Nov. 21, 2011
East West Petroleum Corp. (TSXV: EW) (the "Company" or "East West")
, 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
and a limited number of other selected geographic areas. Some shale deposits in
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.
, 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.
, Vice-President of Halliburton Consulting and Project Management.
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.