East West Petroleum Announces Approved Work Program for the Tria Concession,
Romania and Adoption of a Fixed Stock Option Plan
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/08/13 -- East West
Petroleum Corp. (TSX VENTURE:EW) (the "Company" or "East West") is
pleased to announce that East West and its partner Naftna Industrija
Srbije ("NIS") have received approval from the Romanian National
Agency for Mineral Resources ("NAMR") to proceed with the proposed
Phase 1 work program for the EX-2 Tria Concession, Romania, which
will take place over 2013 and 2014.
The 2013 Phase 1 work program will consist of environmental baseline
and environmental impact studies, 2D and 3D seismic acquisition and
processing, geological and geophysical (G&G) studies, plus the
drilling of at least one exploration well. Further G&G studies and a
minimum of two additional wells will be drilled in 2014. Seismic
tendering is currently underway.
East West will be fully carried through the Phase 1 work program
which has an estimated budget of approximately US$11.7 mm. NIS will
be the operator with an 85% participation interest, with East West
holding the remaining 15%.
Multiple geological plays will be targeted in this proven hydrocarbon
sector of the Pannonian Basin. Nine prospects and leads have been
identified which will be high graded for additional G&G work and
drilling. The planned seismic program should identify additional
leads and move existing leads into the prospect category.
Greg Renwick, President & CEO commented, "We are looking forward to
commencing the Phase 1 work program on the Tria Concession and
working with NIS, which is one of the leading operators and producers
in the Pannonian Basin. This portion of the Pannonian Basin has
proven to be an established hydrocarbon province, with approximately
nine fields with historical or current production offsetting the Tria
East West adopts fixed stock option plan
East West also announces that it has now adopted a new 15% fixed
stock option plan (the "Stock Option Plan") to provide incentive to
the Company's directors, officers, employees and consultants. The
maximum number of shares which may be issued under the Stock Option
Plan, together with the number of shares issuable under outstanding
ted otherwise than under the Stock Option Plan, shall not
exceed 15% of the issued and outstanding shares of the Company at the
date of adoption.
The adoption of the Stock Option Plan is subject to shareholder
approval which will be sought at the Company's next Annual General
Meeting (the "AGM") and is also subject to approval by the TSX
Venture Exchange (the "Exchange"). Pursuant to Exchange policies, the
Stock Option Plan will require approval at the AGM in order to
properly fix the amount of options available under the Stock Option
Plan. Additionally, no new options granted under the amended 15%
Stock Option Plan may be exercised prior to obtaining shareholder
approval at the AGM.
As of today, 12,408,697 stock options are currently reserved for
issuance under the Stock Option Plan, which is equal to 15% of the
issued and outstanding shares of the Company at this date.
In addition, subject to disinterested shareholder approval, the board
of directors has agreed to amend the terms of 1,400,000 stock options
previously granted to Mr. David Sidoo, the Executive Chairman of the
Company, by reducing the exercise price from $1.16 and $0.83 per
share to $0.40 per share. All other terms of the options remain the
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 9 wells to be
drilled in 2013. The Company is well funded to cover all anticipated
seismic and drilling operations through 2013.
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.
+1 604 682 1558
+1 604 682 1568 (FAX)
East West Petroleum Corp.
President & CEO
+1 972 955 7251
+1 604 683 1585 (FAX)
Press spacebar to pause and continue. Press esc to stop.