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Investor Snapshot

Trading Symbol
(OTC BB): MGWSF
CUSIP #:  585168 107

Stock Quote
Today's Trading Action

OTC BB: MGWSF Feb 8, 2010 (last traded)
Last Trade: 0.17
Change: 0.00 0.000%  
Day High: 0.17
Day Low: 0.16
Volume: 100,400
Bid Price: 0.16 Bid Size: 5000
Ask Price: 0.17 Ask Size: 5000
(quotes delayed 15 minutes)

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Capital Structure  (as of August 28, 2009)

The Company’s shares trade in the United States on the Over-the-Counter Bulletin Board exchange (“OTC”).  The number of outstanding shares and the number of shares that could be issued if all dilutive instruments are converted to shares at the following dates were:

Aug. 28, 2009
Common Shares Outstanding
Stock options (1)
Series A preferred shares (2)

133,244,472
7,478,500
31,428,571
Warrants associated with Series A preferred shares (2)     15,400,000
Total potential shares   187,551,543

Notes:
(1) Represents stock options to purchase common shares at prices from U.S.$0.10 to U.S.$1.57 per share, with expiry dates from March 15, 2011 through to March 15, 2013 and with various vesting terms.

(2) Pursuant to the agreements with ICO Fund and Investors, the Company issued to the Investors 22,000 Series A convertible preferred shares, with a stated value of $100 each (the “Series A Preferred Shares”), for gross proceeds of US$2,200,000. Based on their stated value, the Series A Preferred Shares are convertible into common shares at US$0.07 per common share. A quarterly cumulative dividend based upon the stated value of the Series A Preferred Shares is payable, at the Company’s election, as to either 5% cash or 7.5% in additional Series A Preferred Shares. The Series A Preferred Shares also have a provision whereby upon liquidation, dissolution, winding up or sale of the Company any outstanding Series A Preferred Shares will be paid out ahead of the common shares at a rate of two times the stated value of the Series A Preferred Shares. After 12 months from the date of issue, the Company may force the conversion of the Series A Preferred Shares provided: i) production from the Deerfield Area is 15,000 barrels of oil in a 30 day period; ii) the common shares have traded at or above US$0.25 per share for the preceding 20 consecutive trading days; and iii) the daily average dollar trading volume has been in excess of US$75,000 per day for the same 20 day period.
In conjunction with the Series A Preferred Share issuance, the Company has also issued to the Investors 15,400,000 warrants. Each warrant allows the holder to purchase a common share at US$0.25 per share until August 28, 2014. After May 28, 2010 a cashless conversion option is provided only with respect to warrant shares not included for unrestricted public resale in an effective registration statement on the date notice of exercise is given to the Company

Since the Company’s change in focus to oil and gas in December 2006, MegaWest has raised US$50,061,050 from the following equity offerings:

  • US$2,350,000 from 23,500,000 shares at US$0.10 per share in December 2006;
  • US$4,212,500 from 8,425,000 shares at US$0.50 per share in January 2007;
  • US$27,448,550 from 27,448,550 shares at US$1.00 per share in March 2007; and
  • US$16,050,000 from 26,750,000 shares at US$0.60 per share in May 2008.

 

Forward Looking Statements

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Quick Hits

Feb. 1, 2010
Investor update and corporate presentation.

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May 28, 2008
US Heavy Oil Potential

In 2007, world crude oil consumption approached 1,000 barrels of oil per second while production has remained flat. Learn how this trend is creating a pressing need for the development of non-conventional resources.

Click here to View Presentation