January 23, 2012
East West Petroleum Provide Update On Romanian Exploration
Program
Vancouver, British Columbia: January 23rd, 2012 East
West Petroleum Corp. (TSX-V: EW) (the "Company" or "East
West") is pleased to provide an update on the Company's
exploration program involving its 1,000,000 acre
exploration position in western Romania.
The Company is pleased to report that it has finalized a
farmout agreement with Gazpromneft's Serbian subsidiary
Naftna Industrija Srbije a. d. Novi Sad (NIS) covering the
Company's four exploration Concessions EX-2 (Tria), EX-3
(Baile Felix), EX-7 (Periam) and EX-8 (Biled). Under
the terms of the agreement, NIS will pay 100% of the four
Concession work programs for the obligatory Phase 1 period
(two years), plus an optional Phase 2 period. East
West will retain a 15% participation interest in all four
Concessions and be carried through to commercial
development, with NIS holding the remaining 85%
participation interest.
East West and NIS have also finalized a Joint Operating
Agreement whereby NIS will assume operatorship on behalf of
the partnership. NIS, the sole operator in the
Serbian sector of the Pannonian Basin which offsets the
EX-7 Periam and EX-8 Biled Concessions, is an active
explorer and producer in the area, conducting numerous
seismic, drilling, field development and production
programs. In the first nine months of 2011, NIS'
Serbian production averaged about 29,000 boe. NIS
recently discovered a new oil field (Mydan Deep) on the
Romanian-Serbia border and work is underway to map a
possible extension of the field into the EX-7
Concession. The well is undergoing extensive testing
and is expected to be placed on production in the near
future. NIS plans to utilize its technical expertise and
drilling equipment to carry out operations and has
established an operations base in Timisoara,
Romania.
The Company has entered into an agreement with Geopetrol SA
Ploiesti to conduct Environmental Baseline Surveys (EBS)
and Environmental Impact Studies (EIS) on the four
Concession areas to prepare for the seismic and drilling
campaign. Geopetrol has commenced field work and is
conducting a comprehensive review of existing environmental
conditions. Geopetrol is a wholly owned subsidiary of
PETROSTAR S.A., a leading petroleum service company
providing environmental research, consultancy, engineering
and design services to the petroleum industry.
PETROSTAR S.A. has over 50 years of experience and employs
four hundred engineers and other specialists in
Romania.
The four-block exploratory work program will evaluate
multiple, conventional oil and gas targets plus an
unconventional shale gas play. Previous exploration
activity on this acreage has resulted in the discovery of
multiple oil and gas fields at relatively shallow
levels. The new exploratory program is planned to
test deeper structures and stratigraphic traps which have
been identified on the acreage. In Phase I,
approximately 900 km. of 2D and 600 sq. km. of 3D
seismic data will be acquired, with a minimum of 12 wells
to be drilled on the four blocks. An optional Phase 2
program has similar levels of work program
commitment. Once Government ratification of the
Concessions is received and NAMR approves NIS as an
operating partner, seismic and drilling operations will
commence.
CONTACT:
David Sidoo, Chairman
telephone: +1 604 682 1558
fax: +1 604 682 1568
website: www.eastwestpetroleum.ca
Greg Renwick, President & CEO
telephone: +1 972 955 7251
fax: +1 604 683 1585
Nick DeMare, Director
telephone: +1 604 685 9316
fax: +1 604 683
1585
ABOUT EAST WEST PETROLEUM CORP.
East West Petroleum is a TSX Venture Exchange-listed
company which was established in 2010 to invest in emerging
international unconventional resource plays, leveraging
management's knowledge of international opportunities
and unconventional play technical expertise. In its first
18 months of operations, the Company has built an
attractive platform of assets: an oil-prone, exploration
block in the Assam region of India with the three largest
E&P Indian firms ONGC, Oil India and GAIL; four exploration
concessions covering 1,000,000 acres in the prolific
Pannonian Basin of western Romania and a 500,000 acre
exploration block onshore Morocco where conventional and
unconventional oil potential has been delineated. The
Company has also established oil and gas production in
Canada. The Company's cash position of approximately
$29.5 million and no future funding is required.
ABOUT NAFTNA INDUSTRIJA SRBIJE J.S.C. NOVI SAD
Naftna Industrija Srbije j.s.c. Novi Sad was established in
1991 as a public company for exploration, production,
refining and trade in crude oil, petroleum products and
natural gas. Since 2005, NIS has operated as a joint
stock company. In 2009, based on the international
agreement between Russia and Serbia, 51% of NIS shares were
acquired by the Russian company "Gazprom Neft", one of the
largest and fastest growing E&P companies in Russia.
Today, NIS is one of the largest, vertically integrated oil
and gas companies in Southeast Europe, dealing with
exploration, production and refining of crude oil and
natural gas, as well as with the sales of a broad range of
petroleum products. In the first nine months of 2011,
NIS' operating income totaled 138 billion RSD (approx. $1.8
billion).
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.
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