NWest Energy Corp. has completed its previously announced transaction (the "Transaction") involving the sale of substantially all of the Corporation's assets pursuant to an arm's length agreement with Shoal Point Energy Ltd. ("Shoal Point"), a public company listed on the Canadian National Stock Exchange, whereby Shoal Point has acquired the remaining 50% undivided working legal and beneficial interest in and to exploration licence EL1097R dated November 23, 2011 (the "Licence") covering an area of approximately 500,000 acres located offshore of western Newfoundland and Labrador (the "Property").

The Transaction was detailed in the management information circular of NWest dated February 15, 2012 and approved by the shareholders of the Corporation at its annual and special meeting held on March 21, 2012 (the "Meeting").

Tags: NWest Energy Inc