Ewpmf - East West Petroleum Corporation

Discussion in 'Penny Stocks' started by Jon Alba, Jan 10, 2020.

  1. Jon Alba

    Jon Alba Senior Investor

    Joined:
    May 2018
    Posts:
    616
    Likes Received:
    3
    EW.V - East West Petroleum Corp (Due Diligence Report)

    Symbol: EW.V (Canada) & EWPMF(USA)
    Current Price: $0.055CAD & $0.04USD
    Shares Outstanding: 89,585,665

    Most Recent Financials (Ending September 30th, 2019) In CAD

    ASSETS
    Cash: $3,719,020
    GST Receivable: $7,923
    Amounts Receivable: $223,772
    Prepaid Expenses: $22,654
    Investments: $554,709
    Assets Held For Sale: $2,067,867
    Total Assets: $6,595,945

    LIABILITIES
    Accounts Payable: $206,404
    Decommissioning Liability: $309,904
    Liabilities On Asset Held For Sale: $943,472
    Deposit: $65,505
    Total Liabilities: $1,525,285

    NAV $6,595,945 - $1,525,285 = $5,070,660


    Management Discussion Highlights

    Company Overview

    The Company is a reporting issuer in British Columbia and Alberta and trades on the TSX Venture Exchange
    (“TSXV”) under the symbol “EW” as a Tier 1 issuer. The Company currently carries on business in one operating
    segment, being the acquisition of, exploration for and production from petroleum and natural gas properties. The
    Company’s current portfolio consists of interests in exploration concessions in New Zealand and Romania and
    producing properties in the Taranaki Basin, New Zealand. The Company has agreed to sell its interest in PEP 54877
    and PMP 60291 which comprise the majority of its New Zealand assets. See “Proposed Disposition of New Zealand
    Oil & Gas Assets”. The Company also holds investments in common shares of Advantage Lithium Corp.
    (“Advantage Lithium”) and Seaway Energy Services Inc. (Seaway”), public companies whose common shares trade on the
    TSXV. The Company’s principal office is located at #1305 - 1090 West Georgia Street, Vancouver, BC, V6E
    3V7.

    Proposed Disposition of New Zealand Oil & Gas Assets

    On June 24, 2019 the Company signed a heads of agreement (the “HOA”) with a private arm’s length New Zealand
    company (the “Buyer”) pursuant to which the Company has agreed to sell its interest in PEP 54877 and PMP 60291
    (collectively, the “Permits”) which comprise the entirety of the Company’s assets in New Zealand (the “Transaction”).
    On October 5, 2019 the Company and the Buyer signed the definitive agreement ( the “Definitive Agreement”) for the
    sale and purchase of the Permits under the Transaction.

    The Permits are the subject of a joint operating agreement (the “JOA”) between EWNZ, a wholly-owned subsidiary of
    the Company, and Cheal Petroleum Limited (“CPL”). The disposition of the Company’s interest in the Permits will be
    conditional upon the waiver of CPL of its rights under the JOA to acquire the Company’s interest in the Permits, and
    the waiver or satisfaction of any other obligations as may exist to CPL.

    Pursuant to the terms of the Definitive Agreement, and in consideration of the Transaction, the Buyer will pay the
    Company US $1,900,000 in cash. The effective date for the sale is April 1, 2019 and payments are staged over 16
    months of closing with initial payment of US $1,000,000 with normal closing adjustments, due on closing. On
    August 7, 2019 the Company received Company shareholder approval. Completion of the Transaction is subject to
    approvals to the transfer from New Zealand’s Overseas Investment Act 2005 and New Zealand Petroleum and
    Minerals (“NZP&M”) and final TSXV approval.

    Romania

    During fiscal 2010 the Company was informed by the government of Romania that it had been awarded four
    exploration blocks located in the Pannonian Basin, in western Romania. In May 2011 the Company signed petroleum
    concession agreements with the National Agency for Minerals and Hydrocarbons (“NAMR”) the government agency
    in Romania which regulates the oil and gas industry.

    The four concessions have specific mandatory work programs (the “Romania Work Programs”), which were
    estimated at US $62,741,000 for all four programs. Production from the concessions is also subject to royalties of
    between 3.5% to 13.5% based on quarterly gross production payable to the government.

