October 22, 2016 1:37 AM ET

Oil, Gas and Consumable Fuels

Company Overview of East West Petroleum Corp

Company Overview

East West Petroleum Corp. engages in the acquisition, exploration, development, and production of oil and gas properties in New Zealand and Romania. It holds interests in four blocks, which include EX-2 Tria, EX-3 Baile Felix, EX-7 Periam, and EX-8 Biled covering an area of 1,000,000 acres located in the Pannonian Basin region of western Romania; and the permits 54876, 54877, and 54879 situated in Taranaki Basin of New Zealand. The company was formerly known as Avere Energy Inc. and changed its name to East West Petroleum Corp. in August 2010. East West Petroleum Corp. was incorporated in 1987 and is based in Vancouver, Canada.

1095 West Pender Street

Suite 1210

Vancouver, BC V6E 2M6


Founded in 1987





Key Executives for East West Petroleum Corp

Founder, Non-Executive Chairman, Chief Executive Officer, President and Member of Advisory Board
Total Annual Compensation: C$144.0K
Chief Financial Officer, Corporate Secretary, Director, Chairman of Audit Committee and Member of Compensation Committee
Age: 62
Total Annual Compensation: C$42.0K
Compensation as of Fiscal Year 2016.

East West Petroleum Corp Key Developments

East West Petroleum Corp, Annual General Meeting, Sep 28, 2016

East West Petroleum Corp, Annual General Meeting, Sep 28, 2016, at 10:00 Pacific Standard Time. Location: Suite 1305, 1090 West Georgia Street Vancouver British Columbia Canada Agenda: To fix the number of directors at four; elect directors for the ensuing year; to appoint Davidson & Company LLP, Chartered Accountants, 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 to transact such other business as may properly be put before the Meeting.

East West Petroleum Corp. Provides Update on Operations in Romania and New Zealand

East West Petroleum Corp. provided update on its operations in Romania and New Zealand. East West has been informed by its partner NIS that spudding of the first exploration well in the Pannonian Basin of western Romania is expected in first quarter of 2016. A final prospect has been identified following the new interpretation of existing seismic data along with evaluation of nearby wells and analysis of nearby fields. The well will be targeting expected conventional natural gas-bearing zones and will be drilled to a total depth of approximately 2,500 m, consisting of two primary and three secondary geological targets. Coring will be completed on hydrocarbon bearing zones encountered during drilling, followed by wireline logging. Drilling and testing of the well is forecasted to take 50 - 60 days. The Romanian drilling program is expected to continue in the second half of 2016 with additional wells being drilled based on the interpretation of newly acquired seismic. In total, 12 wells will be drilled as part of the work commitment across the four blocks in Romania during the first exploration period. NIS will be funding 100% and fully carrying East West through the Phase 1 and Phase 2 exploration periods in return for earning an 85% interest in the blocks. East West's share of production from the Cheal-E field (30%) in the Taranaki Basin of New Zealand continues to supply the company with stable production and cash flow. Net wellhead production during second quarter of 2016 (July - September 2015) averaged approximately 230 boepd (62% oil) to the Company. Following the commissioning of the gas pipeline in May, gas production from the Cheal-E site is being sold, generating increased revenue, reducing transportation costs and eliminating flaring costs. The upcoming work program in New Zealand will consist of at 3D seismic survey over the PEP 54879 (Cheal-G, 50% East West) license to locate and identify potential prospects for future drilling locations. The 3D seismic acquisition will cover an area of 37.5 km2 on the Cheal-G block and is part of a larger regional seismic survey which is expected to commence in November and continue into 2016. The Cheal-G1 well currently remains shut in after testing approximately 120 boepd due to lack of infrastructure in the area which would allow for commercial production.

East West Petroleum Corp Reports Revenue and Production Results for the Full Year and Production Results for the Fourth Quarter Ended March 31, 2015

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.

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