East West Petroleum Corp.

East West Petroleum Corp.

October 05, 2015 20:10 ET

East West Petroleum Acquires Additional Shares of North South Petroleum Corp.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 5, 2015) - East West Petroleum Corp. (TSX VENTURE:EW) (the "Company" or "East West") announces that, further to its news release dated April 9, 2015, the Company has acquired ownership and control of an additional 479,500 common shares (each a "Share") in the capital of North South Petroleum Corp. ("North South"), formerly Valor Ventures Inc. The Shares were acquired through the facilities of the NEX board of the TSX Venture Exchange at prices ranging from CDN$0.165 to CDN$0.295 for a total investment of CDN$100,752.

As a result of the acquisition of the Shares, East West owns and controls a total of 4,379,500 common shares in the capital of North South, representing approximately 18.80% of the issued and outstanding common shares of North South. East West has acquired the Shares for investment purposes and may in the future acquire or dispose of securities of North South, through the market, privately or otherwise, as circumstances or market conditions warrant.

East West's address is #1210-1095 West Pender Street, Vancouver, BC V6E 2M6. For further information, please refer to the Early Warning Report posted on North South's profile on SEDAR or contact David Sidoo, President and Chief Executive Officer of East West, at (604) 682-1558.

About East West Petroleum Corp.

East West Petroleum (www.eastwestpetroleum.ca) is a TSX Venture Exchange listed company established in 2010 to invest in international oil & gas opportunities. East West has built a diverse portfolio of attractive exploration assets covering a gross area of over one million acres. The Company has its primary focus on two key areas: New Zealand, where it has established production and cash flow and is evaluating a low risk exploration play, and Romania where it is fully carried on an upcoming high impact 12 well exploration program. In New Zealand, East West holds an interest in three exploration permits near to existing commercial production in the Taranaki Basin, operated by TAG Oil Ltd. (TSX:TAO). The Company also has interests in four exploration concessions covering 1,000,000 acres in the prolific Pannonian Basin of western Romania with Naftna Industrija Srbije ("NIS").

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: the ability to raise sufficient capital to fund exploration and development; the quantity of and future net revenues from the Company's reserves; oil and natural gas production levels; commodity prices, foreign currency exchange rates and interest rates; capital expenditure programs and other expenditures; supply and demand for oil and natural gas; schedules and timing of certain projects and the Company's strategy for growth; competitive conditions; the Company's future operating and financial results; and treatment under governmental and other regulatory regimes and tax, environmental and other laws.

This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

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.
    Chris Beltgens
    Corporate Development Manager

    East West Petroleum Corp.
    Max Sali
    +1 604 682 1558
    +1 604 682 1568 (FAX)