    On May 20, 2011 the Company and Naftna Industrija Srbije j.s.c. Novi Sad (“NIS”), an arm’s length corporation,
    signed a memorandum of understanding to jointly explore the four exploration blocks in Romania. On October 27,
    2011 the Company and NIS signed a farm-out agreement (the “Farm-out”). Under the terms of the Farm-out, NIS has
    paid the Company a total of $525,000 for the assignment of an 85% participation interest and operatorship of the
    Romania Work Programs to NIS. NIS is the operator of the four concessions and has the obligation to fund the
    Romania Work Programs, including environmental work, 2D and 3D seismic acquisition and processing, and the
    drilling of 12 wells. The Company retains a 15% carried interest in each block through the obligatory Phase I work
    program and an optional one year Phase II work program which carries additional commitments. The current expiries
    of the Phase I terms are as follows: Block EX-2 December 12, 2021, Block EX-3 December 14, 2021 and
    November 22, 2020 for Blocks EX-7 and EX-8. If a commercial discovery is made, the Company is responsible for its
    15% interest in development of the commercial discovery.

    As operator, NIS has proposed and is actively progressing comprehensive exploration programs in the EX-2, EX-3,
    EX-7 and EX-8 exploration blocks in Romania. It should be noted that all activities are dependent on securing the
    necessary government and local approvals.

    On Block Ex-2, acquisition program of 3D seismic in the amount of 170 Km2 was completed in Q3/2019 (calendar)
    and processing of the data is underway.

    On Block EX-3, processing of the data acquired last year on 223 km2 3D seismic program has been finished.
    Interpretation of the data is ongoing and results are expected by the end of December 2019.
    On Block EX-7, an exploration well, Bvs-1000, was drilled in 1Q/2019 (calendar) to a total depth of 3,800 meters and
    encountered several potential hydrocarbon bearing zones as identified on logs. Testing is now expected to commence
    in 1Q/2020(calendar). A deviated appraisal well on the Teremia North discovery, Ter-1001, was drilled in 1Q/2019
    (calendar) and encountered several potential hydrocarbon-bearing zones. A long-term test was conducted from April
    to July 2019 which established a stabilized oil flow rate of approximately 150 bopd. Extended well testing is ongoing.

    On Block EX-8, a second deviated appraisal well on the Teremia North field, Ter-1002, was spudded in September
    2019 and has been drilled to a measured depth of more than 2,600 metres. Extended testing is planned. An
    exploration well, Pes-1000 was drilled and completed in 3Q/2019 (calendar) to a total depth of around 2,500 metres.
    Several potential hydrocarbon bearing zones were encountered and testing is planned to commence before the end of
    December 2019.

    NIS will be funding 100% of the costs and fully carrying the Company through the commitment work programs in
    each of the blocks in return for earning an 85% interest in each licence.

    Investments

    As at September 30, 2019 the Company held 1,719,000 common shares of Advantage Lithium and 512,400 common
    shares of Seaway. The September 30, 2019 fair value of these investments was $554,709. Certain current and former
    directors and officers of the Company are also current and former directors and /or officers of Advantage Lithium and
    Seaway.

    Outstanding Share Data
    The Company’s authorized share capital is unlimited common shares with no par value. As at November 27, 2019
    there were 89,585,665 outstanding common shares and 3,415,000 share options outstanding with exercise prices
    ranging from $0.09 to $0.135 per share.
     
  2. Jon Alba

    Jon Alba Senior Investor

    Joined:
    May 2018
    Posts:
    616
    Likes Received:
    3
    East West to test Bvs-1000 well in Q1 2020

    2019-11-27 06:52 MT - News Release


    An anonymous director reports

    EAST WEST PETROLEUM ANNOUNCES OPERATIONAL UPDATES

    East West Petroleum Corp. has provided an update on operations.

    Romania

    The company's joint venture partner and operator, Naftna Industrija Srbije (NIS), has provided the following information.

    The operator, NIS, is actively progressing with comprehensive exploration programs in the EX2, EX3, EX7 and EX8 exploration blocks. It should be noted that all activities are dependent on securing the necessary government and local approvals.

    Block EX-2 -- the 3-D seismic acquisition program of 170 square kilometres was completed in Q3 2019 and processing is under way. The phase 1 exploration period was extended for another two years and now ends in December, 2021.

    Block EX-3 -- processing of the 223 square km of 3-D seismic data acquired in 2018 has been finished and interpretation is under way. Results are expected by end 2019. The phase 1 exploration period was also extended for another two years and now ends in December, 2021.

