East West Petroleum Corporation (EW)

[JonnyRBuck12]

Written May 23, 2022 - Update On NIS/EW In Romania

https://www.profit.ro/povesti-cu-profit/energie/vanzarile-de-produse-petroliere-ale-filialei-gazprom-in-romania-au-crescut-de-2-5-ori-in-pofida-razboiului-din-ucraina-20711577

Sales of the Romanian subsidiary Gazprom, Nis Petrol Romania SRL, increased 2.5 times in the first quarter of this year compared to the same period last year despite geopolitical tensions and sanctions imposed by the European Union since the start of the war in Ukraine, on February 24, reveals data analyzed by Profit.ro. As a result of these increases, Romania has become the second largest foreign market for the Serbian NIS Petrol Group, controlled by Gazprom Neft, the oil division of the Russian state giant Gazprom, after Bosnia and Herzegovina. Over 21% of the proceeds from the sale of crude oil and petroleum products traded outside Serbia by the NIS Petrol group come from Romania. Nis Petrol Group's sales in Romania increased in the first three months of this year from 2.2 billion dinars (18.7 million euros) to 5.36 billion dinars (45.7 million euros). The sales of 45.7 million euros in the first quarter are equivalent to approximately 70% of the turnover registered by NIS Petrol Romania SRL in the whole year 2020 .

Compared to 2.5 times the increase in Romania, sales in Bosnia increased only 1.8 times, to 8.1 billion dinars, those in Bulgaria, only about 1.4 times, to 3.8 billion dinars , and those in the United Kingdom have tripled to 1.5 billion dinars. Sales in Croatia and Germany increased similarly to those in Romania, but the value of NIS Petrol sales in those markets is modest, half a billion dinars each. The company's sales in Serbia have doubled from $ 36 billion to $ 72 billion. The main contribution to the increase in NIS Petrol sales in Romania was a 7-fold increase in deliveries to third parties, from 367 million dinars (3.1 million euros) to 2.56 billion dinars (21.8 million euros) . According to the company, NIS Petrol owns 19 fuel distribution stations in Romania and has a total market share of 2.7%, of which 1.5% on the retail market .

At the same time, the trading division of the Serbian group, NIS jsc Novi Sad, is active in the energy markets of Serbia (SEEPEX) and Romania (OPCOM), according to the report on the group's results for the first quarter of this year. Given the modest revenues from the sale of electricity outside Serbia, of only 170 million dinars (about 1.5 million euros), most of the revenues in Romania probably come from the sale of petroleum products. The Serbian group claims that it invested 32 billion dinars in the first quarter of this year, 70% in exploration and production, most of which in its concessions in Romania. NIS Petrol Romania has in its portfolio six oil and gas perimeters on the Romanian territory, all having the status of operator . There are four concessions for exploration-development and exploitation activities in partnership with the Canadian company East West Petroleum (two in Bihor County - EX-2 Tria and EX-3 Baile Felix and two in Timi? County - EX-7 Periam and EX-8 Biled ). A fifth concession is held in partnership with Zeta Petroleum and Armax Gaz, respectively the oil development and exploitation concession in the perimeter of DEE V-20 Jimbolia, Timi? County. The sixth concession for exploration-development-exploitation activities is also located in Timi? County, in the EX-12 Crai Nou perimeter. In 2019, NIS ad Serbia (the company that owns the Pancevo and Novi Sad refineries) has signed a contract with the national crude oil and condensate transport system operator, Conpet, which aims to transport crude oil to the Serbian border. extract from the Romanian subsidiary NIS Petrol from the leased perimeters in the west of the country . In the report for the first quarter of this year, CONPET states that it has provided crude oil, gasoline and condensate transport services based on contracts concluded with traditional customers: OMV Petrom SA, Petrotel LUKOIL SA, Rompetrol Rafinare SA, but also with new customers: Standard Logistic doo, Serinius Energy Romania SA and NIS Petrol SRL .

[JonnyRBuck12]

March 30, 2022 Article - NIS Moving Ahead With Romania Oil & Gas Project (East West Mentioned)

https://www.ekapija.com/news/3641677/nis-trazi-status-medjunarodnog-kljuc-u-ruke-operatora-na-teritoriji-eu-razmatraju

NIS seeks turnkey status of international operator in the EU - Different concession options are being considered

Source: eKapija Wednesday, March 30, 2022 | 15:54

Naftna industrija Srbije ad Novi Sad has announced a tender for the provision of consulting services on the possibility of creating the status of an international IPM operator in the field of exploration and production. The status of IPM operator implies integrated project management of exploration and production, in this case oil, or the so-called "turnkey".

As stated in the technical documentation, NIS plans to move to IPM status during the implementation of the project of building a plant on oil concession fields in Romania, which eKapija has already written about , with further establishing the status of international IPM contractor.

The task of the consultant, it is stated, is to determine whether there are restrictions in the legislation of Romania and the EU for concluding contracts on a turnkey basis.

In case it is impossible to conclude an IPM contract, it is further said, the consultant should determine the possibility of NIS being a consultant during the project implementation in Romania and suggest alternative options for hiring one general contractor for the job.

It is added that NIS is currently interested in gaining experience as an international IPM contractor in the EU, which is why various options are being considered within the concession arrangements.

The tender is open until April 11, about the details HERE .

It should be reminded that Naftna industrija Srbije ad Novi Sad announced in early February a tender for the preparation and preparation of documentation necessary for the construction of mining facilities in the concession fields of NIS in Romania.

NIS's Romanian subsidiary, NIS Petrol, has six oil and gas exploration concessions in Romania for 25 years. The exploration fields are located along the border with Serbia and Hungary. Two years ago, NIS Petrol Romania built two surface infrastructure facilities, at the locations of Teremija and Žombolj, where the experimental production of oil and gas began at that time.

The tender documentation for the consultant also explained the steps that led to the acquisition of joint concession rights of NIS and the Canadian East West Petroleum Corporation (EWP) by the Romanian National Mineral Resources Agency in May 2011.

Subsequently, 85% of EWP's participation in transferred to NIS by the concession agreement and that company was appointed as the project operator, and in 2014 all rights were transferred to NIS Petrol.

[JonnyRBuck12]

Not surprised that EW hit a multi year high today. They've been trading around cash value for a while. The production from New Zealand is clearly bringing in positive cash flow and that can be shown quarter over quarter on the balance sheets. Today a couple new articles came out as well:

https://www.inflation.us/content/ew-gains-50-percent-27x-average-volume

https://www.inflation.us/content/new-oil-stock-suggestion-east-west-petroleum-tsxv-ew

[JonnyRBuck12]

East West Petroleum Provides Operational Update for New Zealand

2021-08-11 06:01 ET - News Release


Vancouver, British Columbia--(Newsfile Corp. - August 11, 2021) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to provide the following operational update for New Zealand.

