CALGARY, April 6 /CNW/ - MegaWest Energy Corp., (the "Company" or
"MegaWest"), (OTCBB:MGWSF) is pleased to announce the appointment of
Eldon Schorn to its board of directors. Mr. Schorn has been actively
involved in senior positions with a number of public, private and
government organizations and brings a wealth of experience to the
Board. In conjunction with his appointment he has been granted an
option to acquire up to one million common shares at US$0.05 per share
until April 5, 2014.
Mr. Evans and Mr. McCrank have resigned their positions on the Board to
pursue other opportunities. In recognition of their past service and
ongoing commitment to help the Company they each have been granted
800,000 warrants to acquire up to that number of common shares at
US$0.05 per share until April 5, 2014.
In recognition of Mr. Stapleton and Mr. Orr's past and current Board
service they have each been granted warrants and options whereby they
may acquire up to 2,300,000 common shares at US$0.05 per share until
April 5, 2014. In addition to being on the Board Mr. Orr is also acting
as the Company's interim chief financial officer.
About MegaWest Energy Corp.
MegaWest is an independent oil and gas company, specializing in
non-conventional oil and gas projects with a focus on American heavy
oil with particular emphasis on the Deerfield area of western Missouri.
The Company has two individual 320 acre steam injection projects in the
Deerfield area with approximately 20 acres developed on each of the
Marmaton and Grassy projects. In the Deerfield area, excluding the 40
acres of developed land, the Company has an operated 90% working
interest in over 15,400 acres of undeveloped land prospective for heavy
oil development and has identified a number of additional potential
steam injection projects on this land base. In total, including the
Deerfield Missouri acreage, the Company owns a 70% working interest in
73,241 acres of undeveloped land prospective for heavy oil development
and exploration in Missouri, Kansas, Kentucky, and Montana. For more
information, please visit www.megawestenergy.com.
This press release contains forward-looking information and statements
including opinions, assumptions, estimates, and expectations of future
production performance and cash flow requirements. Forward-looking
statements include information that does not relate strictly to
historical or current facts. When used in this document, the words
"anticipate", "believe", estimate", "expect", "forecast", "intent",
"may", "project", "plan", "potential", "should" and similar expressions
are intended to be among the statements that identify forward-looking
statements. Predictions of steam flood performance and future
production rates are forward-looking statements. Forward-looking
statements are not guarantees of future performance and are subject to
a wide range of known and unknown risks and uncertainties, and although
the Company believes that the expectations represented by such
forward-looking statements are reasonable; there can be no assurance
that such expectations will be realized. We have attempted to identify
important factors that could cause actual results, performance or
achievements to vary from those current expectations or estimates
expressed or implied by the forward-looking information, which include
the ability of the Company to raise sufficient capital to carry out its
business plan, including the risk of adverse market prices of both oil
and natural gas, operational risks and geological risk.
These and other risks and uncertainties that could affect future events
or the Company's future financial performance are more fully described
in the Company's quarterly reports (on Form 6-K filed in the US and the
financial statements, management discussion and analysis and Form
51-102F1 filed in Canada), the Company's annual reports (on Form 20-F
filed in the US and the financial statements, management discussion and
analysis and Form 51-102F1 filed in Canada) and the other recent
filings in the US and Canada. These filings are available at www.sec.gov in the US and www.sedar.com in Canada. For all such forward-looking statements, we claim the safe
harbour for forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995.
SOURCE MegaWest Energy Corp.
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