    Block EX-7 -- an exploration well, Bvs-1000, was drilled in 1Q2019 to a total depth of 3,800 m and encountered several potential hydrocarbon bearing zones as identified on logs. Testing is now expected to commence in Q1 2020.

    A deviated appraisal well on the Teremia North discovery, Ter-1001, was drilled in Q1 2019 and encountered several potential hydrocarbon-bearing zones. A long-term test was conducted from April to July, 2019, which established a stabilized oil flow rate of approximately 150 barrels of oil per day. Extended well testing is continuing.

    Block EX-8 -- A second deviated appraisal well on the Teremia North field, Ter-1002, was spudded in September, 2019, and has been drilled to a measured depth of more than 2,600 m. Extended testing is planned.

    An exploration well, Pes-1000, was drilled and completed in Q3 2019 to a total depth of around 2,500 m. Several potential hydrocarbon bearing zones were encountered and testing is planned to commence before the end of 2019.

    NIS will be financing 100 per cent of the costs and fully carrying East West Petroleum through the commitment work programs in each of the blocks in return for earning an 85-per-cent interest in each licence.

    New Zealand

    As previously announced the company has an agreement for sale of its 30-per-cent interest in its New Zealand permits and has been working with the purchaser to deal with the closing process. Recently there was a change in ownership of the operator and 70-per-cent owner which has resulted in a letter from government authorities regarding the financial capacity of the operator which impacts tenure to the permits. The operator must address the comments by early February, 2020, and as a result closing of the company's sale cannot occur until this issue is dealt with. As more information is obtained the company will provide an update.

    About East West Petroleum Corp.

    East West Petroleum is a TSX Venture Exchange listed company established in 2010 to invest in international oil and gas opportunities. The company has its primary focus on two key areas: New Zealand, where it has established production and cash flow, and Romania, where it is carried to production on an exploration program. In Romania the company has exploration rights in four exploration concessions covering one million acres in the prolific Pannonian basin of western Romania with Naftna Industrija Srbije (NIS). The company does not own the acres but has exploration rights.

    We seek Safe Harbor.

    © 2020 Canjex Publishing Ltd. All rights reserved.
     
  3. Jon Alba

    Jon Alba Senior Investor

    Joined:
    May 2018
    Posts:
    616
    Likes Received:
    3
    2020-02-03 07:08 MT - News Release


    Mr. Nick Demare reports

    EAST WEST PROVIDES FURTHER UPDATE ON SALE OF 30% INTEREST IN CHEAL PERMITS

    East West Petroleum Corp. has provided this update on the sale of its interest in petroleum exploration permit 54877 and petroleum mining permit 60291, which are subject to joint venture between a wholly owned subsidiary of the company and Cheal Petroleum Ltd., to an arm's-length private New Zealand company, on the terms previously announced in a news release of the company dated June 24, 2019.

    At this time there are no contractual issues that are an impediment to closing the transaction, and the company and the purchaser had previously anticipated closing at or about this time.

    In a news release dated Nov. 27, 2019, the company announced that because of the change in ownership of Cheal Petroleum as the operator of the joint venture and owner of 70-per-cent interest in the Cheal permits, certain government authorities in New Zealand had issued a notice regarding the financial capacity of the operator that impacted tenure to the Cheal permits. If the concerns are not satisfied, then tenure to the Cheal permits could be revoked. A revocation would impact both the company's 30-per-cent interest and Cheal Petroleum's 70-per-cent interest. The government has communicated no specific issues with the company or the proposed purchaser of the company's 30-per-cent interest in the joint venture. Cheal Petroleum has prepared and submitted a response and fully expects that all issues will be satisfactorily resolved.

    Until local regulatory issues are addressed closing of the transaction cannot occur. At this time, it is not known when such concerns will be resolved, or whether they will be resolved, and further it is not known whether the delay could impact the company's agreement with the purchaser in respect of the transaction. As additional information is available, the company will provide further updates.

    About East West Petroleum Corp.

    East West Petroleum is a TSX Venture Exchange-listed company established in 2010 to invest in international oil and gas opportunities. The company has its primary focus on two key areas: New Zealand, where it has established production and cash flow, and Romania where it is carried to production on an exploration program. In Romania the company has exploration rights in four exploration concessions covering one million acres in the prolific Pannonian Basin of western Romania with Naftna Industrija Srbije (NIS). The company does not own the acres but has exploration rights.

    We seek Safe Harbor.

    © 2020 Canjex Publishing Ltd. All rights reserved.
     
