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Written May 23, 2022 - Update On NIS/EW JonnyRBuck12 05/25/22 7:19 PM
March 30, 2022 Article - NIS Moving Ahead JonnyRBuck12 03/30/22 10:10 PM
Not surprised that EW hit a multi year JonnyRBuck12 03/23/22 8:26 PM
East West Petroleum Provides Operational Update for New Zealand JonnyRBuck12 08/11/21 11:25 AM
East West Petroleum Retains Technical Advisors for New JonnyRBuck12 03/29/21 10:11 AM
Symbol: EW.V (Canada) & EWPMF(USA) JonnyRBuck12 02/28/21 1:28 PM
East West talks Romania operations JonnyRBuck12 02/26/21 4:06 PM
East West Petroleum Q3 Resultsm Released November 30th JonnyRBuck12 12/01/20 11:15 AM
East West Petroleum Year End Results (Ending March JonnyRBuck12 08/19/20 7:02 PM
East West Petroleum's McElroy resigns as director JonnyRBuck12 08/11/20 9:33 PM
East West cancels sale of 30% interest in JonnyRBuck12 08/04/20 12:22 PM
East West extends sale of Cheal permits by JonnyRBuck12 06/24/20 7:11 PM
Update from SEW.H, which EW holds over 500k JonnyRBuck12 05/11/20 4:28 PM
East West Petroleum Announces Corporate Updates JonnyRBuck12 04/23/20 10:20 AM
East West Petroleum Report. Recent Financials (Available On Sedar) JonnyRBuck12 04/16/20 9:42 PM
2020-02-03 07:08 MT - News Release JonnyRBuck12 02/03/20 1:12 PM
Recent article regarding our JV partner in Romania: JonnyRBuck12 01/19/20 12:14 PM
Nice swap from EW to AAL, got to JonnyRBuck12 01/19/20 12:13 PM
Thanks for the reply Jonny I might take Yukii 01/17/20 7:05 PM
Hello Yukii, JonnyRBuck12 01/17/20 3:35 PM
Thanks for that Jonny. My friend has and Yukii 01/17/20 2:09 PM
East West to test Bvs-1000 well in Q1 2020 JonnyRBuck12 01/10/20 2:08 PM
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05/25/22 7:19 PM
03/30/22 10:10 PM
03/23/22 8:26 PM
02/28/21 1:28 PM
02/26/21 4:06 PM
08/04/20 12:22 PM
06/24/20 7:11 PM
05/11/20 4:28 PM
04/23/20 10:20 AM
02/03/20 1:12 PM
01/19/20 12:13 PM
01/17/20 3:35 PM
01/10/20 2:08 PM

East West Petroleum Corporation (EW)

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EW.V - East West Petroleum Corp (Due Diligence Report)

Symbol: EW.V (Canada) & EWPMF(USA)
Current Price: $0.055CAD & $0.04USD
Shares Outstanding: 89,585,665 

Most Recent Financials (Ending September 30th, 2019) In CAD

Cash: $3,719,020
GST Receivable: $7,923
Amounts Receivable: $223,772
Prepaid Expenses: $22,654
Investments: $554,709
Assets Held For Sale: $2,067,867
Total Assets: $6,595,945

Accounts Payable: $206,404
Decommissioning Liability: $309,904
Liabilities On Asset Held For Sale: $943,472
Deposit: $65,505
Total Liabilities: $1,525,285

NAV $6,595,945 - $1,525,285 = $5,070,660 

Management Discussion Highlights

Company Overview

The Company is a reporting issuer in British Columbia and Alberta and trades on the TSX Venture Exchange
(“TSXV”) under the symbol “EW” as a Tier 1 issuer. The Company currently carries on business in one operating
segment, being the acquisition of, exploration for and production from petroleum and natural gas properties. The
Company’s current portfolio consists of interests in exploration concessions in New Zealand and Romania and
producing properties in the Taranaki Basin, New Zealand. The Company has agreed to sell its interest in PEP 54877
and PMP 60291 which comprise the majority of its New Zealand assets. See “Proposed Disposition of New Zealand
Oil & Gas Assets”. The Company also holds investments in common shares of Advantage Lithium Corp.
(“Advantage Lithium”) and Seaway Energy Services Inc. (Seaway”), public companies whose common shares trade on the 
TSXV. The Company’s principal office is located at #1305 - 1090 West Georgia Street, Vancouver, BC, V6E

Proposed Disposition of New Zealand Oil & Gas Assets

On June 24, 2019 the Company signed a heads of agreement (the “HOA”) with a private arm’s length New Zealand
company (the “Buyer”) pursuant to which the Company has agreed to sell its interest in PEP 54877 and PMP 60291
(collectively, the “Permits”) which comprise the entirety of the Company’s assets in New Zealand (the “Transaction”).
On October 5, 2019 the Company and the Buyer signed the definitive agreement ( the “Definitive Agreement”) for the
sale and purchase of the Permits under the Transaction.

