East West Petroleum Announces Spudding of Tejon Extension Well In
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/29/12 -- East West
Petroleum Corp. (the "Company" or "East West") (TSX VENTURE:EW) is
pleased announce the spudding of the Pass Exploration 77-20
exploration well at the Company's Tejon Extension prospect in the San
Joaquin Basin of California.
The well, being drilled by the Key # 48 rig, will test a prospective
oil area between the Tejon and Tejon North Fields, approximately 30
miles south west of Bakersfield, California. The primary objective of
the well is the Olcese sand reservoirs which are productive in the
vicinity of the prospect. The well is expected to take approximately
12 days to reach a total depth of 7500 ft. If successful, the well
will be tested and completed within a few weeks of completing
North American Oil and Gas (formerly Lani LLC), a public company
trading on the OTCBB in the U.S. under the symbol CLDDD, holds a 75%
participation interest in the Tejon Extension prospect and will
operate the well. Avere Energy Corp., a 100%-owned subsidiary of East
West Petroleum Corp., controls the remaining 25% interest.
Greg Renwick, President & CEO commented, "We are very pleased to
announce the spudding of the Company's first exploration well in
California with our new partner North American Oil and Gas. The well
is the first of two planned exploration wells which will test the
hydrocarbon potential of this prolific area of the San Joaquin
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 which continue to be
discovered. In 2009, Occidental Petroleum Corporation made an
estimated 150-300 mmboe discovery in the San Joaquin Basin, the
largest discovery in California in 35 years. Over 35 bboe have been
discovered in California, which holds three of the top ten largest
oil fields in the U.S. California is the third largest oil producer
behind Texas and Alaska.
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 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 exploration and production
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 expected to commence 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
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.
East West Petroleum Corp.
+1 604 682 1558
+1 604 682 1568 (FAX)
East West Petroleum Corp.
President & CEO
+1 972 955 7251
+1 604 683 1585 (FAX)
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