  4. Jon Alba

    Jon Alba Senior Investor

    Joined:
    May 2018
    Posts:
    616
    Likes Received:
    3
    East West to proceed with Cheal interest sale closing

    2020-02-18 08:09 MT - News Release


    Mr. Nick Demare reports

    EAST WEST NOW PROCEEDS TO CLOSE SALE OF 30% INTEREST IN CHEAL PERMITS

    East West Petroleum Corp. has provided this further update regarding the sale of its 30-per-cent interest in petroleum exploration permit 54877 and petroleum mining permit 60291 (Cheal permits) to an arm's-length private New Zealand company, on the terms previously announced in a news release of the company dated June 24, 2019.

    The Company's news release of February 3rd 2020 provided an update on the regulatory concerns that had delayed closing of the Transaction and reported that Cheal Petroleum, the owner of a 70% interest in the permits and the operator, had prepared and submitted a response to local regulatory authorities addressing all concerns raised. The Company has now been advised by the local regulatory authorities that the permits will not be revoked and accordingly the Company and the Purchaser can now move forward to close the Transaction, the process will include approval to the transfer of the permits from local regulatory authorities. The Company does not anticipate significant delays for the Purchaser to obtain all necessary approvals to the Transaction.

    As additional information is available regarding a closing date for the Transaction the Company will provide further updates.

    About East West Petroleum Corp.

    East West Petroleum Corp. (www.eastwestpetroleum.ca) is a TSX Venture Exchange listed company established in 2010 to invest in international oil & gas opportunities.

    We seek Safe Harbor.

    © 2020 Canjex Publishing Ltd. All rights reserved.
     
  5. Jon Alba

    Jon Alba Senior Investor

    Joined:
    May 2018
    Posts:
    616
    Likes Received:
    3
    East West Petroleum Report. Recent Financials (Available On Sedar)

    Price: $0.035
    Common Shares: 89,585,665

    Financials (As of December 31, 2019)

    ASSETS
    Cash: $4,149,150 - $0.0463 cents per share
    Receivables: $276,039
    Prepaid Expenses: $14,780
    Investments: $692,229 (Made up of AAL & SEW.H Shares)
    Assets Held For Sale: $1,786,828 – New Zealand Asset Sale (Still proceeding as per Feb 2020 news)
    Total Assets: $6,919,026

    LIABILITIES
    Accounts Payable: $296,150
    Decommissioning Liability: $319,101 – removed once NZ sale completed
    Liabilities On Asset Held For Sale: $995,431 – removed once NZ sale completed
    Deposit: $65,505
    Total Liabilities: $1,676,187


    No value on assets in Romania as clearly shown above. Keep in mind that (Property, Equipment & Exploration Assets) were written off mid-2019 and can always be added back once those assets are producing. The true value of East West Petroleum is far higher than what the current stock trades at.
     
  6. Jon Alba

    Jon Alba Senior Investor

    Joined:
    May 2018
    Posts:
    616
    Likes Received:
    3
    East West Petroleum Announces Corporate Updates

    Vancouver, British Columbia--(Newsfile Corp. - April 23, 2020) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to provide this corporate update.

    OPERATIONAL UPDATES

    Romania

    The Company's joint venture partner and operator, Naftna Industrija Srbije ("NIS"), has provided the following operational update for Romania.

    Due to the Covid-19 pandemic the state of emergency and a nationwide lockdown was imposed by the Romanian government on March 25, 2020. Consequently, the operator NIS, has temporarily ceased new exploration field activity until such time that the lockdown is lifted and social distancing requirements can be safely relaxed. It is expected that this will substantially delay the planned 2020 exploration programs in the EX-2, EX-3, EX-7 and EX-8 exploration blocks in Romania. As usual, it should be noted that all activities are dependent on securing the necessary government and local approvals.

    Block EX-2; an acquisition program of 170 Km2 of 3D seismic was completed in 4Q 2019. Processing is expected to be completed in May 2020. Exploration drilling is anticipated to commence in 2021.

    Block EX-3; interpretation of the 223 km2 of 3D seismic acquired in 2018 has been completed. This work has identified several exploration prospects with drilling expected to commence in 2021.

    Block EX-7; testing of the BVS-1000 exploration well, which was drilled and completed to 3,800 m in 1Q 2019, has been postponed until 2021.

    On the Teremia North discovery, the initial discovery well, Teremia-1000 has experienced mechanical problems resulting in an inflow of formation water. A workover is planned for 2021. An appraisal well, Teremia-1001, was drilled and completed in 1Q 2019 and, following initial testing, was placed on long term experimental production in July 2019. Production rates have stabilised around 150 bopd.

