Ticker: EW (TSX-V)
VANCOUVER, Nov. 8, 2011 /CNW/ - 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
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE East West Petroleum Corp.
For further information:
| David Sidoo, Chairman |
telephone: +1 604 682 1558
fax: +1 604 682 1568
| || || || || Greg Renwick, President & CEO |
telephone: +1 972 955 7251
fax: +1 604 683 1585
| || || || || || |
| Nick DeMare, Director |
telephone: +1 604 685 9316
fax: +1 604 683 1585