NWest Energy Corp.

April 25, 2012 16:33 ET

NWest Energy Terminates Letter of Intent With Argentina-Focused Private Company

ST. JOHN'S, NEWFOUNDLAND--(Marketwire - April 25, 2012) - NWest Energy Corp. ("NWest" or the "Corporation") (TSX VENTURE:NWN) announced that it and Caribe Oil & Gas Ltd. ("Caribe") have mutually agreed to terminate the non-binding letter of intent dated February 24, 2012 (the "Letter of Intent"), announced in a news release issued by NWest on March 5, 2012. Recent actions by governmental authorities in Argentina have made it unlikely that NWest and Caribe could raise a private placement with gross proceeds of not less than $20,000,000, a condition of the Letter of Intent, now or in the foreseeable future. NWest plans to pursue other petroleum and natural gas opportunities.

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by NWest.

Neither the TSXV nor its Regulation Service Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • NWest Energy Corp.
    Robert Webb
    President & Chief Executive Officer
    (709) 722-3757