East West Petroleum Announces Ratification of Romanian Concessions
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/27/13 -- East West
Petroleum Corp. (TSX VENTURE:EW) (the "Company"), is pleased to
announce that following publication in the Official Gazette of
Romanian No 0721, the Company has received formal ratification of the
remaining three blocks awarded in the Romania 2010 10th Bid Round.
The Baile Felix (EX-3), Periam (EX-7) and Biled (EX-8) have now been
officially passed into law. With these three blocks, and the Tria (Ex
2) block ratified in December 2012, the Company's active gross
acreage position in Romania is now approximately one million acres.
According to the terms of the October 2011 farm out agreement with
Naftna Industrija Srbije j.s.c. Novi Sad ("NIS"), NIS will earn an
85% interest by contributing 100% of the costs through the mandatory
Phase 1 and optional Phase 2 exploration periods. East West will
retain a 15% carried interest across all blocks through Phase 1 and
The minimum Phase 1 exploration mandatory program across all four
blocks includes the acquisition and interpretation of 2D and 3D
seismic data and the drilling of three wells per block, for 12 wells
in total over the next two years.
Seismic acquisition is currently underway on the Tria concession in
preparation for drilling of the three commitment wells, with seismic
acquisition to commence shortly on Baile Felix, Periam and Biled. NIS
and the Company will be targeting conventional reservoirs using
conventional technology and will not be targeting shale formations.
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.
Mr. David Sidoo, President and CEO commented, "We have been working
diligently with all stakeholders to reach this key milestone. On
behalf of our management, our Board and our shareholders, we wish to
thank all parties that have assisted in the ratification process. In
particular, we would like to extend our ap
preciation to the Romanian
National Agency for Mineral Resources and its officials for their
support and assistance through the ratification process. We look
forward to advancing our exploration work programs and continuing to
work with NAMR, community leaders in western Romania, and all
stakeholders to implement the work programs to identify and develop
conventional petroleum resources in Romania."
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.
Corporate Development Manager
+1 604 682 1558
+1 604 682 1568 (FAX)
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