August 23, 2017 3:51 PM 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

Canada

Founded in 1987

Phone:

604-682-1558

Fax:

604-682-1568

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 and Director
Age: 63
Total Annual Compensation: C$42.0K
Compensation as of Fiscal Year 2016.

East West Petroleum Corp Key Developments

East West Petroleum Corp. Announces the Drilling and Casing of the Cheal-D1 Exploration Well

East West Petroleum Corp. announced the successful drilling and casing of the Cheal-D1 exploration well, located near the northern portion of East West's 30% working interest in the Cheal East permit (PEP 54877) in the Taranaki Basin of New Zealand. TAG Oil, the operator, drilled and completed the Cheal-D1 well approximately five days ahead of schedule and $750,000 under budget to a total measured depth of 2,400 m. The Company perforated an 18 metre section of high quality gas and condensate bearing sands (20-25% porosity on logs) in the Urenui formation and is currently being flow tested with no water production observed. The Company, following the flow test, will combine the well drilling and initial test data into its geological model and look at its options to commercialize the Cheal-D1 well. In addition to the Urenui formation, the well also encountered two intervals of deeper Mt. Messenger Sands that look interesting on the logs. Further testing work will be undertaken in the future to investigate the potential of these sands as well.

East West Petroleum Corp Announces Drilling and Flow Testing of Cheal-E8 Exploration Well

East West Petroleum Corp. announced the successful drilling and flow testing of the Cheal-E8 exploration well, which will now be tied-in to existing infrastructure as a permanent producer. The company has a 30% interest in this well. The company's joint venture partner and operator, TAG Oil Ltd. (TAO) drilled Cheal-E8 on the Cheal East permit (PEP 54877) in the Taranaki Basin of New Zealand. The well was drilled and completed on time and on budget to a total measured depth of over 2,000 meters. The primary objective of Cheal-E8 was to test the potential of the Urenui formation, with the deeper Mt. Messenger formation as the secondary objective. Net pay of approximately 17 meters of Urenui sands and 4 meters of Mt. Messenger sands was recorded. Following the completion of the Urenui zone, Cheal-E8 naturally free flowed oil and gas on choke at an average rate of 318 boe/d over a four and a half day test. No water production was observed during the test. The company's next well will be Cheal-D1, which will also be drilled on the Cheal East permit and is scheduled for drilling in July 2017. Construction of the Cheal-D1 well pad is currently underway and is proceeding on schedule. The Cheal-D1 pad is located near, and will be used to explore, the northern portion of the Cheal E permit.

East West Petroleum Corp. Reports Drilling Operations Commenced on E8 Well in the Taranaki Basin of New Zealand

East West Petroleum Corp. reported that drilling operations have commenced on the E8 well, the first well in its 2017 exploration and development program in the Taranaki Basin of New Zealand. The company's joint venture partner and operator, TAG Oil Ltd., commenced drilling operations at the Cheal-E8 exploration well (30% EW) on the Cheal East Permit (PEP 54877) on April 24, 2017. The well will be drilling from the Cheal E pad and is targeting the Urenui formation as the primary objective, with the Mt. Messenger formation as the secondary target. Drilling is expected to take 20 days to reach a planned total depth of 2,100 meters with an estimated gross well cost of NZD 3.5 million. Following E8, the next well to be drilled in the Cheal East permit will be the Cheal-D1 exploration well targeting an undrilled oil pool in the northern part of PEP 54877. The D1 well will be drilled from a new well pad which is currently under construction, with rig-move and well spud scheduled for July 2017.

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