A workover of the Cheal E1 and E2 wells to clear downhole wax and sand issues has been recently completed and was successful in re-establishing production in both wells.

The Cheal E field is now producing at an approximate 250 barrels oil equivalent per day, of which about 80% is oil. A trial of a two-stage downhole pump in Cheal E1 proved to be too vulnerable to sand production issues and was replaced with a single stage downhole pump as previously employed. This is working reliably. Plans are in place to increase flow in the near future.

About East West Petroleum Corp.

East West Petroleum Corp. (www.eastwestpetroleum.ca) is a TSX Venture Exchange listed company established in 2010 to invest in international oil & gas opportunities. The Company has its primary focus on two key areas: New Zealand, where it has established production and cash flow and Romania where it is carried to production on an exploration program. In Romania the Company has exploration rights in four exploration concessions covering 1,000,000 acres in the prolific Pannonian Basin of western Romania with Naftna Industrija Srbije ("NIS"). The Company does not own the acres but has exploration rights.

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.


Nick Demare
[e-mail]
Tel: [phone]

[JonnyRBuck12]

East West Petroleum Retains Technical Advisors for New Zealand Operations

Vancouver, British Columbia--(Newsfile Corp. - March 29, 2021) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to report that it has retained a technical advisory team in New Zealand to assist in oversight over operations at Cheal.

The Cheal productions assets are held by the Company's wholly owned New Zealand subsidiary and the subsidiary has concluded an agreement with 3TCF Limited ("3TCF"), a private New Zealand corporation, with a team of seasoned oil and gas professionals in order to have oversight and guidance on operating matters. Since the start of the COVID-19 pandemic travel has been difficult for both the Company and the permit operator. As a result, the Company now has a New Zealand based technical team, which can provide oversight over ongoing operations.

Headed by Mr. Bill Treuren, a successful New Zealand businessman and entrepreneur, with a 30-year background in oil & gas pipelining, facilities, drilling and completion engineering, 3TCF can provide the necessary foundation to have New Zealand operator capability allowing us to manage existing and new exploration and production operations. Other key members of the 3TCF management team include Dave Bennett, Duncan Hardie and Allister Richardson. Dave has 40 years' experience in petroleum exploration holding senior roles in numerous economically viable oil & gas discoveries. Most recently Dave was Technical Director of Tag Oil, which held acreage adjacent to the Company's New Zealand properties. Duncan has 40 years' experience as a successful entrepreneur in minerals and petroleum exploration & other business areas. Duncan is Principal of Hardie Pacific & Munuku Pty. Ltd., which holds and has under application a total of seven EPM permits north of Cairns, Australia. Allister is a consulting geologist with 17 years oil industry experience, was previously Tunisia exploration manager for Oil Search & later Chairman of Rawson Resources Ltd.

Said interim CEO Mr. Nick Demare: "We are pleased to have concluded this agreement with 3TCF and look forward to working with the 3TCF team."

Said 3TCF President Mr. Bill Treuren: "We look forward to working with East West in order to assist them in managing their New Zealand assets."

About East West Petroleum Corp.

East West Petroleum Corp. (www.eastwestpetroleum.ca) is a TSX Venture Exchange listed company established in 2010 to invest in international oil & gas opportunities. The Company has its primary focus on two key areas: New Zealand, where it has established production and cash flow and Romania where it is carried to production on an exploration program. In Romania the Company has exploration rights in four exploration concessions covering 1,000,000 acres in the prolific Pannonian Basin of western Romania with Naftna Industrija Srbije ("NIS"). The Company does not own the acres but has exploration rights.

[JonnyRBuck12]

Symbol: EW.V (Canada) & EWPMF(USA)
Current Price: $0.06CAD & $0.048USD
Shares Outstanding: 89,585,665

Most Recent Financials (Ending December 31st 2020)

Financials

ASSETS
Cash: $5,877,142 – 6.6 cents a share
GST receivable: $7,303
Amounts Receivable: $86,347
Prepaid Expenses: $27,800
Investments: $36,100
Exploration & Evaluation Assets: $1,715,200
Property, Plant & Equipment: $318,147
Total Assets: $8,068,039

LIABILITIES
Accounts Payable: $482,967
Decommissioning: $1,368,938
Total Liabilities: $1,851,905

Quarterly Performance
Revenue: $469,380
Net Income: $89,569 – New Zealand production was down due to workovers. Profit came from one time asset sale of investments.

MD&A Highlights

New Zealand

The Company had previously agreed to sell its interest in PEP 54877 and PMP 60291 which comprise the majority of its New Zealand assets. The agreement was terminated by the Company on August 1, 2020. The Company is currently assessing its go-forward plans, which includes the possible sale of its New Zealand concessions to other buyers and ongoing discussions on the Teremia North Field in Romania, and whether its focus should remain on the oil and gas sector. At this time no decisions have been made but the Company will be assessing alternatives.

PMP 60291 is the location of the Cheal E-Site and the Cheal E-site production facility as well as the Cheal-E wells. A waterflood program is ongoing however the efficacy of the program and its impact on production is an ongoing item of debate. The Company’s technical advisors have stated that there is no unequivocal evidence that water injection through the Cheal-E7 well has had a significant impact on production from PNP 60291 but that there is evidence to the contrary. The Company’s advisors attribute the production performance to other factors than injection through the Cheal-E7 well. The determination whether the waterflood utilizing Cheal-E7 as the injector well is creating the positive response in production impacts the Company’s obligation to fund its 30% share of the costs of acquiring the Cheal-E7 well, being 30% of NZ $3,200,000. No funding will be advances until the issue is resolved.

The Company produces its oil and gas production from five wells on the Cheal-E site. On October 24, 2020 the ChealE1 pump stopped functioning due to downhole blockage and, as a result, production ceased from the Cheal-E1 well. As the major producing well, the stoppage of the Cheal-E1 well has had a major impact on the Company’s share of production for the three months ended December 31. 2020 (“Q3”) on which 5.3 Mbbl oil and 9.4 Mmcf gas was produced, compared to 13.8 Mbbl oil and 21.2 Mmcf gas produced during the three months ended September 30, 2020 (“Q2”), a decrease of 61.5%.

