East West Petroleum Corp.

East West Petroleum Corp.

April 13, 2012 16:59 ET

East West Grants New Options and Re-Prices Existing Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 13, 2012) - East West Petroleum Corp. (TSX VENTURE:EW) (the "Company" or "East West Petroleum") announces the granting of stock options to a director and a consultant to purchase up to 300,000 common shares of the Company at a price of $0.40 per share for a period of three years. In addition, subject to disinterested shareholder approval, the board of directors has agreed to amend the terms of 1,040,000 stock options previously granted to Mr. Marc Bustin, a director of the Company, by reducing the exercise price from $1.16 per share to $0.40 per share. Other than the imposition of certain trading restrictions, all other terms of the options remain the same.


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. The Company will operate geological field work and a seismic program to firm up drilling locations in Morocco. The Company's cash position of approximately $28.5 million will cover all anticipated seismic and drilling operations through 2012, with funds available to secure other exploration and/or producing properties.

Website: www.eastwestpetroleum.ca

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.

Contact Information

  • East West Petroleum Corp.
    David Sidoo
    +1 604 682 1558
    +1 604 682 1568 (FAX)

    East West Petroleum Corp.
    Greg Renwick
    President & CEO
    +1 972 955 7251
    +1 604 683 1585 (FAX)