east west petroleum corp (EWPMF) Key Developments
East West Petroleum Corp Reports Revenue and Production Results for the Full Year and Production Results for the Fourth Quarter Ended March 31, 2015
Jul 30 15
East West Petroleum Corp. reported revenue and production results for the full year and production results for the fourth quarter ended March 31, 2015. For the year, total revenue increased 54% to a record $6.5 million.
For the year, average net daily production volumes was 264 boepd (76% oil). Strong average netbacks per barrel was $56.76, despite weak commodity prices, contributed to net cash from operating activities of $1.7 million in 2015.
For the fourth quarter, average net daily production volumes of 296 boepd (72% oil). Strong average netbacks per barrel was $42.01.
East West Petroleum Corp, Annual General Meeting, Sep 23, 2015
Jul 22 15
East West Petroleum Corp, Annual General Meeting, Sep 23, 2015., at 10:00 Pacific Standard Time. Location: Suite 1210, 1095 West Pender Street. Agenda: To fix the number of directors at four; elect directors for the ensuing year; to appoint Davidson & Company LLP, as auditor of the company for the ensuing year and to authorize the directors to determine the remuneration to be paid to the auditor; and transact such other business as may properly be put before the meeting.
East West May Acquire Or Dispose Securities of Valor
Apr 9 15
East West Petroleum Corp (TSXV:EW) has acquired ownership and control over 3.9 million common shares in the capital of Valor Ventures Inc. (TSXV:VLR.H). East West has acquired the shares for investment purposes, and may in the future acquire or dispose of securities of Valor, through the market, privately or otherwise, as circumstances or market conditions warrant.
East West Petroleum Corp Announces Recompletion of the Cheal-E2 Well
Mar 17 15
East West Petroleum Corp. provided the update on its operations in the Taranaki Basin of New Zealand. Following recompletion in the Mt. Messenger formation, a 15 day flow test of the Cheal-E2 well was completed where the well flowed naturally at an average rate of over 100 boepd (73% oil) for a total of approximately 1,465 boe during the test. The well will now undergo pressure and temperature analysis and be placed on permanent production to the Cheal E-site production facilities. The Cheal-E1, E5 and E6 wells continue to produce at steady rates of approximately 330 boepd (76% oil) net to East West with little decline to date. The Cheal-E4 well is temporarily shut in awaiting completion of the gas pipeline from the Cheal E-site. This pipeline is expected to be completed and commence operations in mid-2015 and will immediately increase East West's revenue with gas sales to the New Zealand market.
East West Petroleum Provides Operational Update on its Operations in New Zealand and Romania
Dec 16 14
East West Petroleum Corp. provided the update on its operations in New Zealand and Romania. TAG Oil Ltd. is the operator and co-owner of all of the Company's licenses in New Zealand, while in Romania, Naftna Industrija Srbije is the operator of all four of the Company's concessions. Over a test period of eleven days the Cheal-E6 well continues to naturally free flow under a 16/64 choke at stable rates. During the period, Cheal-E6 produced at an average gross rate of 325 boepd (81% oil) for a total of 3,178 barrels of oil and 4,456 mscf of gas. The well will be shut-in for a planned pressure build-up test up for a period of three days and then will resume ongoing production into the Cheal E-site production facilities. The Cheal-E1, E4 and E5 wells continue to produce at steady rates of approximately 255 boepd (76% oil) net to East West with little decline to date. With the additional production from E6, production is forecast to increase 38% to over 350 boepd net to East West. The next work at E-site will include the recompletion of the Cheal-E2 well in the Mt. Messenger formation in first quarter. The E2 well initially targeted the Urenui Formation; however following a joint venture review of drilling and completion operations, it was determined that mechanical completion issues prevented commercial production from the Urenui sandstones. After comparing these results with all of the E-site drilling data now available and comparing with seismic coverage over the permit, the joint venture has decided to isolate the Urenui Formation in this well and re-complete Cheal-E2 to establish production from the Mt. Messenger Formation. Following recompletion, the E2 well will undergo flow testing and temperature and pressure analysis. The estimated net cost to East West is approximately NZD 240,000.