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East West Petroleum Finalizes Agreements with Lani LLC for

East West Petroleum Finalizes Agreements with Lani LLC for Joint
California Exploration 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/19/12 -- East West
Petroleum Corp. (TSX VENTURE:EW) (the "Company" or "East West") is
pleased to announce the Company has completed a Farmin Agreement and
Area of Mutual Interest ("AMI") Agreement with Lani LLC ("Lani") to
carry out joint exploration programs in the San Joaquin Basin of
California, USA.  
Effective with the signing of the Farmin Agreement, the Company now
holds participation interests in approximately 4,500 gross (3,200
net) acres in two prospective areas named Tejon Extension and Tejon
Main. The acreage position is situated between the Tejon North and
Tejon Fields which together have surpassed 100 mmboe of oil and gas
production. East West will contribute $2.5 million to the joint work
program over the next four to six months, holding a 25% participation
interest in Tejon Extension leases and a 21.25% participation
interest in Tejon Main leases. East West funds will be used to
participate in the drilling of two exploratory wells and for
acquiring additional joint leases in the area. Sproule and Associates
has estimated the unrisked gross resource potential of the Tejon Main
and Tejon Extension areas at 11.16 mmboe (P50), with a probability of
success ranging from 30% - 80% across a number of target zones.  
A drilling rig has been contracted and expected to arrive on location
shortly, with Lani to operate in the first well of the program at the
Tejon Extension location. The well will test a number of sands in a
stratigraphic and structural setting to a depth of 7,500 ft.
Shallower secondary targets also exist at this location. The targeted
sands are productive in the Tejon North and Tejon fields north and
south from the well location.  
Under the terms of the AMI, East West and Lani plan to jointly
acquire additional prospective acreage on a 50-50 basis in the
southern San Joaquin Basin. Lani will assume operatorship of the AMI
area, with the Company having an option to become operator at a later
date. Lani had acquired approximately 1,000 gross acres at the time
of entering into the AMI. East West and Lani hope to add at least an
additional 7,000 gross acres in the new play area.  
The San Joaquin Basin is being targeted due to the emergence of
unconventional hydrocarbon plays in this prolific basin plus
significant conventional oil and gas reserves continuing to be
discovered. Over 35 bboe have been discovered in the basin. In 2009,
Occidental Petroleum Corporation announced it had made a major
150-250 mmboe conventional discovery in the Basin's deeper geological
section. Current production from Occidental's new discovery is about
150 mmcf/d and 7,500 bpd liquids. The East West-Lani exploration
program will focus on a number of shallow oil prospects and leads and
target the deeper section that is thought to have similar geologic
characteristics to the Occidental discovery area.  
David Sidoo, Chairman, commented, "East West is extremely pleased to
have completed these agreements with Lani. We look forward to
commencing drilling operations shortly and working closely with the
Lani team to identify additional sites for future leasing and
drilling." 
Reserves and Resources 
The prospective resource estimate referenced above has an effective
date of December 31, 2011, and have been prepared and audited in
accordance with National Instrument 51-101 Standards of Disclosure
for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas
Evaluation Handbook ("COGE Handbook").  
Prospective resources are those quantities of petroleum estimated, as
of a given date, to be potentially recoverable from undiscovered
accumulations by application of future development projects.
Prospective resources have both a chance of discovery and a chance of
development. There is no certainty that any portion of the
prospective resources will be discovered. If discovered, there is no
certainty that it will be commercially viable to produce any portion
of the prospective resources.  
BOEs  
BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of 6 Mcf : 1 Bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead. 
Qualified Person 
Mr. Barry Chovanetz, a petroleum engineer registered in the state of
Texas, USA and the Company's VP of Engineering, has reviewed and
approved the technical disclosure in this news release. 
About East West Petroleum Corp. 
East West Petroleum is a TSX Venture Exchange listed company which
was established in 2010 to invest in emerging unconventional and
conventional 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 with
conventional and unconventional potential. 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 commencing in 2013. The
Company will operate geological field work and a seismic program to
firm up drilling locations in Morocco. The Company is well funded to
cover all anticipated seismic and drilling operations through 2013,
with funds available to secure other exploration and/or producing
properties. 
For more information visit website: www.eastwestpetroleum.ca. 
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. 
Contacts:
East West Petroleum Corp.
David Sidoo
Chairman
+1 604 682 1558
+1 604 682 1568 (FAX) 
East West Petroleum Corp.
Greg Renwick
President & CEO
+1 972 955 7251
+1 604 683 1585 (FAX)
www.eastwestpetroleum.ca
 
 
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