Nov. 8, 2011
East West Petroleum Corp. (the "Company" or "East
, 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
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
and a 500,000 acre exploration block onshore
where conventional and unconventional oil potential has been delineated. The Company has also established oil and gas production in
. The Company is now poised to enter operational phases in
, 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
. Operating partner Oil India expects to commence seismic operations in 2012 in
. The Company's cash position of approximately
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 Reg
ulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts res
ponsibility for the adequacy or accuracy of this release.
SOURCE East West Petroleum Corp.