East West Petroleum Announces Resignation of James Dewar
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/03/13 -- East West
Petroleum Corp. (TSX VENTURE:EW) (the "Company" or "East West") Mr.
David Sidoo Chairman of the Board announces that Mr. James Dewar has
tendered his resignation as a director. The Board thanks Mr. Dewar
for his participation and contribution as a director and as audit
committee chairman. Mr. Dewar has agreed to join the Company's
Advisory Committee where he will provide ongoing consultation
services on an as needed basis.
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 and a joint
venture exploration program covering 5,000 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)
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