Ticker: EW (TSX-V)
VANCOUVER, Nov. 21, 2011 /CNW/ - East West Petroleum Corp. (TSXV: EW) (the "Company" or "East West") - Mr. David Sidoo, Chairman of the Board, is pleased to announce that East
West Petroleum has entered into a contractual agreement with
Halliburton, a leading global energy service company. Halliburton has
extensive experience in unconventional plays ranging from assessment
through execution. This collaborative effort will target potentially
rich shale plays in North America, Europe and a limited number of other
selected geographic areas. Some shale deposits in North America have
been proven to hold large accumulations of oil and gas and are an
emerging source of hydrocarbon reserves in other areas of the world.
East West Petroleum's goal is to continue to secure acreage positions
in unconventional resource plays and work with Halliburton to assess
and develop its assets.
Under the terms of the agreement, East West Petroleum will benefit from
Halliburton's global manpower, infrastructure and leading-edge
solutions for optimizing value from unconventional reservoirs, while
maintaining the highest environmental standards.
"We are very pleased to have concluded this agreement with Halliburton,
as one of the major service providers in the petroleum industry, their
expertise, combined with our non-conventional focus, will make for an
excellent working relationship. We look forward to working together to
identify and then develop unconventional resource plays" said Mr. David
Sidoo, Chairman of East West Petroleum.
"Halliburton is very excited about working with East West Petroleum and
we look forward to contributing to their success," said Mr. Paul
Koeller, Vice-President of Halliburton Consulting and Project
Founded in 1919, Halliburton is one of the world's largest providers of
products and services to the energy industry. With more than 64,000
employees in approximately 80 countries, the company serves the
upstream oil and gas industry throughout the lifecycle of the reservoir
- from locating hydrocarbons and managing geological data, to drilling
and formation evaluation, well construction and completion, and
optimizing production through the life of the field.
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
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.
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