The Operator has managed to pull the rods out of the Cheal-E1 well with a crane, cleaned the well and replaced the pump. However, only limited production resumed in mid-January 2021 without annular flow. A workover of the Cheal-E1 well is planned for mid-May 2021 to restore the well to full production.

Romania

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. There have been several meetings of both the technical and operating committees to discuss work program results and determine whether the Teremia North field is a commercial discovery. Declaration of a commercial discovery will result in the Company being responsible for 15% of the development costs. At the operating committee meeting held February 8, 2021 NIS voted that there was a commercial discovery at Teremia North whereas the Company voted that there was not a commercial discovery. The field economics were, in the Company’s assessment, marginal and did not merit the significant capital contributions required. NIS, being a vertically integrated oil and gas producer, could support the development costs given the internal economies available. NIS has since advised that it will be proceeding with the development plans for Teremia North on an exclusive basis. There is some uncertainty as to whether the proposed development can be conducted as an exclusive operation and the Company is assessing what options are available and is in discussions with NIS in regard to such matters.

Given the project economics, the return on investment and the net present value the Company cannot justify contributing its 15% share of the estimated US $50,000,000 development costs. In the event NIS proceeds on an exclusive basis the Company will have no interest in the development lands that make up the Teremia North field. The Company will retain its carried interest in the balance of the exploration blocks.

Investments

On April 17, 2020 Orocobre Limited (“Orocobre”) completed the acquisition of 100% of the issued and outstanding common shares of Advantage Lithium Corp. (“Advantage Lithium”) in exchange for 0.142 ordinary shares of Orocobre per Advantage Lithium share. Accordingly, the Company received 244,098 shares of Orocobre for the 1,719,000 Advantage Lithium shares held by the Company for a fair value of $463,786, resulting in an initial loss on the disposition of $603,800. The Company subsequently sold all its common shares of Orocobre for proceeds of $885,356 resulting in a subsequent gain on sale of $421,569. In May 2020 Seaway Energy Services Inc. (“Seaway”) completed a consolidation of its share capital on a basis of, one new for every 2.5 old common shares and, on May 22, 2020, completed a reverse takeover transaction to form Sweet Earth Holdings Inc (“Sweet Earth”) resulting in the Company holding 204,960 Sweet Earth shares. The Company has subsequently sold 14,960 common shares of Sweet Earth for proceeds of $3,335 resulting in a loss on the sale of $30,191. As at December 31, 2020 the Company held 190,000 common shares of Sweet Earth with a total quoted value of $36,100.

Outstanding Share Data

The Company’s authorized share capital is unlimited common shares with no par value. As at February 26, 2021 there were 89,585,665 outstanding common shares and 5,455,000 share options outstanding with exercise prices ranging from $0.06 to $0.135 per share.

[JonnyRBuck12]

East West talks Romania operations

2021-02-26 07:52 MT - News Release


An anonymous director reports

EAST WEST PETROLEUM PROVIDES OPERATIONAL UPDATE FOR ROMANIA

East West Petroleum Corp. has provided the following operational update for Romania.

As previously reported, the Company's joint venture partner and operator, NIS Petrol ("NIS"), subsidiary of NIS a.d., suspended all operational activities on March 25th 2020 when a national lockdown was declared in Romania. All exploration operations have been on hold since that time.

In the latter part of 2020, NIS evaluated development options for the Teremia North oil discovery.

An Operating Committee Meeting was held on February 8th, 2021 where NIS voted that there was a commercial discovery at Teremia North whereas the Company voted that there was not a commercial discovery. The field economics were, in the Company's assessment, marginal and did not merit the significant capital contributions required. NIS a.d., being a vertically integrated oil and gas producer, could support the development costs given the internal economies available. NIS has since advised that it will be proceeding with the development plans for Teremia North oil accumulation on an exclusive basis. There is some uncertainty as to whether the proposed development can be conducted as an exclusive operation and the Company is assessing what options are available and is in discussions with NIS in regard to such matters.

With respect to future exploration in the four Romanian blocks, NIS has to date drilled five out of a total farmin commitment of twelve exploration wells. Although operations have been suspended due to the Covid-19 situation, NIS Petrol is committed to fulfilling the commitment work programs in all blocks, considering certain legislative changes and being granted appropriate licence extensions.

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

About East West Petroleum Corp.

East West Petroleum Corp. is a TSX Venture Exchange listed company established in 2010 to invest in international oil & gas opportunities. The Company has its primary focus on two key areas: New Zealand, where it has established production and cash flow and Romania where it is carried to production on an exploration program. In Romania the Company has exploration rights in four exploration concessions covering 1,000,000 acres in the prolific Pannonian Basin of western Romania with Naftna Industrija Srbije ("NIS").

[JonnyRBuck12]

East West Petroleum Q3 Resultsm Released November 30th 2020. Information below can be found on Sedar.

Symbols: EW(Canada) & EWPMF(USA)
Prices: $0.045CAD & $0.03USD
Common Shares: 89,585,665
Website: www.eastwestpetroleum.ca

Financial Results, Ending September 30th 2020 - keeping in mind that brent oil was lower this quarter

ASSETS
Cash: $4,911,056 - Company currently has a market cap below it's cash value
GST Receivable: $6,280
Amounts Receivable: $166,802
Prepaid Expenses: $28,880
Investments: $599,200 - Both stocks held have gone up since this end period
Exploration & Evaluation Assets: $1,655,361
Property, Plant & Equipment: $368,384
Total Assets: $7,735,963

LIABILITIES
Accounts Payable: $284,094
Decommissioning: $1,325,303
Total Liabilities: $1,609,397

Performance
Six Month Revenue: $1,135,141 (2019 - $1,491,042) - Lower due to the oil price drop from Covid
Net Loss: $328,072 - Depletion was $340,000

Management Discussion Highlights

New Zealand

PMP 60291 is the location of the Cheal E-Site and the Cheal E-site production facility as well as the Cheal-E wells.
There has been continued positive response from the Cheal E waterflood program, with both production and pressure
increases having been observed. The Cheal E waterflood program was expanded to include the conversion of the
Cheal-E4 well to a water injector in two Mt. Messenger formation intervals, which has swept oil towards the Cheal
E1 producing well from the southern area of the field resulting in additional oil recovery and extending the Cheal-E
site’s field life.

The Company’s portion of oil and gas production remained relatively consistent during the three months ended
September 30, 2020 (“Q2”) compared to the three months ended June 30, 2020 (“Q1). During Q2 the Company’s
portion of oil and gas production was 13.8 Mbbl oil and 21.2 Mmcf gas, compared to 15.3 Mbbl oil and 21.8 Mmcf
gas during Q1. The Company had five wells, the Cheal-E1, E2, E5, E6 and E8 producing for both Q2 and Q1.
On October 24, 2020 the Cheal-E1 pump stopped functioning. The Operator has managed to pull the rods with a
crane and intends to clean the well and replace the pump. Production from the Cheal-E1 well is expected to resume
by mid to late December 2020.