    Block EX-8; A second appraisal well, Teremia-1002, was drilled into the extension of the Teremia North discovery in Block EX-8. The well was completed and tested in 4Q 2019 and has subsequently been placed on long term experimental production with rates stabilising around 150 bopd.

    Following the drilling of the Pesac Sud-1000 exploration well in 3Q 2019, two separate intervals were tested in 4Q 2019. Both tests failed to indicate the presence of hydrocarbons. Future testing of potentially prospective shallower zones is being considered for 2021.

    NIS Petrol is committed to fulfilling the commitment work programs in all blocks, considering certain legislative changes and being granted appropriate extensions due to the current Covid-19 situation.

    NIS will be funding 100% of the costs and fully carrying East West through the commitment work programs in each of the blocks in return for earning an 85% interest in each licence.

    New Zealand

    The Company's news release of February 3rd 2020 reported that the local regulatory issues of Cheal Petroleum, the owner of a 70% interest in the permits and the operator, had been resolved such that the Company could proceed to close the transaction for the sale of its 30% interest. The Company had agreed with an arm's length local New Zealand purchaser to sell, with an effective date of April 1st 2019 its interest in Petroleum Exploration Permit 54877 and Petroleum Mining Permit 60291 for sale proceeds of US$1,900,000 in cash. Net revenue, as defined, since April 1st 2019 is being credited to the purchase price such that as at March 31st 2020 the Company has received approximately US $ .95 million of the sale proceeds. The Company had anticipated that as of this date it would have closed the sale but as result of the COVID-19 pandemic and subsequent shut down of various government offices in New Zealand, which must approve the transfer of the properties, it is uncertain when closing can occur. At this time it is not known when all government approvals to the sale will be in place and therefore a closing date cannot be determined other than pursuant to the agreement with the purchaser closing must occur, subject to possible extensions, by June 24th 2020.

    From an operational perspective with the recent collapse in price of oil the economics of continuing operations at Cheal is under review. The operator has reported that they have initiated preliminary plans to investigate the real possibility of closing in production at Cheal.

    About East West Petroleum Corp.

    East West Petroleum Corp. (www.eastwestpetroleum.ca) is a TSX Venture Exchange listed company established in 2010 to invest in international oil & gas opportunities. The Company has its primary focus on two key areas: New Zealand, where it has established production and cash flow and Romania where it is carried to production on an exploration program. In Romania the Company has exploration rights in four exploration concessions covering 1,000,000 acres in the prolific Pannonian Basin of western Romania with Naftna Industrija Srbije ("NIS"). The Company does not own the acres but has exploration rights.

    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.

    Forward-looking Statements: Certain statements in this press release are "forward-looking statements" which reflect the Company's current expectations and projections about future events and financial trends that it believes might affect its financial condition, results of operations, business strategy and financial needs. In some cases, these forward-looking statements can be identified by words or phrases such as "may", "might", "will", "expect", "anticipate", "estimate", "intend", "plan", "indicate", "seek", "believe", "estimates", "predicts" or "likely", or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including without limitation, those risks and uncertainties discussed elsewhere in the Company's filings on SEDAR. Investors should not place undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date hereof and is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

    Nick Demare
    [email protected]
    Tel: (604) 685-9316

    To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54767
     
  7. Jon Alba

    Jon Alba Senior Investor

    Joined:
    May 2018
    Posts:
    616
    Likes Received:
    3
    Update from SEW.H, which EW holds over 500k shares in and has not traded in over a year:

    2020-05-11 12:55 MT - News Release

    Mr. Peter Espig reports

    SEAWAY ANNOUNCES VOLUNTARY DELISTING FROM THE TSX VENTURE EXCHANGE

    Seaway Energy Services Inc., further to its news release dated Feb. 24, 2020, has made an application to the TSX Venture Exchange to voluntarily delist its common shares from the TSX-V in support of a listing of the common shares on the Canadian Securities Exchange. The Company anticipates that its Common Shares will be voluntarily delisted from the TSXV immediately following the close of trading on May 12, 2020. The Company has received conditional approval from the CSE and trading is anticipated to commence shortly.

