East West Extends Stock Option Terms

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 14, 2012) - East West Petroleum Corp. (TSX VENTURE:EW) (the "Company" or "East West Petroleum") Mr. David Sidoo, Chairman, wishes to report that the term of an existing stock option for the purchase of up to 225,000 shares, at a price of $0.45 per share, and initially issued for a term of 3 years, has been extended for 2 years such that these options will expire 5 years after grant date. This amendment is to make this option grant consistent with other grants having a 5 year term. Other than the term no other amendments have been made.

ABOUT EAST WEST PETROLEUM CORP.

East West Petroleum is a TSX Venture Exchange-listed company which was established in 2010 to invest in emerging international unconventional resource plays, leveraging management's knowledge of international opportunities and unconventional play technical expertise. In its first 18 months of operations, the Company has built an attractive platform of assets: An oil-prone, exploration block in the Assam region of India with the three largest E&P Indian firms ONGC, Oil India and GAIL; four exploration concessions covering 1,000,000 acres in the prolific Pannonian Basin of western Romania and a 500,000 acre exploration block onshore Morocco where conventional and unconventional oil potential has been delineated. The Company has also established oil and gas production in Canada. The Company is now poised to enter operational phases in Romania, where it will be fully carried by its partner Gazprom-controlled Naftna Industrija Srbije in a seismic and 12-well drilling program commencing in 2012/2013. The Company will operate geological field work and a seismic program to firm up drilling locations in Morocco. The Company is well funded to cover all anticipated seismic and drilling operations through 2012/2013, with funds available to secure other exploration and/or producing properties.