Westbow Energy Inc.

January 31, 2008 09:30 ET

Westbow Energy Inc. Extends Closing of Debenture Financing

CALGARY, ALBERTA--(Marketwire - Jan. 31, 2008) - Westbow Energy Inc. ("Westbow" or the "Company") (TSX VENTURE:WBW) announces that it is extending the closing date of its non brokered financing via Offering Memorandum of up to 4,000 10.5% Redeemable Retractable Subordinated Debentures at a price of $1,000 per Debenture, for maximum gross proceeds of $4,000,000, from January 31, 2008 to February 29, 2008.

To date, three interim closings of the debenture offering have resulted in the sale of 2,054 debentures for gross proceeds to the Company of $2,054,000 and net proceeds after agents fees, of $1,889,680.

Proceeds of the offering will be used to reduce the Company's long term debt and bank debt and for general corporate purposes.

Certain statements contained herein constitute forward-looking statements. The use of any of the words "anticipate", "estimate", "expect", "may", "will", "project", "should", "believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. These statements speak only as of the date of this presentation. The Corporation does not undertake any obligation to publicly update or revise any forward-looking statements.

The TSX Venture Exchange has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Westbow Energy Inc.
    Daniel P. O'Neill
    (403) 269-1995
    Westbow Energy Inc.
    J.L. Holloway
    VP Finance
    (403) 269-1995
    (403) 269-1994 (FAX)
    Email: info@westbowenergy.com