MegaWest Energy Corporation (MGWSF.OB) is an oil and gas company with a non-conventional focusing. The company specializes in acquisitions, exploration and development of large North American heavy oil projects slated for early production. In its endeavors, MegaWest has already acquired majority interests in five projects that total approximately 105,000 acres in Missouri, Kansas, Kentucky, Texas and Montana.
MegaWest has raised approximately $34 million for its current development programs and has initiated exploration drilling programs in Missouri, Kansas, Kentucky, Texas and Montana. The demand for large scale industrial growth and technological development is increasing the need for energy resources such as oil and gas while the production from existing oil fields is declining.
North America contains heavy oil and bitumen deposits that are estimated to contain more than 3 trillion barrels of resources with a growing and urgent need for new technologies to tap into the these resources. The US Energy Information Administration claims that the market share of non-conventional oil production, such as what MegaWest specializes, is expected to climb to 9.7% by the year 2030.
MegaWest Energy was incorporated in February of 2000 as Brockton Capital Corp. and changed its name to MegaWest Energy Corp in February 2007. MegaWest is headquartered in the city of Calgary in Alberta, Canada and trades on the OTC Bulletin Board as MGWSF.
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