East West Petroleum Provides 2013 Capital Program and Work Program

East West Petroleum Provides 2013 Capital Program and Work Program 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/07/13 -- East West
Petroleum Corp. (TSX VENTURE:EW) (the "Company" or "East West") is
pleased to provide details on its 2013 capital budget of $13.9
million, which will be fully funded through the Company's existing
cash balance of approximately $25 million.  
The 2013 capital program will focus on exploration drilling on the
Company's established acreage positions in New Zealand, Romania and
California, and can be summarized as follows: 

                                                           Gross       Net
                                                         capital   capital
                                                Number     spend     to EW
Location      Permit                          of wells       ($M)      ($M)
New Zealand   54877 (EW 30%)                         5      10.5      $6.0
New Zealand   54879 (EW 50%)                         3       6.3      $4.1
New Zealand   54876 (EW 50%)                         1       2.1      $2.1
Romania       Tria (EW 15%)                          2       8.0      $0.0
California    Tejon Ranch Extension (EW 25%)         1       1.3      $0.5
California    Tejon Ranch Main (EW 25%)              1       5.0      $1.2
Total                                               13     $33.2     $13.9

New Zealand 
As announced on December 11, 2012, the Company was awarded three oil
and gas concessions in New Zealand's Taranaki Basin alongside its
partner and operator TAG Oil Ltd ("TAG"). The licences have at least
10 shallow, low-risk, drill-ready prospects and additional leads have
been identified, which lie in close proximity to TAG's producing
Cheal Oil field. The nine well drilling campaign is expected to
commence on permit 54877 in late Q2 or early Q3 of this year. 
The Urenui and Mount Messenger sands are the primary productive
horizons in this area of the Taranaki Basin. Recent wells have
averaged net pay of c. 17 m and have tested initial production rates
of c. 950 boepd. 
The formal approval for the Company to commence operations on the
EX-2 Tria block in Romania was announced on December 5, 2012. The
block covers 250,000 acres in the Pannonian Basin and numerous leads
and prospects have been identified based on existing seismic data.
Through its farm out agreement with Naftna Industrija Srbije j.s.c.
Novi Sad ("NIS"), the Company will be fully carried through the Phase
1 exploration period which will include the drilling of three wells
on the block. The first well is expected to spud by Q3 2013. 
The Company is awaiting the formal approval to commence operations on
its other three blocks that have been awarded in Romania. Under the
terms of the farm out agreement with NIS, the Company will be fully
carried through three wells on each block, and any seismic and
additional technical work, following formal ratification which is
expected to take place in H1 2013. Should NIS and the Company choose
to proceed to enter the Phase 2 exploration period, the Company will
be fully carried through to commerciality on each block. 
In California, the Company plans to participate in the drilling of
one Tejon Main exploration well with its partner, North American Oil
& Gas Corp. The Company recently completed the drilling of its Pass
Exploration #1 well on its Tejon Extension lease. A testing program
has commenced, with results to be announced shortly.  
Greg Renwick, President & CEO commented, "Our 2013 capital program
marks an important turning point for the Company, moving from an
asset acquisition phase to asset evaluation phase. New Zealand,
Romania and California have the potential to become core producing
areas for the Company in 2013 and we are excited to be working with
partners such as TAG and NIS. TAG has established itself as one of
the premier operators in New Zealand having drilled 20 consecutive
successful wells in the Taranaki Basin, while NIS is leading explorer
in the Pannonian Basin with extensive operations in adjacent areas in
Northern Serbia." 
In addition, East West has uploaded an updated corporate presentation
to its website which can be found at:
About East West Petroleum Corp. 
East West Petroleum (http://www.eastwestpetroleum.ca) 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 of
over 1.6 million Acres. An oil-prone, exploration block, of 100,000
acres 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 with a subsidiary of Russia's
GazpromNeft; a 100% interest in a 500,000 acre exploration block
onshore Morocco with conventional and unconventional potential, three
exploration permits in New Zealand with partner TAG OIL (TSX:TAO) and
a joint venture exploration program covering 5000 gross acres in
California. 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 expects to
commence drilling operations in New Zealand with up to 10 wells to be
drilled in early 2013. The Company is well funded to cover all
anticipated seismic and drilling operations through 2013. 
Forward-looking Statement 
This press release contains "forward-looking information" that is
based on the Company's current expectations, estimates, forecasts and
projections. This forward-looking information includes, among other
things, statements with respect to the Company's plans, outlook,
business strategy and exploration and development of the Company's
properties. The words "may", "would", "could", "should", "will",
"likely", "expect", "anticipate", "intend", "estimate", "plan",
"forecast", "project" and "believe" or other similar words and
phrases are intended to identify forward-looking information. 
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the Company's actual
results, level of activity, performance or achievements to be
materially different from those expressed or implied by such
forward-looking information. Such factors include, but are not
limited to: the ability to raise sufficient capital to fund
exploration and development; the quantity of and future net revenues
from the Company's reserves; oil and natural gas production levels;
commodity prices, foreign currency exchange rates and interest rates;
capital expenditure programs and other expenditures; supply and
demand for oil and natural gas; schedules and timing of certain
projects and the Company's strategy for growth; competitive
conditions; the Company's future operating and financial results; and
treatment under governmental and other regulatory regimes and tax,
environmental and other laws.  
This list is not exhaustive of the factors that may affect our
forward-looking information. These and other factors should be
considered carefully and readers should not place undue reliance on
such forward-looking information. The Company disclaims any intention
or obligation to update or revise forward-looking information,
whether as a result of new information, future events or otherwise. 
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.
David Sidoo
+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)
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