MegaWest Energy Corp. announced the adoption of various organizational and financial changes impacting shareholders.
MegaWest Energy reported that the company has changed its name to Gravis Oil Corporation and has also affected a 1 for 10 reverse split of the company’s common shares. These changes were approved by shareholders in late April 2011, and will take effect on June 20, 2011.
MegaWest Energy also said that the trading symbol for the company will change to GRAVF starting on July 19, 2011. The shares will continue to trade on the over the counter bulletin board.
MegaWest Energy is an exploration and production company specializing in unconventional formations in the United States. The company is primarily focused on heavy oil projects located in the Deerfield area of Missouri.
MegaWest Energy owns two 320 acre steam injection properties at Deerfiled and has developed 20 acres in each project. The company also has properties in Kansas, Kentucky, and Montana that are prospective for heavy oil.
In January 2011, MegaWest Energy appointed Tim Morrison as President and CEO of the company. Since that time, Morrison has closed on $4.6 million in financing to develop the company’s heavy oil properties.
For more information on the company, go to www.megawestenergy.com