ST. JOHN'S, Feb. 16 /CNW/ - NWest Energy Inc. ("NWest" or "the Company"
TSX-V: NWN) announces that Robert Webb, NWest's Vice-President Business
Development and Operations, has been named interim President and CEO.
The appointment of Mr. Webb as President and CEO is effective February
16, 2009 and follows the resignation of François Gauthier from those positions
and as a Director of the Company.
"We respect François's desire to move to other opportunities upon
completion of our recent seismic program and we thank him for the
contributions he has made." said Mr. Webb. "In assuming the roles of CEO and
President on an interim basis, I am excited about the opportunity to lead
NWest through the next phase of our project in this challenging economic
environment. Securing joint-venture exploration partners and seeking new
projects will be my top priority."
Mr. Webb joined NWest Energy in June 2008 and was formerly a Director at
CIBC World Markets. Working in Calgary and London, he played a role in
financing and merger and acquisition transactions with an aggregate value of
over $10 billion. Prior to his investment banking career, he provided project
management and engineering services with Schlumberger to clients in Indonesia,
Vietnam, Russia and the United Kingdom. Mr. Webb has an MBA degree from the
University of Toronto's Rotman School of Management and an Engineering degree
from Memorial University of Newfoundland.
About NWest Energy
NWest Energy is a Canadian junior oil and gas company exploring
high-margin frontier basins for long-term, sustainable value creation. To
date, NWest has acquired four properties, located off the west coast of
Newfoundland and Labrador. All properties have defined seismic targets along
with considerable exploration potential to host large oil and gas reservoirs.
Through its exploration licenses, NWest holds approximately 1.6 million acres
of highly prospective frontier property in a geologically favourable
environment for exploration. Further information regarding the company and its
exploration licences is available at www.nwestenergy.com.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. The statements
made in this News Release may contain certain forward-looking statements.
Actual events or results may differ from the Company's expectations. Certain
risk factors may also affect the actual results achieved by the Company.
There can be no assurance that forward-looking information will prove to
be accurate. Should one or more of these risks and uncertainties materialize,
or should underlying assumptions prove incorrect, actual results may vary
materially from any conclusions, forecasts or projections described in the
forward-looking information. Accordingly, readers are advised not to place
undue reliance on forward-looking information. Except as required under
applicable securities legislation, the Company undertakes no obligation to
publicly update or revise forward-looking information, whether as a result of
new information, future events or otherwise.
For further information:
For further information: Robert Webb, President & CEO, (709) 722-3959,