MegaWest Issues Correction

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CALGARY, Aug. 4 /PRNewswire-FirstCall/ - MegaWest Energy Corp., (the "Company" or "MegaWest"), (OTCBB:MGWSF) issues a correction to the terms of the junior Secured Convertible Notes that were announced on August 3, 2010 as follows:

FINANCING

$2,200,000 Junior Secured Convertible Notes:

        -  Conversion Price: Was originally announced as US$0.07 per common
           share. The correct conversion price is US$0.05 per common share.

Please refer to the company's press release issued on August 3, 2010 for the remainder of the financing terms.

SOURCE MegaWest Energy Corp.