East West Petroleum Provides Further Update on Romania
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/29/13 -- East West
Petroleum Corp. (TSX VENTURE:EW)(the "Company" or "East West")
provides a further update on the status of its Romanian concessions
and work programs
As outlined in the press release dated July 8, 2013, the Company and
its partner, and operator, in Romania, Naftna Industrija Srbije
("NIS") have recently awarded the seismic acquisition contract for
the Tria concession. The Company is please to report that seismic
permitting is now underway.
The Baile Felix, Periam and Biled concessions continue to move
through the approval process. The three agreements are now under
review by the last Ministry involved in the review process. Once the
review process is completed the agreements will be forwarded to the
Prime Minister for final government approval. Seismic acquisition
tendering for these concessions is expected to commence in the next
The Company looks forward to the initiation of the exploratory
drilling programs in Romania. The Phase 1 work program includes
seismic surveys and drilling of 3 wells on each of the four blocks.
The Company would like to emphasize and ensure all investors and
stakeholders understand that the drilling of the wells will be
completed utilizing conventional drilling and completion technology.
NIS and the Company will be targeting conventional reservoirs using
conventional technology and will not be targeting shale formations.
Further, the wells will not be subject to fracking or other
unconventional techniques associated with the development of shale
The Pannonian Basin in western Romania, Hungary and Serbia is a
proven oil & gas region with production from numerous conventional
discoveries. The region is characterized by a number of production
horizons and both structural and stratigraphic traps. East West and
NIS are confident in the prospectivity of the licenses and have
already identified a number of initial leads based on existing data.
The Company is looking forward to receiving final government approval
for the remaining three licenses and commencing the phase 1 work
programs with NIS.
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 international oil & gas opportunities. 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 now underway and in
New Zealand where the Company expects to commence drilling operations
by August 2013, with nine wells to be drilled this year. The Company
has adequate funds to cover all anticipated seismic and exploratory
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)
Press spacebar to pause and continue. Press esc to stop.