New West Energy Services Inc. closes non-brokered private placement



    
    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/
    

    CALGARY, Aug. 18 /CNW/ - New West Energy Services Inc. (TSX-V:NWE) ("New
West") is pleased to announce it has closed its previously announced
non-brokered private placement (the "Offering") of common shares ("Shares").
New West issued a total of 13,504,000 Shares at a price of $0.02 per Share for
gross proceeds of $270,080. The Shares are subject to a four month hold
period.
    New West paid a finder's fee in the amount of $15,538 in respect of a
portion of the Offering. In addition, New West issued non-transferable
finder's options to purchase an additional 769,000 Shares at a price of $0.05
per Share, exercisable for a period of one year from the closing date.
    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.

    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.

    Joe Scarlett

    A. Joseph Scarlett
    Director

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.
    

    Reader Advisory

    This news release contains certain forward-looking statements, which
include assumptions with respect to future capital expenditures. The reader is
cautioned that assumptions used in the preparation of such information may
prove to be incorrect. All such forward-looking statements involve substantial
known and unknown risks and uncertainties, certain of which are beyond New
West's control. Such risks and uncertainties include, without limitation,
risks associated with loss of markets, volatility of chemical prices and
commodity prices, currency fluctuations, environmental risks, competition from
other companies, inability to retain services, delays resulting from or
inability to obtain required regulatory approvals and ability to access
sufficient capital from internal and external sources, the impact of general
economic conditions in Canada and the United States, industry conditions,
changes in laws and regulations (including the adoption of new environmental
laws and regulations) and changes in how they are interpreted and enforced,
increased competition, the lack of availability of qualified personnel or
management, fluctuations in foreign exchange or interest rates, stock market
volatility and market valuations of companies with respect to announced
transactions and the final valuations thereof, and obtaining required
approvals of regulatory authorities. New West's actual results, performance or
achievements could differ materially from those expressed in, or implied by,
these forward-looking statements and, accordingly, no assurances can be given
that any of the events anticipated by the forward-looking statements will
transpire or occur, or if any of them do, what benefits, including the amount
of proceeds, New West will derive therefrom. Readers are cautioned that the
foregoing list of factors is not exhaustive. All subsequent forward-looking
statements, whether written or oral, attributable to New West or persons
acting on its behalf are expressly qualified in their entirety by these
cautionary statements. Furthermore, the forward-looking statements contained
in this news release are made as at the date of this news release and New West
does not undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by applicable securities
laws.




For further information:

For further information: Richard J Collens, Chief Financial Officer,
Phone: (403) 263-7555, Fax: (403) 263-7558, Email: dcollens@newwestdf.com

Organization Profile

NEW WEST ENERGY SERVICES INC.

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