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East West Petroleum Enters Into Agreement With Halliburton

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 producing properties.

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.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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