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NWN

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Share Name Share Symbol Market Type
TSXV:NWN TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

NWest Energy Announces Special Meeting of Shareholders

30/08/2010 1:52pm

Marketwired Canada


NWest Energy Inc. ("NWest" or the "Corporation") (TSX VENTURE:NWN) announces
that the board of directors has authorized the calling of a special meeting of
shareholders of the Corporation (the "Meeting") to be held on Wednesday, October
20, 2010 at 2:00 p.m. (Newfoundland Standard Time) at the Baine Johnston Centre,
10 Fort William Place, Suite 200, St. John's, Newfoundland and Labrador. At the
Meeting, the Corporation will seek approval for a consolidation of the common
shares of the Corporation on the basis of one (1) new common share for each ten
(10) existing common shares of the Corporation (the "Consolidation"). In
addition to the Consolidation, the Corporation will also seek the approval of
its shareholders to change the name of the Corporation from "NWest Energy Inc."
to "NWest Energy Corp.", or such other name as the board of directors may
determine. The record date (the "Record Date") for the Meeting is September 20,
2010. The Notice of Meeting, Information Circular and Form of Proxy are expected
to be mailed to all shareholders of the Corporation on September 23, 2010. The
proposed consolidation and name change are subject to shareholder approval and
TSX Venture Exchange (the "Exchange") acceptance. The Corporation currently has
94,741,924 common shares issued and outstanding and will have 9,474,195 shares
issued and outstanding upon approval of the consolidation by shareholders and
acceptance by the Exchange.


The Board of Directors believes that it is in the best interests of the
Corporation to consolidate the shares of the Corporation in order to create a
more favourable capital structure for financing future project acquisitions. The
Corporation will seek to acquire additional petroleum exploration and
development opportunities.


About NWest Energy

NWest Energy is a Canadian junior oil and gas company exploring off the west
coast of Newfoundland and Labrador. NWest holds approximately 1.6 million acres
of prospective frontier property in the Anticosti basin in a geologically
favourable environment for exploration. Further information regarding the
Company and its exploration licences 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 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.


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