NWest Energy Corporation Increases Financing

October 24, 2016: NWest Energy Corporation ("NWest" or the "Company") (TSX-V: NWN) is pleased to announce that in connection with the previously announced share exchange transaction (the "Transaction") with Plumbago Refining Corp. B.V. and its securityholders, there is an increase of its previously announced non-brokered private placement (see news disseminated on June 20, 2016) from $1,500,000 to up to $3,000,000 (the "Financing") through the issuance of up to 15,000,000 units (the "Units") of the Company at a price of $0.20 per Unit, up from the 7,500,000 Units previously announced on June 20, 2016.

Each Unit will consist of one common share (an "Offered Share") and one common share purchase warrant (a "Warrant"). Each full Warrant will allow the holder to purchase one common share of NWest at a price of $0.30 for a period of two years from the date of issuance. The Warrants will be subject to an acceleration clause whereby if the common shares trade equal to or greater than $0.50 cent for a period of twenty (20) consecutive trading days, and the Warrant expiry date shall accelerate to a date that is not less than twenty (20) days after notice is given.

Completion of the Transaction is subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance. There can be no assurance that the Transaction will be completed as proposed or at all.



For further information:

Kevin Aylward B. Comm Bill Fleming
President & CEO Chief Financial Officer
(902) 405 - 4751 (902) 405-4751
(709) 693-0080 cell
kaylward@nwestenergy.com



Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law and may not be offered or sold in the "United States", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction and related transactions may not be accurate or complete and should not be relied upon. Trading in the securities of NWest should be considered highly speculative.

This new release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

Cautionary Statement Regarding Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein is forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", " expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this news release contains forward-looking information in relation to: the Transaction; and the Financing. This forward-looking information reflects NWest's current beliefs and is based on information currently available to NWest and on assumptions NWest believes are reasonable. These assumptions include, but are not limited to: the completion of satisfactory due diligence of all parties in relation to the Transaction; the satisfactory fulfilment of all terms and conditions contained in the Share Exchange Agreement; and the receipt of all required approvals including regulatory, TSXV, director and shareholder approvals; market acceptance of the Transaction; and acceptable financing to complete the Transaction. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of NWest to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting NWest; the timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. A description of additional assumptions used to develop such forward-looking information and a description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in NWest's disclosure documents on the SEDAR website at www.sedar.com. Although NWest has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release represent the expectations of NWest as of the date of this press release and, accordingly, are subject to change after such date. However, NWest expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release

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