East West Petroleum Corporation (TSX-Venture Exchange symbol: EW) is a junior, Canadian-based exploration and production company which is pursuing commercial development of unconventional and conventional petroleum resources globally. With a strong focus on technology, the Company will apply state-of-the-art exploration, drilling and completion technologies to plays in emerging areas where modern technologies will have a significant impact on identifying, building and producing commercial oil and gas reserves. The Company intends to pursue sustainable and profitable growth through a balanced program of exploration, field development and acquisitions.
East West Petroleum has assembled world-class management and technology-driven teams to identify unconventional opportunities where significant unconventional hydrocarbon potential exists and local and regional markets are in short supply of energy. East West Petroleum holds a 100% interest in four exploration Blocks covering approximately 1,000,000 acres in the Pannonian Basin of western Romania. These large prospective blocks lie within a proven oil and gas region and hold significant conventional and unconventional potential. The Company has entered into a binding Memorandum of Understanding with Naftna Industrija Srbije j.s.c. Novi Sad ("NIS"), a subsidiary of GazpromNeft, covering a partnership arrangement for the acreage. The planned exploration programs will include the acquisition of seismic data and the drilling of a minimum of 12 exploration wells. The Company is now waiting on final government approval to commence the project.
In 2011, the Company has established an upstream presence in India with the award of a 10% interest in an exploratory block in the Assam- Arakan Basin with partners Oil India, ONGC and GAIL. The Company continues to assess additional investment opportunities and position itself for a shale bid round expected in 2012.
East West Petroleum believes strategic alliances and partnerships will form an integral component of its business plan to grow the Company and successfully compete in upstream ventures. The Company is currently evaluating 14 concessions in Russia, Ukraine, Yemen and Europe with Kuwait Energy in order to assess the unconventional potential of the majority of Kuwait Energy's acreage.
Basic shares issued and outstanding
Warrants at C$0.34
Warrants at C$1.75 Expire Dec / 22 / 12
Fully Diluted shares outstanding