    The Company will complete a three-cornered amalgamation with Sweet Earth Holdings Inc. ("Sweet Earth") a vertically integrated and award-winning company focused on hemp production and CBD related products. A member of the American National Hemp Association and Leaping Bunny accredited, the Company maintains a complete "farm to shelf" platform. Its farms focus on pure organic hemp growing while production specializes on high-end CBD products that can be purchased on its website and high-end distributers in the United States.

    Sweet Earth maintains business operations and networks in the following jurisdictions:

    North America: Hemp-focus agronomy research, product development, main farm production, drying, and extraction facilities are headquartered in the State of Oregon. It has a distribution office and acreage package in California, the world's largest market for CBD products;

    European Union (EU): Sweet Earth expanded its operations into the EU in 2020, by securing land and production capacity in Spain. Its Spanish farm augments access to European markets through strong distribution partnerships;

    South America: The Company is currently expanding into Panama, for its Central and South American operations, and has signed an LOI with a leading pharmaceutical company for distribution throughout the region;

    Asia: Focused is on anti-ageing creams for the Japanese and Korean markets.

    The Sweet Earth Brand and products continues to garner high ratings and sales expansion because of its superior agriculture and cutting-edge product development.

    We seek Safe Harbor.

    © 2020 Canjex Publishing Ltd. All rights reserved.
     
  8. Jon Alba

    Jon Alba Senior Investor

    Joined:
    May 2018
    Posts:
    616
    Likes Received:
    3
    East West extends sale of Cheal permits by 30 days

    2020-06-24 15:35 MT - News Release


    Mr. Nick Demare reports

    EAST WEST PETROLEUM ANNOUNCES EXTENSION AGREEMENT

    East West Petroleum Corp. is providing this further update regarding the sale of its 30-per-cent interest in petroleum exploration permit 54877 and petroleum mining permit 60291 (the Cheal permits), to an arm's-length private New Zealand company, on the terms previously announced in a news release of the company dated June 24, 2019.

    In a news release of April 23, 2020, the company provided an update on closing and commented that it was uncertain when closing could occur. At this time, due in part to COVID-19 issues and regulatory issues of the 70-per-cent owner which have now been resolved, limited progress has been made in regards to securing the government's consent, as required, by June 24, 2020, and agreement has been reached that provides for an initial extension of up to 30 days. Further news will be announced as it becomes available.

    About East West Petroleum Corp.

    East West has its primary focus on two key areas: New Zealand, where it has established production and cash flow; and Romania, where it is carried to production on an exploration program. In Romania, the company has exploration rights in four exploration concessions covering one million acres in the prolific Pannonian basin of western Romania with Naftna Industrija Srbije (NIS). The company does not own the acres but has exploration rights.

    We seek Safe Harbor.

    © 2020 Canjex Publishing Ltd. All rights reserved.
     
  9. Jon Alba

    Jon Alba Senior Investor

    Joined:
    May 2018
    Posts:
    616
    Likes Received:
    3
    East West cancels sale of 30% interest in Cheal permits

    2020-08-04 10:08 MT - News Release


    An anonymous director reports

    EAST WEST PETROLEUM ANNOUNCES TERMINATION OF AGREEMENT

    East West Petroleum Corp. has terminated the agreement regarding the sale of its 30-per-cent interest in petroleum exploration permit 54877 and petroleum mining permit 60291 (the Cheal permits) to an arm's-length private New Zealand company, on the terms previously announced in a news release of the company dated June 24, 2019.

    The continuing delays and an effective date of April 1, 2019, make the agreement not in the best interests of shareholders. The company will continue to work to bring value to shareholders from its 30-per-cent interest, which can include the sale of the working interest.

    About East West Petroleum Corp.

    East West Petroleum was established in 2010 to invest in international oil and gas opportunities.

    We seek Safe Harbor.

    © 2020 Canjex Publishing Ltd. All rights reserved.
     
  10. Jon Alba

    Jon Alba Senior Investor

    Joined:
    May 2018
    Posts:
    616
    Likes Received:
    3
    East West Petroleum's McElroy resigns as director

    2020-08-11 15:10 MT - News Release


    Mr. Nick Demare reports

    EAST WEST PETROLEUM ANNOUNCES RESIGNATION OF ROSS MCELROY

    East West Petroleum Corp.'s Ross McElroy has resigned as a director of the company. The board thanks Mr. McElroy for his contributions to the company as a director and audit committee member and wishes him well in his future endeavours.

    About East West Petroleum Corp.

    East West Petroleum was established in 2010 to invest in international oil and gas opportunities.

    © 2020 Canjex Publishing Ltd. All rights reserved.
     

Share This Page