CALGARY, Oct. 14, 2016 /CNW/ - Petrowest Corporation ("Petrowest" or the "Company") (TSX:PRW) is pleased to announce that its lenders (under both the syndicated credit facility and the subordinated debt agreement) have granted an additional extension to the waiver period, which was initially announced on August 10, 2016, from October 14, 2016 to November 10, 2016.

Over the past month, Petrowest has made significant progress in finalizing a long term debt solution.

Additional information respecting Petrowest's credit facilities and the financial covenants in those credit facilities may be found in Petrowest's Management Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2016, available under Petrowest's profile on the SEDAR website at www.sedar.com.

ABOUT PETROWEST

Petrowest is a diversified infrastructure company with primary operations based in northeastern British Columbia and Alberta. Petrowest's operations are focused on industrial and civil infrastructure projects, gravel crushing and hauling activities, as well as pre-drilling and post-completion energy services.

SOURCE Petrowest Corporation