June 14, 2007
Calgary, Alberta; June 14, 2007 – MegaWest Energy Corp., (the “Company” or “MegaWest”), a Calgary based oil and gas company (OTC BB: MGWSF) (Cusip: #585168 107), specializing in non-conventional oil and gas projects with a focus on North American heavy oil, has commenced production from the Chetopa, Kansas non-conventional oil project.
The Company’s President and CEO, George T. Stapleton, II stated, “MegaWest has completed another very important step by becoming a non-conventional oil producer. The Chetopa project has begun to pay dividends for the company and this is a company milestone in terms of establishing producing reserves on this development project using thermal recovery technologies. Initial oil sales from the Chetopa project have begun this week and volumes will increase as steamflood operations progress.”
MegaWest is an independent unconventional oil and gas company headquartered in Calgary, Alberta, Canada. MegaWest has operations in Texas, Kentucky, Missouri and Kansas. MegaWest will create shareholder value through the exploitation of North American heavy oil through the application of various methods of thermal and enhanced recovery.
ON BEHALF OF THE BOARD OF DIRECTORS
George T. Stapleton, II, President & Director
For further information please visit the Company’s new website at www.megawestenergy.com or, contact:
| Kelly Sledz 1.403.984.6342 info@megawestenergy.com |
Mike Parker 1.888.506.7979 MParker@sweetwatercapital.net |
Forward-Looking Statement Disclaimer
This news release contains “forward-looking statements”. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among others, the expectation and/or claim, as applicable, that (i) the Company will acquire and exploit non-conventional oil and gas properties in Western North America, (ii) the Company will develop its heavy oil opportunities, (iii) the Company will establish proven and producing reserves this year, and (iv) the Company will be successful in recovering oil for any of its future prospects.
It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others: (i) the failure to complete the acquisition of the shares of Trinity Sands Energy LLC and/or the Membership Units of Kentucky Reserves, LLC for whatever reason, (ii) the failure to complete the acquisition of the assets from Deerfield Energy LLC for whatever reason, (iii) the continued demand for oil and gas, (iv) the failure by the Company and others to identify and acquire other oil and gas prospects, (v) the failure to raise any proceeds necessary to complete any acquisitions of any other oil and gas prospects, (vi) the uncertainty of the requirements demanded by environmental agencies, (x) the Company’s ability to raise debt or equity financing for operations, (xi) the Company’s ability to maintain qualified employees or consultants, and (xii) the likelihood that no commercial quantities of oil and gas are found or recoverable on any properties in which the Company has an interest. The 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 on Form 51-102F1 filed in Canada), the Company’s annual reports (on Form 20-F filed in the US and 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.