North West Upgrading Implements Structured Partner Selection Process for Upgrader Project


    RBC Capital Markets and Tristone Capital Named Financial Advisors

    CALGARY, Oct. 10 /CNW/ - North West Upgrading (North West), a
Calgary-based, privately-owned company building an independent, heavy oil
Upgrader in Sturgeon County, Alberta, today announced it will work with
financial advisors RBC Capital Markets and Tristone Capital to implement a
structured process to sell a working interest in its Upgrader Project. Given
the advanced stage of project development, North West is initiating a formal
search for a partner in order to reduce the quantum of capital required to
complete the Project. The financial advisors will assist North West in
selecting a partner and proposal which represents a superior value proposition
to the Company.
    With the growing bitumen supply from Alberta's oil sands facing pipeline
capacity constraints, a lack of refining/upgrading capacity in Alberta, and
limited economic sources of diluent to transport the bitumen, North West will
play a key role in the oil sands value chain by converting low value bitumen
into high value petroleum products.
    "With regulatory approvals in place, a superior location, site
construction initiated, CO(2) sequestration arranged, few competitors and a
strong management team, North West is ideally positioned to move our Project
to the next stage of development and add value to the Province's growing
bitumen production," said Robert Pearce, President, North West Upgrading.
    North West has initiated the structured process to select partners by the
end of 2007 and finalize arrangements in the first quarter of 2008.

    About North West Upgrading

    North West Upgrading Inc. is a Calgary-based, privately-owned company
committed to building an independent, heavy oil upgrader in Alberta's
Industrial Heartland. The Upgrader will enhance the economic value of
Alberta's bitumen and heavy oil production by producing light, low sulphur
products, such as ultra low sulphur diesel fuel and diluent, which attract
premium pricing. North West is also the first Alberta Upgrader to arrange for
the sequestering of carbon dioxide in an enhanced oil recovery project,
thereby reducing a significant part of its greenhouse gas emissions. The
Upgrader will have a total processing capacity of 231,000 barrels per day of
blended feedstock over three phases. North West anticipates it will achieve
start up for the first phase in early 2011. All three phases are expected to
be operating by 2015.

For further information:

For further information: Shauna MacDonald for North West Upgrading, P:
(403) 538-5645, C: (403) 585-4570,

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North West Upgrading Inc.

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