East West Petroleum Provides Update on Operations in New Zealand
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/14/13 -- East West
Petroleum Corp. (TSX VENTURE:EW) (the "Company"), is pleased to
provide the following update on its operations in New Zealand.
As reported by East West's partner in New Zealand, TAG Oil Ltd.
("TAG") in its quarterly update, the Cheal E-1 well has completed
five days of its 15 day production test. To date the well has tested
with an average production rate of 600 boepd (94% oil) with a
naturally flowing tubing head pressure of approximately 600 psi. The
well has been restricted with a 1/4" choke until further oil storage
facilities are added to the site, following greater than anticipated
initial flush production rates.
The Cheal E-1 to E-3 wells have now been drilled and completed and
the E-4 well is currently drilling. To ensure reliable production
forecasting on future wells in this emerging Urenui/Mt. Messenger
play, the Cheal E site wells will be initially tested individually,
with each well flowing for approximately 15 days, and then shut in
temporarily to conduct pressure and temperature analysis. During this
shut-in period, the next well will be placed on a 15-day production
test until all new wells at the site have been individually tested
and proper build-up analysis completed. Production infrastructure has
been completed on the Cheal E site, which will allow all of these
wells, and the E-5 well which will be drilled following E-4, to be
immediately placed onto permanent production following testing.
About East West Petroleum Corp.
East West Petroleum (http://www.eastwestpetroleum.ca) is a TSX
Venture Exchange listed company established in 2010 to invest in
international oil & gas opportunities. East West has built a diverse
platform of attractive exploration assets covering an area over 1.6
million acres. In New Zealand, East West holds an interest in three
exploration permits near to existing commercial production in the
Taranaki Basin with a nine well drilling program, operated by TAG Oil
Ltd. (TSX:TAO), in progress. The Company also interests in 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 8,200 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. The Company has adequate funds to
cover all anticipated seismic and exploratory drilling operations
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)
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