East West Petroleum Provides Update on California Operations
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/21/13 -- East West
Petroleum Corp. (TSX VENTURE:EW) (the "Company" or "East West") has
provided the following update on its California exploration program
in the San Joaquin Basin of California.
After drilling the Pass Exploration well, on budget, to a total depth
of 7,550 feet to test the Tejon Extension prospect, a total of four
zones were tested. A small amount of light oil was recovered in one
test at depth between 7,120-7,180. North American Oil and Gas
Corporation (OTCBB:NAMG), the project operator, has released the rig,
pending more detailed petrophysical and geological studies.
Additional testing of a shallow zone is anticipated at a later date.
East West Petroleum, through its 100%-owned U.S. subsidiary Avere
Energy Corp., holds a 25% participation interest in the Tejon
Extension prospect, with NAMG holding the remaining 75% participation
The Company also announced that ongoing leasing activities in the
southern sector of the San Joaquin Basin with NAMG have now built the
Company's total acreage position to more than 8000 gross acres. The
majority of the new acreage additions have been acquired in an
emerging new play area named the Project Lani, where East West holds
a 50% participation interest.
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( TAO :TSX)
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 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.
+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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