The Permits are the subject of a joint operating agreement (the “JOA”) between EWNZ, a wholly-owned subsidiary of
the Company, and Cheal Petroleum Limited (“CPL”). The disposition of the Company’s interest in the Permits will be
conditional upon the waiver of CPL of its rights under the JOA to acquire the Company’s interest in the Permits, and
the waiver or satisfaction of any other obligations as may exist to CPL.

Pursuant to the terms of the Definitive Agreement, and in consideration of the Transaction, the Buyer will pay the
Company US $1,900,000 in cash. The effective date for the sale is April 1, 2019 and payments are staged over 16
months of closing with initial payment of US $1,000,000 with normal closing adjustments, due on closing. On
August 7, 2019 the Company received Company shareholder approval. Completion of the Transaction is subject to
approvals to the transfer from New Zealand’s Overseas Investment Act 2005 and New Zealand Petroleum and
Minerals (“NZP&M”) and final TSXV approval.


During fiscal 2010 the Company was informed by the government of Romania that it had been awarded four
exploration blocks located in the Pannonian Basin, in western Romania. In May 2011 the Company signed petroleum
concession agreements with the National Agency for Minerals and Hydrocarbons (“NAMR”) the government agency
in Romania which regulates the oil and gas industry.

The four concessions have specific mandatory work programs (the “Romania Work Programs”), which were
estimated at US $62,741,000 for all four programs. Production from the concessions is also subject to royalties of
between 3.5% to 13.5% based on quarterly gross production payable to the government.

On May 20, 2011 the Company and Naftna Industrija Srbije j.s.c. Novi Sad (“NIS”), an arm’s length corporation,
signed a memorandum of understanding to jointly explore the four exploration blocks in Romania. On October 27,
2011 the Company and NIS signed a farm-out agreement (the “Farm-out”). Under the terms of the Farm-out, NIS has
paid the Company a total of $525,000 for the assignment of an 85% participation interest and operatorship of the
Romania Work Programs to NIS. NIS is the operator of the four concessions and has the obligation to fund the
Romania Work Programs, including environmental work, 2D and 3D seismic acquisition and processing, and the
drilling of 12 wells. The Company retains a 15% carried interest in each block through the obligatory Phase I work
program and an optional one year Phase II work program which carries additional commitments. The current expiries
of the Phase I terms are as follows: Block EX-2 December 12, 2021, Block EX-3 December 14, 2021 and
November 22, 2020 for Blocks EX-7 and EX-8. If a commercial discovery is made, the Company is responsible for its
15% interest in development of the commercial discovery.

As operator, NIS has proposed and is actively progressing comprehensive exploration programs in the EX-2, EX-3,
EX-7 and EX-8 exploration blocks in Romania. It should be noted that all activities are dependent on securing the
necessary government and local approvals.

On Block Ex-2, acquisition program of 3D seismic in the amount of 170 Km2 was completed in Q3/2019 (calendar)
and processing of the data is underway.

On Block EX-3, processing of the data acquired last year on 223 km2 3D seismic program has been finished.
Interpretation of the data is ongoing and results are expected by the end of December 2019.
On Block EX-7, an exploration well, Bvs-1000, was drilled in 1Q/2019 (calendar) to a total depth of 3,800 meters and
encountered several potential hydrocarbon bearing zones as identified on logs. Testing is now expected to commence
in 1Q/2020(calendar). A deviated appraisal well on the Teremia North discovery, Ter-1001, was drilled in 1Q/2019
(calendar) and encountered several potential hydrocarbon-bearing zones. A long-term test was conducted from April
to July 2019 which established a stabilized oil flow rate of approximately 150 bopd. Extended well testing is ongoing.

On Block EX-8, a second deviated appraisal well on the Teremia North field, Ter-1002, was spudded in September
2019 and has been drilled to a measured depth of more than 2,600 metres. Extended testing is planned. An
exploration well, Pes-1000 was drilled and completed in 3Q/2019 (calendar) to a total depth of around 2,500 metres.
Several potential hydrocarbon bearing zones were encountered and testing is planned to commence before the end of
December 2019.

NIS will be funding 100% of the costs and fully carrying the Company through the commitment work programs in
each of the blocks in return for earning an 85% interest in each licence.


As at September 30, 2019 the Company held 1,719,000 common shares of Advantage Lithium and 512,400 common
shares of Seaway. The September 30, 2019 fair value of these investments was $554,709. Certain current and former
directors and officers of the Company are also current and former directors and /or officers of Advantage Lithium and

Outstanding Share Data
The Company’s authorized share capital is unlimited common shares with no par value. As at November 27, 2019
there were 89,585,665 outstanding common shares and 3,415,000 share options outstanding with exercise prices
ranging from $0.09 to $0.135 per share.

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