East West Petroleum Corp.

East West Petroleum Corp.

September 14, 2010 20:02 ET

East West Announces Increased Placement, Grant of Stock Options and Reduced Purchase Price for Carbon Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 14, 2010) - Mr. David Sidoo reports that East West Petroleum Corp. ("East West" or the "Company") (TSX VENTURE:EW.H) is pleased to announce that the Company's private placement announced in its news release of August 18, 2010 has been increased to raise $3,400,000 by the issuance of 13,600,000 units at $0.25 each. Each unit consists of one share and one warrant to buy one share for $0.34 for a period of three years from the closing of the Company's Reactivation announced in the said news release. Finders' fees will be payable with respect to the placement in accordance with Exchange policies. The private placement is fully subscribed and remains subject to regulatory approval.

Amendment to Purchase Price for Carbon Property

Also further to the Company's August 18th news release, the purchase price to buy the interest of Sphere Energy Corp. in the Carbon Property in Alberta has been adjusted to $1,125,000, a decrease of $75,000 from the original purchase price. The acquisition remains subject to regulatory approval.

Stock Option Grant

Pursuant to its Stock Option Plan and in conjunction with the closing of the Company's Reactivation and subject to shareholder and regulatory approval of the Reactivation, the Company has granted options to purchase up to 1,252,530 shares of the Company exercisable at $0.25 per share for a term of five years from the closing date of the Reactivation.


East West Petroleum Corp. trades on the TSX Venture Exchange under the symbol EW.H. East West is an emerging exploration and production company focused on conventional and unconventional petroleum resources.

Completion of the transactions is subject to a number of conditions, including Exchange acceptance and disinterested Shareholder approval. The transactions cannot close until the required Shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Filing Statement to be prepared in connection with the transaction, any information released or received with respect to the COB may not be accurate or complete and should not be relied upon. Trading in the securities of East West Petroleum Corp. should be considered highly speculative.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • East West Petroleum Corp.
    Greg Renwick
    President & CEO
    +1-604-683-1585 (FAX)
    East West Petroleum Corp.
    Nick DeMare
    +1-604-683-1585 (FAX)