MegaWest Energy Corp.
OTC Bulletin Board : MGWSF

MegaWest Energy Corp.

May 02, 2007 10:30 ET

MegaWest Energy Completes Additional Key Acquisition

CALGARY, ALBERTA--(CCNMatthews - May 2, 2007) - MegaWest Energy Corp., (the "Company" or "MegaWest"), a Calgary based oil and gas company (OTCBB:MGWSF) (Cusip: #585168 107), specializing in non-conventional oil and gas projects with initial focus on North American heavy oil, announces the acquisition of the Trinity Sands non-conventional oil and gas project where MegaWest will earn a 66.67% working interest in 28,300 acres.

MegaWest will complete a detailed geological study of the Trinity Sands and a core drilling program. This will be followed by a two-well production test and a pilot recovery project prior to initiating commercial production.

The Company's President and CEO, George Stapleton stated; "MegaWest has completed another significant step with the acquisition of Trinity Sands Energy LLC and will work to capture the tremendous potential of the Trinity Sands opportunity. MegaWest will continue to acquire large blocks of oil and gas rights known to contain substantial deposits of heavy oil or other non-conventional oil."

MegaWest, through its wholly-owned subsidiary MegaWest Energy USA Corp. ("MegaWest USA") has acquired all of the issued and outstanding membership units of Trinity Sands Energy LLC, a Delaware limited liability company ("TSE") for a consideration of $200,000 USD plus the issuance of 95,000 Exchange Shares of MegaWest USA; each Exchange Share may be exchanged for $10 USD cash or 100 common shares of MegaWest during the period January 1, 2008 to July 31, 2008. After July 31, 2008, the company may compel the holders of Exchange Shares to convert their Exchange shares to common shares of MegaWest at the same 1 for 100 ratio. The assets of TSE consist of a 50% working interest in 14,948 net mineral acres in Edwards County, Texas and an Earn-In Agreement to increase said working interest to 66.67%; Earn-In Agreements whereby TSE may earn up to a 66.67% working interest in an additional 13,348 net mineral acres in Edwards County; and 7.5 million common shares of Energy Finders, Inc.

MegaWest has not released and will not be releasing estimates of resource or reserves related to this project until such time as an independent third party resource evaluation is complete.


George T. Stapleton, II, President & Director

Forward-Looking Statement Disclaimer

This press release contains "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. Such forward-looking statements include, among others, the expectation and/or claim, as applicable, that: (i) the Company will be able to acquire large blocks of oil and gas rights known to contain substantial deposits of heavy oil; (ii) the Company will be able to establish proven and producing reserves on the development projects using thermal recovery technologies developed in Canada; (iii) the Company will be able to demonstrate a means of achieving commercial production and complete the work program on the Trinity Sands Prospect; 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. Such factors include, among others: (a) the lack of additional financing to fund the Company's exploration activities and continued operations; (b) fluctuations in foreign exchange and interest rates; (c) the number of competitors in the oil and gas industry with greater technical, financial and operations resources and staff; (d) the lack of commercial discoveries on the Company's Trinity Sands Prospect; (e) fluctuations in world prices and markets for oil and gas due to domestic, international, political, social, economic and environmental factors beyond our control; (f) changes in government regulations affecting oil and gas operations and the high compliance cost with respect to governmental regulations; (g) potential liabilities for pollution or hazards against which the Company cannot adequately insure or which the Company may elect not to insure; (h) the Company's ability to hire and retain qualified employees and consultants; and (i) other factors beyond the Company's control. 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.

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 in the US and in Canada.

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