February 8, 2008
Calgary, Alberta; February 8, 2008 – The Board of Directors of MegaWest Energy Corp., (the “Company” or “MegaWest”), an independent 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, announced today that Mr. R. William Thornton will become the President & Chief Operating Officer of MegaWest. Mr. George T. Stapleton, II will remain Chairman of the Board and Chief Executive Officer of MegaWest.
Mr. Stapleton stated, “The appointment of Mr. Thornton as President marks an important step forward for the Company and strengthens the long-term strategy initiated in December 2006 to apply the best of Canadian heavy oil technology and production methodology to significant US heavy oil and bitumen deposits. As the Company continues to grow and to increase its focus on operational activities, additional responsibilities have been shifted to our Calgary office. It is in recognition of these increased responsibilities that the Company has appointed Bill Thornton as President of the Company.”
MegaWest owns or has the right to earn an interest in over 115,000 acres in Kansas, Missouri, Kentucky, Texas and Montana. MegaWest’s strategy is to grow shareholder value through the selective acquisition of projects with large resource potential located in the vicinity of existing infrastructure through the application of emerging and proven commercial developments in thermal recovery technologies. Delineation drilling and the completion of thermal and enhanced recovery production demonstration projects may increase the value of the unconventional heavy oil resources in each of the Company’s focus areas.
ON BEHALF OF THE BOARD OF DIRECTORS
George T. Stapleton, II, CEO & Chairman of the Board
For further information please visit the Company’s Website at www.megawestenergy.com.
Investor Relations:
| Kelly Sledz 1.403.984.6342 info@megawestenergy.com |
Mike Parker 1.866.506.7979 MParker@sweetwatercapital.net |
Forward-Looking Statement Disclaimer
This press release may contain “forward-looking statements” as defined by the Private Litigation Reform Act of 1995. 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. When used in this document, the words “could”, “plan”, “estimate”, “intend”, “may”, “potential”, “should”, and similar expressions relating to matters that are not historical facts are forward looking statements. 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 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.