East West Petroleum Announces Results of 2013 AGM
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/27/13 -- East West
Petroleum Corp. (TSX VENTURE:EW) (the "Company" or "East West") is
pleased to announce the results of its Annual General and Special
Meeting (the "Meeting") of shareholders on June 26, 2013. All items
put forth at the Meeting were approved, such items being the
ratification of the previously adopted Advance Notice Policy (as
announced on May 23, 2013), the ratification of the previously
adopted 15% "fixed" stock option plan (as announced on March 8,
2013), and the repricing of a total of 1,400,000 stock options
previously granted to an insider of the Company (as announced on
March 8, 2013).
At the Meeting, Greg Renwick, Nick DeMare, David Sidoo, Hon. Herb
Dhaliwal and Marc Bustin were re-elected to the board of directors.
Additionally, it was resolved that Davidson & Company will continue
as auditors for the Company. At a directors' meeting following the
Meeting, Mr. Renwick was re-appointed as President & CEO of the
Company and Mr. DeMare was re-appointed as CFO. In addition, Mr.
Demare was also appointed as Secretary of the Company in replacement
of James L. Harris. Mr. Sidoo was re-appointed as non-executive
chairman of the board and Barry Chovanetz was re-appointed as Vice
President of Operations.
About East West Petroleum Corp.
East West Petroleum (http://www.eastwestpetroleum.ca) is a TSX
Venture Exchange listed company that was established in 2010 to focus
on international. The Company has built an attractive platform of
assets covering and area over 1.6 million acres: Three exploration
permits adjacent to existing production in the Taranaki Basin of New
Zealand with partner TAG OIL (TSX VENTURE:TAO); four exploration
concessions covering 1,000,000 acres in the prolific Pannonian Basin
of western Romania with a subsidiary of Russia's GazpromNeft; a joint
venture exploration program covering 8,000 gross acres in the San
Joaquin Basin of California; 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; and
a 100% interest in a 500,000 acre exploration block onshore Morocco.
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 late 2013, and in New Zealand where the
Company expects to commence drilling operations by Q3 2013, with nine
wells to be drilled this year. The Company has sufficient funds to
cover all anticipated seismic and exploratory drilling operations
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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