Petrowest Corporation Announces Closing of Bought Deal Offering

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CALGARY, Oct. 24, 2012 /CNW/ - Petrowest Corporation (the "Company") has completed its previously-announced bought deal offering, including the exercise in full of the underwriters' over-allotment option.  A total of 17,250,000 class A common shares ("Common Shares") have been issued at a price of $0.50 per share for aggregate gross proceeds of $8,625,000.

The syndicate of underwriters was led by Beacon Securities Limited and included Paradigm Capital Inc.

The net proceeds from the offering will be used to reduce corporate indebtedness.

This press release is not an offer or a solicitation of an offer of securities for sale in the United States.  The Common Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

ABOUT PETROWEST

Petrowest is an Alberta corporation involved in pre-drilling and post-completion energy services as well as industrial and civil infrastructure projects, gravel crushing and hauling for non-energy sector customers.  Petrowest's primary operations are based in the Grande Prairie area of northern Alberta and in northeastern British Columbia.

SOURCE: Petrowest Corporation

For further information, please contact Richard Quigley, President and Chief Executive Officer, at (780) 830‐0881, or Ian Hogg, Vice President, Corporate Affairs, at [phone], or Lloyd Wiggins, Chief Financial Officer, at [phone], or [email protected].