NWest Energy Reports Year End 2008 Financial Results, Annual General Meeting Details and Updated Corporate Presentation

01/29/2009

St. John�s, NL:  NWest Energy Inc. ("NWest� or �the Company" TSX-V: NWN) is pleased to announce that it has filed its audited consolidated financial statements for the year ended September 30, 2008 ("Financial Statements") and related Management Discussion and Analysis ("MD&A"). Copies of the filed documents may be obtained via SEDAR at www.sedar.com or on the Corporation's website at www.nwestenergy.com.

The updated Corporate Presentation can also be found on the company�s website under the Investors Section.

The Annual General Meeting of the shareholders of the Company will be held on Thursday, February 12, 2009, at 2:00PM NST, at Suite 200-10 Fort William Place, Baine Johnson Centre, St. John�s, Newfoundland and Labrador.

NWest President and Chief Executive Officer Francois Gauthier said: �We are happy to be moving into the next phase of our project with adequate cash reserves to easily sustain our current program for the coming year and beyond. Discussions with rig owners and farm-in partners are underway and we remain confident that the current exploration program will lead to a drilling program off the coast of Western Newfoundland. We will review this past year's activities and future plans with our shareholders at our upcoming AGM.�

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 favourable environment for exploration.   Further information regarding the company and its exploration licences is available at www.nwestenergy.com .

Contact:   info@nwestenergy.com

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