Sept. 14, 2011
Mr. David Sidoo, Chairman of
East West Petroleum Corp. (EW-V) (the "Company" or "East West")
- is pleased to announce that Mr.
has joined the Company as Vice President, Engineering. Mr. Chovanetz brings over 30 years of global engineering, commercial valuation and project management experience to the Company.
Mr. Chovanetz's career spans a variety of engineering disciplines as an employee of major petroleum firms and as a consultant, both in
and overseas. He began his career in 1978 with Phillips Petroleum as a reservoir engineer and petrophysicist working on North Sea, Nigerian,
and U S properties. He consulted for Merit Energy as a Reservoir and Exploitation engineer for all company assets. He was responsible for reserve optimization by evaluating enhanced oil recovery, infill drilling and waterflood potential as well as acquiring assets in the US, and
for both conventional and nonconventional assets in the Bakken and Barnett Shale.
Mr. Chovanetz's international experience is extensive. He held the positions of Petroleum Engineer Advisor and acting Manager with
Foreign Petroleum & Exploration Company where he was instrumental in growing the company in
South East Asia
by obtaining exploration and production assets in
. As Engineering Manager for Sipetrol, his functional responsibilities included business development, financial and operational planning, quality control and the performance of units operating in
. He also directed acquisition evaluations in the US of both conventional and nonconventional assets in the Barnett Shale. Mr. Chovanetz held the position of Staff Reservoir Engineer and Chief Petroleum Engineer for Triton Energy Corp., overseeing reservoir engineering, reserves, and project management responsibilities for the company's major international and domestic projects including offshore
. He was responsible for developing two major discoveries in
of reserves greater than 2 billion barrels with the joint venture partners. He also held senior engineering roles at
Indonesia Company, Tenneco Oil, and Santa Fe Energy.
Most recently, Mr. Chovanetz was employed as an Reservoir Engineering Advisor at Hess Corporation where he served in diverse petroleum engineering roles as a Reservoir and Planning Engineer for company's operated and non-operated assets in
, directing annual budgets up to
for development of major producing offshore properties in deep water
and onshore in
Mr. Chovanetz holds a BS and MS degrees in Petroleum Engineering from the
University of Texas
and is a registered professional engineer in the state of
The Company also announces that Mr. Chovanetz has been granted stock options to purchase up to 225,000 common shares of the Company at a price of
per common share for a period of three years.
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.