Romania

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.

Due to the Covid-19 pandemic the state of emergency a nationwide lockdown was imposed by the Romanian
government on March 25, 2020. Consequently, the operator NIS, has temporarily ceased new exploration field activity
until such time that the lockdown is lifted and social distancing requirements can be safely relaxed. It is expected that
this will substantially delay the planned 2020 exploration programs in the EX-2, EX-3, EX-7 and EX-8 exploration
blocks in Romania. As usual, 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)
with processing completed in July 2020. Interpretation is currently underway. The Phase 1 Exploration Period was
extended for another two years and now ends in December 2021.

On Block EX-3, processing of the data acquired last year on 223 km2 3D seismic program has been finished and
interpretation of the data has been completed. This work identified several exploration prospects with drilling
expected to commence in 2021 (calendar). The Phase 1 Exploration Period was extended for another two years and
now ends in December 2021.

On Block EX-7, an exploration well, Bvs-1000, was drilled in Q1/2019 (calendar) to a total depth of 3,800 meters and
encountered several potential hydrocarbon bearing zones as identified on logs. Testing has now been postponed until
2021 (calendar). On the Teremia North discovery, the initial discovery well, Teremia-1000 experienced mechanical
problems resulting in an inflow of formation water. NIS now plans to recomplete the well as a potential gas producer
in either 2021 or 2022. An appraisal well, Teremia-1001, was drilled and completed in Q1/2019 (calendar) and,
following initial testing, was placed on long term experimental production in July 2019.

On Block EX-8, a second deviated appraisal well, Teremia-1002, was drilled into the extension of the Teremia North
discovery. The well was completed and tested in Q4/2019 (calendar) and has subsequently been placed on long term
experimental production.

NIS has requested extension of the experimental oil production periods for Teremia-1001 and Teremia-1002 to gather
more performance data.

An exploration well, Pesac Sud-1000 was drilled and completed in 3Q/2019 (calendar) two separate intervals were
tested in Q4/2019 (calendar). Both tests failed to indicate the presence of hydrocarbons. Future testing of potentially
prospective shallower zones is being considered for 2021 (calendar).

NIS is committed to fulfilling the commitment work programs in all blocks, considering certain legislative changes
and being granted appropriate extensions due to the current Covid-19 situation.

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. A technical meeting is tentatively scheduled
for September 2020 in which NIS is expected to present a proposal for a development phase for which the Company
will be responsible for its 15% interest.

Investments

As at September 30, 2020 the Company held 240,000 common shares of Orocobre and 190,000 common shares of
Sweet Earth with a total quoted value of $599,200

Commitments

The Company’s share of expected exploration and development permit obligations and/or commitments as at
September 30, 2020 are approximately $147,000 to be incurred during fiscal 2021 and $1,400,000 over the next five
years. The Company may choose to alter the program, request extensions, reject development costs, relinquish certain
permits or farm-out its interest in permits where practical

[JonnyRBuck12]

East West Petroleum Year End Results (Ending March 31st 2020), Announced August 18th 2020
All information can be found at - www.sedar.com
Symbols: EW.V (Canada) & EWPMF (USA)
Current Price: $0.05CAD & $0.0379USD
Shares Outstanding: 89,585,665
Balance Sheet (Expressed In Canadian Dollars)
ASSETS
Cash: $4,908,264 - $0.055 cents in cash
GST Receivable: $3,742
Amounts Receivable: $605,187
Prepaid Expenses: $22,741
Investments: $511,734
Exploration & Evaluation Assets: $1,579,279
Property, Plant & Equipment: $656,348
Total Assets: $8,287,295
LIABILITIES
Accounts Payable: $491,898
Deposit: $70,935
Decommissioning: $1,269,824
Total Liabilities: $1,832,657

Sales Performance
Revenue: $3,676,561
Net Revenue: $1,794,719
Net Revenue After G&A Expenses: $827,849
Comprehensive Income: $536,959 - $0.006 cents earnings per share.
MD&A 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 also holds marketable investments in common shares of publicly traded companies. The Company’s principal office is located at #1305 - 1090 West Georgia Street, Vancouver, BC, V6E 3V7
The Company had agreed to sell its interest in PEP 54877 and PMP 60291 which comprise the majority of its New Zealand assets. The agreement was terminated by the Company on August 1, 2020. See “Proposed Disposition of New Zealand Oil & Gas Assets”. The Company is currently assessing its go-forward plans, which includes the possible sale of its New Zealand concessions to other buyers, and whether its focus should remain on the oil and gas sector. At this time no decisions have been made but the Company will be assessing alternatives.
Proposed Disposition of New Zealand Oil & Gas Assets
On June 24, 2019 the Company signed a heads of agreement with a private arm’s length New Zealand company (the “Buyer”) pursuant to which the Company 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 8, 2019, as amended, the Company and the Buyer signed the definitive agreement (the “Definitive Agreement”) for the sale and purchase of the Permits under the Transaction. Pursuant to the terms of the Definitive Agreement, and in consideration of the Transaction, the Buyer agreed to pay the Company US $1,900,000 (the “Purchase Price”), with April 1, 2019 as the effective date (the “Effective Date”). On July 16, 2019 the Company received a deposit of $70,935 (US $50,000) (the “Deposit”) from the Buyer which was refundable to the Buyer under certain conditions. In addition to the Deposit, all revenue, less associated sales costs, production costs, royalties and capital costs, received by the Company subsequent to the Effective Date would be credited to the Purchase Price to be paid by the Buyer. On August 7, 2019 the Company received shareholder approval to the Transaction. As at March 31, 2020 closing of the Transaction was still subject to final New Zealand governmental and TSXV approvals. On August 1, 2020 the Company terminated the Definitive Agreement as the amount to be received, given the April 1, 2019 effective date, was significantly less than current value. The Deposit was refunded to the Buyer. See also “Project Update - New Zealand”.
Romania
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 $63,000,000 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. Due to the Covid-19 pandemic the state of emergency a nationwide lockdown was imposed by the Romanian government on March 25, 2020. Consequently, the operator NIS, has temporarily ceased new exploration field activity until such time that the lockdown is lifted and social distancing requirements can be safely relaxed. It is expected that this will substantially delay the planned 2020 exploration programs in the EX-2, EX-3, EX-7 and EX-8 exploration blocks in Romania. As usual, 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. The Phase 1 Exploration Period was extended for another two years and now ends in December 2021. On Block EX-3, processing of the data acquired last year on 223 km2 3D seismic program has been finished and interpretation of the data has been completed. This work identified several exploration prospects with drilling expected to commence in 2021 (calendar). The Phase 1 Exploration Period was extended for another two years and now ends in December 2021. On Block EX-7, an exploration well, Bvs-1000, was drilled in Q1/2019 (calendar) to a total depth of 3,800 meters and encountered several potential hydrocarbon bearing zones as identified on logs. Testing has now been postponed until 2021 (calendar). On the Teremia North discovery, the initial discovery well, Teremia-1000 experienced mechanical problems resulting in an inflow of formation water. A workover is planned for 2021. An appraisal well, Teremia1001, was drilled and completed in Q1/2019 (calendar) and, following initial testing, was placed on long term experimental production in July 2019. Production rates have stabilised around 150 bopd. On Block EX-8, a second deviated appraisal well, Teremia-1002, was drilled into the extension of the Teremia North discovery. The well was completed and tested in Q4/2019 (calendar) and has subsequently been placed on long term experimental production with rates stabilising around 150 bopd. An exploration well, Pesac Sud-1000 was drilled and completed in 3Q/2019 (calendar) two separate intervals were tested in Q4/2019 (calendar). Both tests failed to indicate the presence of hydrocarbons. Future testing of potentially prospective shallower zones is being considered for 2021 (calendar). NIS is committed to fulfilling the commitment work programs in all blocks, considering certain legislative changes and being granted appropriate extensions due to the current Covid-19 situation. 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.

