Ticker: EW (TSX-V)
VANCOUVER, Oct. 6, 2011 /PRNewswire/ - East West
Petroleum Corp. (the "Company" or "East West") is pleased to
announce the Company has acquired an interest in a large
prospective exploration block onshore Morocco. The Petroleum Agreement was
signed with the Office National des Hydrocarbures et des Mines
("ONHYM") in Rabat, the country's
capital city.
The 1997 sq. km. (approx. 500,000 acres)
Doukkala Block is situated along the Atlantic coast approximately
125 km. southwest from the city of Casablanca. Under the Petroleum
Agreement, East West will partner with ONHYM to explore for oil and
gas over an 8 year period. The Company will retain a 75%
participation interest in the block and operatorship, with ONHYM
retaining a 25% participation interest.
The Company will carry out regional geological
studies, seismic acquisition and reprocessing, followed by
exploratory drilling. Both conventional and unconventional
oil plays have been identified on the acreage. Two wells
previously drilled on the Block encountered numerous hydrocarbon
shows in the Devonian shale section. The Doukkala Block
represents East West's first operated program. The Company is
reviewing other opportunities in the country.
Mr. Greg Renwick,
President and CEO, commented "the Doukkala Block award represents
the Company's first entry into Morocco and we look forward to working with
our new partner ONHYM in pursuing both conventional and
unconventional resource plays. ONHYM is a knowledgeable partner
which brings many years of experience working in this area"
Mr. Wak Kani,
Advisory Board Member of Company commented "Previous drilling on
the Doukkala Block demonstrates the presence of hydrocarbon shows
in a thick Devonian shale section over a depth range of 1500 to
3000 meters. The Devonian section in Doukkala is of similar
age and geology to the emerging unconventional Marcellus shale play
in the eastern US."
Morocco has
been attracting more industry attention recently due to the
presence of a number of basins which demonstrate the potential to
contain unconventional shale resource plays. Recently,
companies such as Anadarko and EOG have taken positions in the
country. The fiscal terms offered by the Government of
Morocco rank amongst the best in
the world.
ABOUT EAST WEST PETROLEUM CORP.
East West Petroleum Corp. trades on the TSX
Venture Exchange under the symbol "EW". East West is an emerging
exploration and production company focused on conventional and
unconventional petroleum resources.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE East West Petroleum Corp.