NWest Energy Inc

Published : November 13th, 2008

completes 3D data acquisition on first target, postpones financing

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NWest Energy completes 3D data acquisition on first target, postpones financing

Not for distribution to United States newswire services or for dissemination in the United States

Thursday, November 13, 2008, St. John�s, NL: NWest Energy Inc. ("NWest� or �the Company" TSX-V: NWN) announces that it has been advised by Geophysical Service Inc. (�GSI�), that an exploration 3D seismic program has been successfully completed over the first target area in the southern zone of the company�s Western Newfoundland offshore exploration acreage. Additional exploration 3D data over a second target area is currently being acquired. The data will be interpreted and analyzed over the next six months with a view to identifying exploration drilling targets.

 

NWest also announces that due to adverse market conditions, the Company has postponed the previously announced private placement of flow-through shares and consequently postponed the proposed expansion of the 3D exploration program. The Company will continue to acquire and interpret exploration 3D data over four of the property�s top 11 prospects, as originally planned, and continue to solicit joint venture partners for its western Newfoundland project as well as evaluate other opportunities through 2009.

 

NWest President and Chief Executive Officer Francois Gauthier said: �We are very pleased to have acquired high quality data across our primary target in a cost-effective, timely manner. Although current market conditions do not warrant a private placement at this time, our strong balance sheet allows us to continue to pursue a major partnership as we gather more data and evaluate these exciting targets off the coast of Western Newfoundland.�

 

The TSX Venture Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

 

About NWest Energy

NWest Energy is an innovative Canadian junior oil and gas company developing high-margin frontier basins and legacy assets for long-term, sustainable value creation. To date, NWest has acquired four properties, located off the west coast of Newfoundland and Labrador. All properties have defined seismic targets along with considerable exploration potential to host large oil and gas reservoirs.  Through its exploration licenses, NWest holds approximately 1.6 million acres of highly prospective property in a geologically favorable environment for exploration.

 

 

Contact: info@nwestenergy.com

Fran�ois Gauthier, President & Chief Executive Officer

Chris Flanagan, Sr. Manager, IR
& Corp. Communications

Robert Webb, VP Business Development & Operations

709.722.3757

709.722.3953

709.722.3959

 

 




NWest Energy Inc

CODE : NWN.V
ISIN : CA62950D1015
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NWest Energy is a gold and copper exploration company based in Canada.

NWest Energy holds various exploration projects in Canada and in Chile.

Its main exploration properties are CONDOR ET.AL in Chile and WESTERN NEWFOUNDLAND in Canada.

NWest Energy is listed in Canada and in United States of America. Its market capitalisation is CA$ 263 900 as of today (US$ 200 115, € 178 783).

Its stock quote reached its highest recent level on January 16, 2009 at CA$ 3.00, and its lowest recent point on December 30, 2016 at CA$ 0.01.

NWest Energy has 7 540 000 shares outstanding.

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Financings of NWest Energy Inc
7/2/2014Completes its Private Placement
6/12/2014Announces Amendment to Terms of Previously Announced Private...
5/2/2014announces private placement financing of $ 200,000
Nominations of NWest Energy Inc
10/11/2013Appoints Bill Flemming to the Board of Directors
Financials of NWest Energy Inc
1/29/2009Reports Year End 2008 Financial Results
Project news of NWest Energy Inc
1/8/2009(Western Newfoundland)Seismic Acquisition Operational Update
Corporate news of NWest Energy Inc
8/24/2015IIROC Trading Halt - NWN
7/7/2014Nwest Energy Corp. [TSX-V: NWN] Announces Changes To Its Boa...
7/2/2014NWest Energy Corp. Completes its Private Placement
6/24/2014NWest Energy Corp. Completes First Tranche of its Private Pl...
6/12/2014Nwest Energy Corp. Announces Amendment to Terms of Previousl...
5/2/2014NWest Energy Corporation announces private placement financi...
6/17/2013Announces Management and Board Changes
10/12/2012Announces Claim Notice
6/13/2012You have un-subscribed Subscriber, Subscriber
6/6/2011Announces the Results of AJM Petroleum Consultants Unconvent...
8/26/2009Operational Update - Results of E3D Interpretation
2/16/2009Names Robert D. Webb Interim President and CEO
11/13/2008completes 3D data acquisition on first target, postpones fin...
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