MegaWest Energy Announces Resignation of Chief Financial Officer: Financial News

MegaWest Energy Announces Resignation of Chief Financial Officer
Monday October 27, 2008 5:30 pm ET

CALGARY, ALBERTA--(MARKET WIRE)--Oct 27, 2008 -- MegaWest Energy Corp., (the "Company" or "MegaWest") (OTC BB:MGWSF.OB - News), an independent oil and gas company, specializing in non-conventional oil and gas projects with a focus on North American heavy oil, announced today that Mr. George Orr has resigned as the Chief Financial Officer of the Company. Mr. Orr will remain a Director of the Company.

On behalf of the Company and Board, George Stapleton, Chairman of the Board, stated, "We would like to express our gratitude to Mr. Orr. His expertise has been a great asset to MegaWest during the early development of our company."

Mr. Orr's duties will be assumed by Mr. Kelly Sledz, MegaWest's Vice President, Finance.

About MegaWest

MegaWest is continuing to execute its business plan to demonstrate shareholder value. MegaWest owns or has the right to earn an interest in over 146,000 acres in Missouri, Kansas, Kentucky, Montana and Texas. MegaWest seeks to prove up significant resources and achieve early production from its heavy oil properties through the application of new technical developments in the commercial thermal recovery of heavy oil.

ON BEHALF OF THE BOARD OF DIRECTORS

George T. Stapleton, II, CEO & Chairman of the Board

Forward-Looking Statement Disclaimer

This document contains statements 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, our ability to sell our shares at prices we deem acceptable, 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. 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. 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.