East West Petroleum Corp.

East West Petroleum Corp.

October 11, 2011 09:15 ET

East West Petroleum to Conduct Normal Course Issuer Bid

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 11, 2011) - East West Petroleum Corp. (TSX VENTURE:EW) (the "Company" or "East West") wishes to announce that, subject to regulatory approval, it will make a normal course issuer bid for up to 7,995,189 shares of the Company over a period of one year (the "Bid Period"), being 9.59% of the Company's issued and outstanding common shares, with up to 1,674,673 shares of the Company purchasable over any 30-day period within the Bid Period, being 2% of the Company's issued and outstanding common shares. The Bid Period will commence on October 14, 2011 and will continue until the earlier of October 13, 2012 or the date by which the Company has acquired the maximum 7,995,189 shares which may be purchased under the bid.

Purchases will be made through the facilities of the TSX Venture Exchange (the "Exchange"), and the price at which the Company will purchase its shares will be the market price of the shares at the time of acquisition. The Company has appointed Mackie Research Capital Corporation as its broker to conduct normal course issuer bid transactions.

The Company has 83,733,648 common shares issued and outstanding. Common shares purchased by the Company will be returned to treasury for cancellation.


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 in 2012. The Company will operate geological field work and a seismic program to firm up drilling locations in Morocco. Operating partner Oil India expects to commence seismic operations in 2012 in India. The Company's cash position of approximately $29.5 million will cover all anticipated seismic and drilling operations through 2012, with funds available to secure other exploration and/or producing properties. The stock trades under the symbol EW, currently just above cash value.

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)

    East West Petroleum Corp.
    Nick DeMare
    +1 604 685 9316
    +1 604 683 1585 (FAX)