East West Pete Corp (EWPMF)

[JonnyRBuck12]

East West Petroleum Corp Q2 2022. All information is available on Sedar.

Symbols: EW (Canada) – EWPMF (USA) – 37A (Frankfurt)
Prices (November 24, 2022): $0.075CAD - $0.055USD - €0.039EUR
Shares Outstanding: 89,585,665
Options: 400,000 @ $0.10 | 1,890,000 @ $0.06
Warrants: Nil

Allowable Capital Losses: $8,440,000
Non-Capital Losses Available For Future Periods: $28,550,000
Canada: $17,329,000 from 2026-2042 & New Zealand: $11,221,000 (No Expiry Date)
**See Audited Results For More Details**

Financials

ASSETS
Cash: $5,116,085
GST Receivable: $6,602
Amounts Receivable: $294,319
Oil Inventory: $110,014
Prepaid Expenses: $36,082
Property, Plant & Equipment: $230,009
Total Assets: $5,793,111

LIABILITIES
Accounts Payable: $289,284
Decommissioning Liabilities: $997,138
Total Liabilities: $1,286,422

Six Month Performance
Revenue: $1,670,890
Comprehensive Income: $317,820

(Only recent updates. Prior quarterly information is available on Sedar)

Romania

Without a joint declaration of a commercial discovery it is the Company’s position that commercial development of the field cannot proceed, NIS did not share this opinion. Rather than litigating this issue the discussions continued with NIS in an attempt to find a way forward. Given the consequences of a commercial discovery decision and significant funding obligations the Company and NIS continued negotiations on all available options including a monetization event. Negotiations were progressing well and a non-binding letter of intent was finalized. The parties were moving towards final documentation with essential terms of a monetization event agreed, being a cash payment of US $500,000 and a royalty interest of 2.1%, as defined. The outbreak of war between Ukraine and Russia brought all attempts to implement the agreed terms to a halt, with the issue being that NIS is owned, in part, by a Russian entity which is subject to Canadian government sanctions. The Company and NIS are working on the final documentation to implement the agreed terms once closing is possible.