MegaWest Issues Correction

Cusip: No. 585168 107

CALGARY, Aug. 4 /CNW/ - 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.

%CIK: 0001172298

For further information: Kelly D. Kerr, Vice President Finance & CFO, Telephone: [phone]; George T. Stapleton II, CEO, Telephone: [phone], Suite 902, No. 105, 150 Crowfoot Crescent NW, Calgary, T3G 3T2, Email: [email protected], Website: www.megawestenergy.com