[JonnyRBuck12]

East West Petroleum's McElroy resigns as director

2020-08-11 15:10 MT - News Release


Mr. Nick Demare reports

EAST WEST PETROLEUM ANNOUNCES RESIGNATION OF ROSS MCELROY

East West Petroleum Corp.'s Ross McElroy has resigned as a director of the company. The board thanks Mr. McElroy for his contributions to the company as a director and audit committee member and wishes him well in his future endeavours.

About East West Petroleum Corp.

East West Petroleum was established in 2010 to invest in international oil and gas opportunities.

© 2020 Canjex Publishing Ltd. All rights reserved.

[JonnyRBuck12]

East West cancels sale of 30% interest in Cheal permits

2020-08-04 10:08 MT - News Release


An anonymous director reports

EAST WEST PETROLEUM ANNOUNCES TERMINATION OF AGREEMENT

East West Petroleum Corp. has terminated the agreement regarding the sale of its 30-per-cent interest in petroleum exploration permit 54877 and petroleum mining permit 60291 (the Cheal permits) to an arm's-length private New Zealand company, on the terms previously announced in a news release of the company dated June 24, 2019.

The continuing delays and an effective date of April 1, 2019, make the agreement not in the best interests of shareholders. The company will continue to work to bring value to shareholders from its 30-per-cent interest, which can include the sale of the working interest.

About East West Petroleum Corp.

East West Petroleum was established in 2010 to invest in international oil and gas opportunities.

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.

[JonnyRBuck12]

East West extends sale of Cheal permits by 30 days

2020-06-24 15:35 MT - News Release


Mr. Nick Demare reports

EAST WEST PETROLEUM ANNOUNCES EXTENSION AGREEMENT

East West Petroleum Corp. is providing this further update regarding the sale of its 30-per-cent interest in petroleum exploration permit 54877 and petroleum mining permit 60291 (the Cheal permits), to an arm's-length private New Zealand company, on the terms previously announced in a news release of the company dated June 24, 2019.

In a news release of April 23, 2020, the company provided an update on closing and commented that it was uncertain when closing could occur. At this time, due in part to COVID-19 issues and regulatory issues of the 70-per-cent owner which have now been resolved, limited progress has been made in regards to securing the government's consent, as required, by June 24, 2020, and agreement has been reached that provides for an initial extension of up to 30 days. Further news will be announced as it becomes available.

About East West Petroleum Corp.

East West has its primary focus on two key areas: New Zealand, where it has established production and cash flow; and Romania, where it is carried to production on an exploration program. In Romania, the company has exploration rights in four exploration concessions covering one million acres in the prolific Pannonian basin of western Romania with Naftna Industrija Srbije (NIS). The company does not own the acres but has exploration rights.

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.

[JonnyRBuck12]

Update from SEW.H, which EW holds over 500k shares in and has not traded in over a year:

2020-05-11 12:55 MT - News Release

Mr. Peter Espig reports

SEAWAY ANNOUNCES VOLUNTARY DELISTING FROM THE TSX VENTURE EXCHANGE

Seaway Energy Services Inc., further to its news release dated Feb. 24, 2020, has made an application to the TSX Venture Exchange to voluntarily delist its common shares from the TSX-V in support of a listing of the common shares on the Canadian Securities Exchange. The Company anticipates that its Common Shares will be voluntarily delisted from the TSXV immediately following the close of trading on May 12, 2020. The Company has received conditional approval from the CSE and trading is anticipated to commence shortly.

The Company will complete a three-cornered amalgamation with Sweet Earth Holdings Inc. ("Sweet Earth") a vertically integrated and award-winning company focused on hemp production and CBD related products. A member of the American National Hemp Association and Leaping Bunny accredited, the Company maintains a complete "farm to shelf" platform. Its farms focus on pure organic hemp growing while production specializes on high-end CBD products that can be purchased on its website and high-end distributers in the United States.

Sweet Earth maintains business operations and networks in the following jurisdictions:

North America: Hemp-focus agronomy research, product development, main farm production, drying, and extraction facilities are headquartered in the State of Oregon. It has a distribution office and acreage package in California, the world's largest market for CBD products;

European Union (EU): Sweet Earth expanded its operations into the EU in 2020, by securing land and production capacity in Spain. Its Spanish farm augments access to European markets through strong distribution partnerships;

South America: The Company is currently expanding into Panama, for its Central and South American operations, and has signed an LOI with a leading pharmaceutical company for distribution throughout the region;

Asia: Focused is on anti-ageing creams for the Japanese and Korean markets.

The Sweet Earth Brand and products continues to garner high ratings and sales expansion because of its superior agriculture and cutting-edge product development.

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.

[JonnyRBuck12]

East West Petroleum Announces Corporate Updates

Vancouver, British Columbia--(Newsfile Corp. - April 23, 2020) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to provide this corporate update.

OPERATIONAL UPDATES

Romania

The Company's joint venture partner and operator, Naftna Industrija Srbije ("NIS"), has provided the following operational update for Romania.

Due to the Covid-19 pandemic the state of emergency and a nationwide lockdown was imposed by the Romanian government on March 25, 2020. Consequently, the operator NIS, has temporarily ceased new exploration field activity until such time that the lockdown is lifted and social distancing requirements can be safely relaxed. It is expected that this will substantially delay the planned 2020 exploration programs in the EX-2, EX-3, EX-7 and EX-8 exploration blocks in Romania. As usual, it should be noted that all activities are dependent on securing the necessary government and local approvals.

Block EX-2; an acquisition program of 170 Km2 of 3D seismic was completed in 4Q 2019. Processing is expected to be completed in May 2020. Exploration drilling is anticipated to commence in 2021.

Block EX-3; interpretation of the 223 km2 of 3D seismic acquired in 2018 has been completed. This work has identified several exploration prospects with drilling expected to commence in 2021.

Block EX-7; testing of the BVS-1000 exploration well, which was drilled and completed to 3,800 m in 1Q 2019, has been postponed until 2021.

On the Teremia North discovery, the initial discovery well, Teremia-1000 has experienced mechanical problems resulting in an inflow of formation water. A workover is planned for 2021. An appraisal well, Teremia-1001, was drilled and completed in 1Q 2019 and, following initial testing, was placed on long term experimental production in July 2019. Production rates have stabilised around 150 bopd.

Block EX-8; A second appraisal well, Teremia-1002, was drilled into the extension of the Teremia North discovery in Block EX-8. The well was completed and tested in 4Q 2019 and has subsequently been placed on long term experimental production with rates stabilising around 150 bopd.

Following the drilling of the Pesac Sud-1000 exploration well in 3Q 2019, two separate intervals were tested in 4Q 2019. Both tests failed to indicate the presence of hydrocarbons. Future testing of potentially prospective shallower zones is being considered for 2021.

NIS Petrol is committed to fulfilling the commitment work programs in all blocks, considering certain legislative changes and being granted appropriate extensions due to the current Covid-19 situation.

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

New Zealand

The Company's news release of February 3rd 2020 reported that the local regulatory issues of Cheal Petroleum, the owner of a 70% interest in the permits and the operator, had been resolved such that the Company could proceed to close the transaction for the sale of its 30% interest. The Company had agreed with an arm's length local New Zealand purchaser to sell, with an effective date of April 1st 2019 its interest in Petroleum Exploration Permit 54877 and Petroleum Mining Permit 60291 for sale proceeds of US$1,900,000 in cash. Net revenue, as defined, since April 1st 2019 is being credited to the purchase price such that as at March 31st 2020 the Company has received approximately US $ .95 million of the sale proceeds. The Company had anticipated that as of this date it would have closed the sale but as result of the COVID-19 pandemic and subsequent shut down of various government offices in New Zealand, which must approve the transfer of the properties, it is uncertain when closing can occur. At this time it is not known when all government approvals to the sale will be in place and therefore a closing date cannot be determined other than pursuant to the agreement with the purchaser closing must occur, subject to possible extensions, by June 24th 2020.

From an operational perspective with the recent collapse in price of oil the economics of continuing operations at Cheal is under review. The operator has reported that they have initiated preliminary plans to investigate the real possibility of closing in production at Cheal.

About East West Petroleum Corp.

East West Petroleum Corp. (www.eastwestpetroleum.ca) is a TSX Venture Exchange listed company established in 2010 to invest in international oil & gas opportunities. The Company has its primary focus on two key areas: New Zealand, where it has established production and cash flow and Romania where it is carried to production on an exploration program. In Romania the Company has exploration rights in four exploration concessions covering 1,000,000 acres in the prolific Pannonian Basin of western Romania with Naftna Industrija Srbije ("NIS"). The Company does not own the acres but has exploration rights.

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.

Forward-looking Statements: Certain statements in this press release are "forward-looking statements" which reflect the Company's current expectations and projections about future events and financial trends that it believes might affect its financial condition, results of operations, business strategy and financial needs. In some cases, these forward-looking statements can be identified by words or phrases such as "may", "might", "will", "expect", "anticipate", "estimate", "intend", "plan", "indicate", "seek", "believe", "estimates", "predicts" or "likely", or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including without limitation, those risks and uncertainties discussed elsewhere in the Company's filings on SEDAR. Investors should not place undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date hereof and is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

Nick Demare
[e-mail]
Tel: [phone]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54767

[JonnyRBuck12]

East West Petroleum Report. Recent Financials (Available On Sedar)

Price: $0.035
Common Shares: 89,585,665

Financials (As of December 31, 2019)

ASSETS
Cash: $4,149,150 - $0.0463 cents per share
Receivables: $276,039
Prepaid Expenses: $14,780
Investments: $692,229 (Made up of AAL & SEW.H Shares)
Assets Held For Sale: $1,786,828 – New Zealand Asset Sale (Still proceeding as per Feb 2020 news)
Total Assets: $6,919,026

LIABILITIES
Accounts Payable: $296,150
Decommissioning Liability: $319,101 – removed once NZ sale completed
Liabilities On Asset Held For Sale: $995,431 – removed once NZ sale completed
Deposit: $65,505
Total Liabilities: $1,676,187

No value on assets in Romania as clearly shown above. Keep in mind that (Property, Equipment & Exploration Assets) were written off mid-2019 and can always be added back once those assets are producing. The true value of East West Petroleum is far higher than what the current stock trades at.

[JonnyRBuck12]

2020-02-03 07:08 MT - News Release


Mr. Nick Demare reports

EAST WEST PROVIDES FURTHER UPDATE ON SALE OF 30% INTEREST IN CHEAL PERMITS

East West Petroleum Corp. has provided this update on the sale of its interest in petroleum exploration permit 54877 and petroleum mining permit 60291, which are subject to joint venture between a wholly owned subsidiary of the company and Cheal Petroleum Ltd., to an arm's-length private New Zealand company, on the terms previously announced in a news release of the company dated June 24, 2019.

At this time there are no contractual issues that are an impediment to closing the transaction, and the company and the purchaser had previously anticipated closing at or about this time.

In a news release dated Nov. 27, 2019, the company announced that because of the change in ownership of Cheal Petroleum as the operator of the joint venture and owner of 70-per-cent interest in the Cheal permits, certain government authorities in New Zealand had issued a notice regarding the financial capacity of the operator that impacted tenure to the Cheal permits. If the concerns are not satisfied, then tenure to the Cheal permits could be revoked. A revocation would impact both the company's 30-per-cent interest and Cheal Petroleum's 70-per-cent interest. The government has communicated no specific issues with the company or the proposed purchaser of the company's 30-per-cent interest in the joint venture. Cheal Petroleum has prepared and submitted a response and fully expects that all issues will be satisfactorily resolved.

Until local regulatory issues are addressed closing of the transaction cannot occur. At this time, it is not known when such concerns will be resolved, or whether they will be resolved, and further it is not known whether the delay could impact the company's agreement with the purchaser in respect of the transaction. As additional information is available, the company will provide further updates.

About East West Petroleum Corp.

East West Petroleum is a TSX Venture Exchange-listed company established in 2010 to invest in international oil and gas opportunities. The company has its primary focus on two key areas: New Zealand, where it has established production and cash flow, and Romania where it is carried to production on an exploration program. In Romania the company has exploration rights in four exploration concessions covering one million acres in the prolific Pannonian Basin of western Romania with Naftna Industrija Srbije (NIS). The company does not own the acres but has exploration rights.

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.

[JonnyRBuck12]

Recent article regarding our JV partner in Romania:

http://www.energynomics.ro/en/7-wells-drilled-by-nis-petrol-in-8-years-of-activity-in-romania-interview-vanja-aleksic/

7 wells drilled by NIS Petrol in 8 years of activity in Romania (interview Vanja Aleksic) 0
THURSDAY JANUARY 2ND, 2020

In recent months, more signals have been heard that NIS Petrol, one of the most active companies in the hydrocarbons E&P in Romania, is approaching the moment to start commercial exploitation. We talked with Vanja Aleksic, the general manager of NIS Petrol about the present status of the company’s operations in Romania and the prospects for the near future.

Dear Mr. Vanja Aleksic, I was talking to you about almost a year ago, when we mainly talked about the NIS Petrol exploration campaign in western Romania. Are we closer to the start of commercial operations today, as suggested by the permits requested and obtained by the company this fall?
The year 2019 was indeed a very busy one for us. The activities of NIS Petrol in the Upstream division, concentrated in the western part of the country, have recorded a significant progress from the previous year. NIS Petrol managed to start the experimental production operations in two of the six oil concessions held in Romania. In both cases, we are still in the exploration phase and it is too early to refer to commercial production yet. A decision in this regard will be made once exploration phase will be completed and will be grounded on the analysis of the results from the experimental production operations, which will give us the information about the reserves. Once the feasibility study will be conducted, the quantities of the reserves will be determined, and NAMR will approve these figures, the company could determine the economics of the project and decide upon entering the next phase.

For 2019, the start of the experimental production of natural gas at Jimbolia block, respectively the start of the oil production at the North Teremia block, was scheduled. What can you tell us about these actions? Has the program been respected?
The start of the experimental production represents an important milestone for our operation. It is the pinnacle of our teams and our contractors’ efforts to build from scratch these two infrastructure facilities on both fields: Jimbolia field located in DEE V-20 Jimbolia petroleum block, and Teremia North field, which spreads out on both EX-7 and EX-8 blocks, located in Timis county.

Both experimental production facilities were put into production in the third quarter of this year. The up-to-now given results are in line with our initial plans and the natural indicators obtained are in accordance with our expectations and calculations in both generation of electricity from the natural gas production in Jimbolia, but also as far as concerns the hydrocarbon oil production in Teremia North. Therefore, we are optimistic and we hope that future prospects will confirm the opportunity of moving forward to a different stage of development.

In 2019, did you continue the exploration operations? With what results?
Along with the two field where we started the operations of experimental production, we have completed the geophysical surveying activities on an area of 170 square kilometers in the EX-2 block, in Bihor county, and we are currently running a similar campaign in the EX-12 block in Timi? county. Completion of this latest seismic data acquisition project by the end of this year will amount for over 1000 square kilometers of collected 3D data in total, and over more than 200 kilometers of 2D geophysical surveying.

In addition, we completed the drilling operations at two wells where the works had started last year; we also initiated and completed drilling operations at two other new exploration wells in the EX-7 and EX-8 blocks. In total, up to now, NIS Petrol has drilled six exploration wells, for four of which we performed testing and workover operations.

The works on drilling the third new well this year are planned to start in December of this year. Thus, we will reach no less than seven wells drilled in eight years of activity of NIS Petrol in Romania.

The commercial production of the identified hydrocarbon resources depends on many short-term factors, including the reference prices on international markets and the fiscal regime in the area of action. What are your expectations for 2020 from these two perspectives?
As far as the internal market and the applicable fiscal regime are concerned, we would like to experience, like any other investors in the energy field, 2020 as a year characterized by a proper degree of stability.

The investments made in oil industry are considered investments on a long term and it is important to have a high predictability of the general business environment on the local market, including the fiscal regime aspects concerned.

Regarding international oil price developments, they can be influenced by an extremely complex mix of factors, both economic, including global and regional economic growth, as well as political and geopolitical. For this reason, it is extremely difficult to formulate a clear prediction.

We will continue to follow the future perspectives in terms of the two factors of referral and consequently we will adjust our priorities based on the further developments, however in close regard to the long-term group strategy.

Is the gas-to-power option on the table for the exploitation of the extracted natural gas or do you analyze it strictly to cover the technological consumption at the well?
Following an in-depth analysis of the various options identified, the decision was made to transform the natural gas obtained from experimental production into electricity.

According to our expertize this was the optimal solution, bearing in mind the considerable distance from the nearest gas pipeline and the still low level of the demand for CNG on the local market. Hence, the Gas-to-Power plant was installed on Jimbolia infrastructure facility.

The production of electricity allows both covering the internal technological consumption of the two wells, as well as the valorization of the production through the delivery of electricity into the national grid. Currently, we are working on increasing the production capacity for 2020.

In the areas where oil operations are carried out, there is a growing level of expectation from the local community in relation to various forms of direct benefits that local people could benefit: jobs, access to natural gas sources, etc. I suppose that the response of the operators depends essentially on the local specificity. How did these benefits materialize for the local communities where NIS Petrol is active?
NIS Petrol implements in Romania the CSR program entitled “Growing Rural Romania”. This program was launched in Romania in 2014 and continues today, supporting projects proposed by local communities, projects focused on increasing the welfare of communities and improving the quality of life of their citizens.

If in the last five years, NIS Petrol spend over euro 70,000 on an average per year, in 2019, due to an increased number of operations carried out, the CSR projects financed under the Growing Rural Romania program overcome the double of the annual average.

