This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here


Ticker: EW (TSXV)

VANCOUVER, May 24, 2011 /PRNewswire/ - East West Petroleum Corp. ("EWP" or the "Company") and Naftna Industrija Srbije j.s.c. Novi Sad ("NIS") are pleased to announce the final stage of conclusion of agreements for upstream cooperation which is to rapidly advance the development of its four Romanian onshore blocks EX-2 (Tria), EX-3 ( Baile Felix), EX-7 (Periam) and EX-8 (Biled).  The joint exploration programs planned will include the collection and processing of approximately 900 km of 2D and 600 sq km of 3D seismic data with a minimum of 12 wells to be drilled on the four blocks in Romania.  The terms of the agreement are: NIS will fully fund all environmental work, 2D and 3D seismic acquisition and processing, and the drilling of 12 wells, to earn an 85% participation interest.  NIS will also refund 100% of EWP's sunk costs which total C$525,000 and EWP will retain a 15% carried interest to commercial production on all four blocks.

In an earlier agreement the Company signed Concession Agreements for four onshore exploration blocks EX-2 (Tria) EX-3 ( Baile Felix), EX-7 (Periam) and EX-8 (Biled) with the Romanian National Agency of Mineral Resources.

The new petroleum licenses are located in the western region of Romania within the prolific Pannonian Basin.  The blocks have a combined area of approximately 1,000,000 acres.  The blocks, which contain multiple exploration targets, lie within a major producing region of western Romania.  The blocks have been only moderately explored, with previous exploration on the acreage generally limited to shallow structural traps.  The Company has identified a number of structural and stratigraphic leads in the deeper section and plans to focus its exploration activities on the conventional oil and gas potential in addition to unconventional shale gas potential.

EWP and NIS plan to cooperate extensively to explore for and produce oil and gas from the four concession areas.  Both conventional and unconventional resource potential has been identified on the acreage, which is situated close to numerous oil and gas fields.  The joint work programs planned will include the acquisition and processing of approximately 900 km of 2D and 600 sq km of 3D seismic data during the first two years of operations.  The new seismic data will be used to high-grade a number of prospective conventional oil and gas leads already identified on the acreage, to further study the unconventional shale potential and select drilling sites.  Under the terms of the agreement East West will retain a 15% carried interest through Phase 1 (compulsory) and Phase 2 (optional) exploration periods as well as a carried interest on any discovery through to the declaration of commerciality.  EWP will retain a 15% share of all production realized from the four concessions.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,776.43 +304.06 1.85%
S&P 500 1,987.05 +35.69 1.83%
NASDAQ 4,781.2640 +73.4890 1.56%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs