. Kerr, Vice President Finance & CFO, Telephone: 403.861.4104; George T. Stapleton II, CEO, Telephone: 281.499.7498, Suite 902, No. 105, 150 Crowfoot Crescent NW, Calgary, T3G 3T2, Email: investor.relations@megawestenergy.com, Website: www.megawestenergy.com

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MEGAWEST ENERGY CORP.

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