Nevertheless, the benefits the local communities have in the area were our operations are unfolded are not restricted to the social responsibilities programs, but they account for various other types, like jobs created for the local citizens by our contractors and also procurement of various types of services from local companies, on one hand.

On the other hand, it is worth mentioning the contribution through the payment of different taxes to the local budgets, as for example the authorization fee for the construction of a well, which is calculated as a percentage of the value of the investment. Another element that comes to the support of the communities and the agricultural activities at the local level refers to the rehabilitation of agricultural roads that facilitate the access to the wells, which are used both by the company and also by the other economic agents and of course by local citizens.

Once the commercial production phase is reached, the benefits for the community will definitely increase respectively, our involvement in the community becoming a tight long-term partnership.

The Romanian authorities have announced that the launch of a new round of bids for oil concessions is very close. Are you interested in new purchases through this instrument? Do you evaluate other ways to expand the portfolio in Romania or, more broadly, in the region of the Panonian geological basin?
Romania represents for the NIS group a market with good potential for growth and significant opportunities for development, both on the upstream and downstream segments. Nevertheless, we are pursuing a steady and sustained growth. One evidence supporting our commitment consist in the fact that, in the past years, NIS acquired the participation of two of our partners in two of the concessions and become operator in all six petroleum blocks.

Therefore, I would like to reiterate the fact that NIS Petrol is constantly monitoring and evaluating all available opportunities on the Romanian market. The planning of the 11th round of bidding for new petroleum concessions is a clear sign from Romanian authorities, that there is will and interest to development the petroleum industry. In addition, I would appreciate that it is an encouraging signal to any player in our field of activity, and this is one of the reasons NIS Petrol is willing to closely analyze all the information available regarding the new petroleum blocks.

[JonnyRBuck12]

Nice swap from EW to AAL, got to keep the money rotating. But I think now it's hard to lose on East West because the company has 5.5 cents in cash + equivalents(investments, NZ asset sale). At 6 cents you are getting upside on a million acres in Romania with a monster JV partner, so limited downside risk imo.

With the JV Romania deal, it's pretty good in that East West only pays it's 15% on producing wells, so the JV takes all the risk. With a million acres and a multi billion dollar partner, odds of them hitting some good wells are pretty good.

No problem, ask away. If I don't respond for a few days, my apologies as I don't check this site often.

[Yukii]

Thanks for the reply Jonny I might take a starter next week I used to own anywhere from 150-250k at 0.10 average sold to move on to aal made some decent money from the my buy 0.45 to sell at 1.02.

Ya Dave really shit the bed with the last few plays and hoping this thing does something for you and my friends sake.

I’m interested to know how you stumbled upon this ticker? Just shocked when I was going through the new boards and it said East west petroleum I’m like wow haven’t followed this for a long time. What are your thoughts where you see this thing going too?

Thanks Jonny sorry for all the questions it’s like a found a long lost friend when I saw you post and this board

[JonnyRBuck12]

Hello Yukii,

You're welcome. Unfortunately East West did not perform well over the last decade. But I think things will turn around now with new management. David Sido had to leave the board as he has been accused by authorities regarding the University scandal in the United States where people were paying professors to get their children into these schools. He also made some terrible investment decisions in Lithium and Cannabis with companies he has ties to, which was shady.

Anyway, East West has lots of cash and assets that can turn things around. In terms of averaging down, you want to be comfortable with every financial decision and I think your friend has a good chance of getting his money back, possibly a small profit this year.

I am new to EW and have a lower cost, but I think the potential is great.

[Yukii]

Thanks for that Jonny. My friend has and still owns this from the days it was around $1.00. His average cost is 0.17 now after doubling down a few times. I want to dab my feet in this but I think there will be a roll back r/s soon but maybe they will run it up before so.

What is your thoughts on this company? We have met Dave skidoo long time ago here in Vancouver but was too nervous to ask what was going on too many people around and I kick myself for being quite.

Take care ang gl to you

[JonnyRBuck12]

East West to test Bvs-1000 well in Q1 2020

2019-11-27 06:52 MT - News Release


An anonymous director reports

EAST WEST PETROLEUM ANNOUNCES OPERATIONAL UPDATES

East West Petroleum Corp. has provided an update on operations.

Romania

The company's joint venture partner and operator, Naftna Industrija Srbije (NIS), has provided the following information.

The operator, NIS, is actively progressing with comprehensive exploration programs in the EX2, EX3, EX7 and EX8 exploration blocks. It should be noted that all activities are dependent on securing the necessary government and local approvals.

Block EX-2 -- the 3-D seismic acquisition program of 170 square kilometres was completed in Q3 2019 and processing is under way. The phase 1 exploration period was extended for another two years and now ends in December, 2021.

Block EX-3 -- processing of the 223 square km of 3-D seismic data acquired in 2018 has been finished and interpretation is under way. Results are expected by end 2019. The phase 1 exploration period was also extended for another two years and now ends in December, 2021.

Block EX-7 -- an exploration well, Bvs-1000, was drilled in 1Q2019 to a total depth of 3,800 m and encountered several potential hydrocarbon bearing zones as identified on logs. Testing is now expected to commence in Q1 2020.

A deviated appraisal well on the Teremia North discovery, Ter-1001, was drilled in Q1 2019 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 barrels of oil per day. Extended well testing is continuing.

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 m. Extended testing is planned.

An exploration well, Pes-1000, was drilled and completed in Q3 2019 to a total depth of around 2,500 m. Several potential hydrocarbon bearing zones were encountered and testing is planned to commence before the end of 2019.

NIS will be financing 100 per cent of the costs and fully carrying East West Petroleum through the commitment work programs in each of the blocks in return for earning an 85-per-cent interest in each licence.

New Zealand

As previously announced the company has an agreement for sale of its 30-per-cent interest in its New Zealand permits and has been working with the purchaser to deal with the closing process. Recently there was a change in ownership of the operator and 70-per-cent owner which has resulted in a letter from government authorities regarding the financial capacity of the operator which impacts tenure to the permits. The operator must address the comments by early February, 2020, and as a result closing of the company's sale cannot occur until this issue is dealt with. As more information is obtained the company will provide an update.

About East West Petroleum Corp.

East West Petroleum is a TSX Venture Exchange listed company established in 2010 to invest in international oil and gas opportunities. The company has its primary focus on two key areas: New Zealand, where it has established production and cash flow, and Romania, where it is carried to production on an exploration program. In Romania the company has exploration rights in four exploration concessions covering one million acres in the prolific Pannonian basin of western Romania with Naftna Industrija Srbije (NIS). The company does not own the acres but has exploration rights.

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.