MegaWest Energy Corp.
OTC Bulletin Board : MGWSF

MegaWest Energy Corp.

October 26, 2007 21:00 ET

MegaWest Extends Incentive Warrants

CALGARY, ALBERTA--(Marketwire - Oct. 26, 2007) - MegaWest Energy Corp., (the "Company" or "MegaWest") (OTCBB:MGWSF)(Cusip: #585168 107), an independent oil and gas company specializing in non-conventional oil and gas projects with a focus on North American heavy oil, announces that MegaWest's Board of Directors has extended to January 15, 2009 the expiry date of up to 19.5 million incentive warrants, whereby the holders, primarily directors, officers or employees of the Company, may acquire that same number of common shares at $0.10 USD per share subject to property acquisition vesting requirements. The Board has also determined that the recent acquisition of the Big Sky Project in Montana meets the provisions for the vesting of 10 million of these incentive warrants. To date a total of 19 million of these incentive warrants have vested.

MegaWest's experienced management seeks to prove up significant reserves and achieve early production from its world-class suite of operated properties. MegaWest now owns or has the right to earn an interest in over 100,000 acres in Texas, Kentucky, Missouri, Kansas and Montana. The underpinning for MegaWest's strategy is the convergence of the necessity for North American security of energy supply, current world oil prices, and significant commercial developments in thermal recovery technologies. Through delineation drilling and the completion of pilot thermal and enhanced recovery production tests, MegaWest plans to establish proven and producing unconventional heavy oil resources in each of its core areas.

ON BEHALF OF THE BOARD OF DIRECTORS

George T. Stapleton, II, President & CEO

Forward-Looking Statement Disclaimer

This document contains statements about expected or anticipated future events and financial results that are forward-looking in nature and as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the actual presence or recoverability of estimated oil and gas resources, the occurrence of unexpected events, and the Company's capability to execute and implement its future plans. Actual results may differ materially from those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

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.

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