Prairie West Oil and Gas Ltd. Signs Letter of Intent for Cash Flow Positive Production

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Favorable terms emerging from recent economic volatility.

Today Prairie West Oil and Gas Ltd. (Frankfurt: 1WP) is excited to announce that it has entered into a letter of intent to secure cash flow positive production in the North East region of Alberta Canada.

Prairie West CEO Garry Pearce: “The recent economic volatility along with the resulting dip in energy prices has strengthened the company’s negotiating position and terms much more favorable than first expected are emerging. Although Prairie is still absolutely committed to fully developing our Twinning project it would be imprudent not to lay the ground work for tomorrow’s future growth by taking advantage of bargains and opportunities that are available today".

Prairie West Oil and Gas anticipates negotiations to be completed shortly for both this cash flow positive asset and its previously announced acquisition of shut in production currently being acquired out of receivership.

About Prairie West - http://www.prairiewestonline.com
Prairie West Oil & Gas Ltd. is a dynamic oil and gas corporation operating in the center of Canada's highest reserve epicenter - the oil boom province of Alberta. Prairie West's current project is strategically placed within the highly productive Twining area, surrounded by major multi-national energy giants such as EnCana, Suncor and Devon Energy. It is immediately adjacent to the enormous Twining Rundle/Mannville Pool with original oil in place of 1.013 billion barrels equivalent.

This company news release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Prairie West Ltd., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

Investor hotlines:
English / Español: 1 888 414 7276
Deutsch: +49 (0) 69 21 65 59 10

Contact:
Prairie West Oil & Gas Ltd
Garry Pearce
CEO
888 - 3rd Street SW
West Bankers Hall
10th Floor
Calgary, Alberta, CAN
T2P 5C5

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Garry Pearce
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