/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, May 29 /CNW/ - New West Energy Services Inc. (TSX-V:NWE) ("New
West") announces a non-brokered private placement of up to 15,000,000 common
shares at a price of $0.02 per common share for gross proceeds of up to
$300,000 (the "Offering"). This price per share is based on the closing price
of May 28, 2009.
All common shares issued in the Offering will have a hold period in
Canada of four months from the closing of the Offering.
Insiders of the Issuer will not be subscribing for more than 25% of the
Net proceeds from the Offering are intended to be used for general
working capital purposes for a three month period during the restart-up of a
20 month multi-well SAGD oilsands program with a major oil and gas company.
Completion of the placement is subject to the acceptance for filing of
the TSX Venture Exchange.
This press release does not constitute an offer to sell, or a
solicitation of an offer to sell, any of the foregoing securities in the
United States. None of the foregoing securities have been, nor will they be,
registered under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act") or any state securities laws and may not be offered or
sold within the United States or to U.S. Persons unless registered under the
U.S. Securities Act and applicable state securities laws or an exemption from
such registration is available.
About New West
New West operates in the oil field service industry in Canada. New West
sells chemicals and provides engineering services to oil and gas exploration
and production companies.
On behalf of the Board of Directors of
New West Energy Services Inc.
A. Joseph Scarlett
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Richard J Collens, Chief Financial Officer,
Phone: (403) 263-7555, Fax: (403) 263-7558, Email: email@example.com