NWest Energy Announces Closing of Transaction

NWest Energy Corp. ("NWest" or the "Corporation") (TSX VENTURE:NWN) announces
that, further to its press release dated January 17, 2012, it has completed its
previously announced transaction (the "Transaction") involving the sale of
substantially all of the Corporation's assets pursuant to an arm's length
agreement with Shoal Point Energy Ltd. ("Shoal Point"), a public company listed
on the Canadian National Stock Exchange, whereby Shoal Point has acquired the
remaining 50% undivided working legal and beneficial interest in and to
exploration licence EL1097R dated November 23, 2011 (the "Licence") covering an
area of approximately 500,000 acres located offshore of western Newfoundland and
Labrador (the "Property"). The Transaction was detailed in the management
information circular of NWest dated February 15, 2012 and approved by the
shareholders of the Corporation at its annual and special meeting held on March
21, 2012 (the "Meeting").


The remaining fifty percent (50%) working interest in the Licence was
transferred to Shoal Point (the "Second Transfer") on receipt of approval of the
shareholders of NWest for the Transaction on March 21, 2012 in consideration
that Shoal Point: (i) issued one million (1,000,000) common shares of Shoal
Point (the "Common Shares") to NWest; and (ii) issued one million (1,000,000)
Common Share purchase warrants to NWest, with each warrant entitling NWest to
acquire one Common Share at an exercise price of $0.39 for a period of two years
from the date of issuance.


Pursuant to the Transaction, now that the Second Transfer is completed, if Shoal
Point spuds a well on the Licence, Shoal Point shall: (i) issue an additional
four million (4,000,000) Common Shares to NWest; (ii) issue an additional four
million (4,000,000) Common Share purchase warrants to NWest, with each warrant
entitling NWest to acquire one Common Share at an exercise price equal to the 20
day weighted average price of the Common Shares prior to the date of issuance
plus an additional twenty percent (20%), for a period of two years from the date
of issuance; and (iii) grant to NWest a two percent (2%) gross overriding
royalty (the "Royalty") on the Property. Shoal Point shall have the right to
purchase 0.75% of the Royalty for two million dollars ($2,000,000) at any time
after the date of grant.


All securities issued pursuant to the Transaction are subject to a four month
hold period from the date of issuance.


The Board of Directors of NWest now consists of Wade K. Dawe, James W. Buckee,
M. Jacqueline Sheppard and Robert D. Webb. Mr. Patrick Laracy did not stand for
re-election at the Meeting. The Board of Directors would like to thank Mr.
Laracy for his dedication and contributions to the Corporation over the past
several years as a director. The Board of Directors also welcomes Mr. Webb and
looks forward to working with him in his new role as a director of the
Corporation.


About NWest Energy

Further information regarding the Corporation is available at www.nwestenergy.com.

The statements made in this News Release may contain certain forward-looking
statements. Actual events or results may differ from the Corporation's
expectations. Certain risk factors may also affect the actual results achieved
by the Corporation. A description of assumptions used to develop such
forward-looking information and a description of risk factors that may cause
actual results to differ materially from forward-looking information can be
found in NWest's disclosure documents on the SEDAR website at www.sedar.com.


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 Corporation undertakes no obligation to publicly
update or revise forward-looking information, whether as a result of new
information, future events or otherwise.