Ticker: EW (TSX-V)
VANCOUVER,
Nov. 8, 2011 /PRNewswire/ - East
West Petroleum Corp. (the "Company" or "East West") -
Mr. David Sidoo, Chairman of the
Board, wishes to announce that there have been no material changes
in the affairs of the Company.
ABOUT EAST WEST PETROLEUM CORP.
East West Petroleum is a TSX Venture
Exchange-listed company which was established in 2010 to invest in
emerging international unconventional resource plays, leveraging
management's knowledge of international opportunities and
unconventional play technical expertise. In its first 18 months of
operations, the Company has built an attractive platform of
assets: An oil-prone, exploration block in the Assam region of
India with the three largest
E&P Indian firms ONGC, Oil India and GAIL; four exploration
concessions covering 1,000,000 acres in the prolific Pannonian
Basin of western Romania and a
500,000 acre exploration block onshore Morocco where conventional and unconventional
oil potential has been delineated. The Company has also established
oil and gas production in Canada.
The Company is now poised to enter operational phases in
Romania, where it will be fully
carried by its partner Gazprom-controlled Naftna Industrija Srbije
in a seismic and 12-well drilling program in 2012. The Company
will operate geological field work and a seismic program to firm up
drilling locations in Morocco.
Operating partner Oil India expects to commence seismic operations
in 2012 in India. The Company's
cash position of approximately $29.5
million will cover all anticipated seismic and drilling
operations through 2012, with funds available to secure other
exploration and/or producing properties. The stock trades under the
symbol EW, currently just above cash value.
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.