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east west petroleum corp (EW) Details

East West Petroleum Corp. is engaged in the acquisition, exploration, development, and production of petroleum and natural gas properties. It primarily invests in conventional and unconventional resource plays. The company holds interest in a portfolio of assets covering an area of approximately 1.6 million prospective exploration acres primarily in New Zealand, Romania, Morocco, India, and the United States. It has interests in 3 exploration permits in the Taranaki Basin of New Zealand; 4 exploration concessions covering 1,000,000 acres in the prolific Pannonian Basin of Western Romania; the Doukkala exploration permit covering 500,000 acres in onshore Morocco with conventional and unconventional potential; AA-ONN-2010/2, an oil-prone exploration block covering 100,000 acres in the Assam region of India; a joint venture exploration program covering over 8,000 gross acres in California; and interests in the Carbon property, which has 4 producing oil wells and 14 gas wells located to the northeast of Calgary, Alberta. The company was formerly known as Avere Energy Inc. and changed its name to East West Petroleum Corp. in August 2010. East West Petroleum Corp. was incorporated in 1987 and is based in Vancouver, Canada.

Founded in 1987

east west petroleum corp (EW) Top Compensated Officers

Chief Financial Officer, Secretary, Director,...
Total Annual Compensation: C$36.0K
Compensation as of Fiscal Year 2012.

east west petroleum corp (EW) Key Developments

East West Petroleum Corp Reports Operating Results for the 15 Months Ended March 31, 2014

East West Petroleum Corp. reported operating results for the 15 months ended March 31, 2014. The company reported that three wells currently on permanent production, testing pending on one additional well, and one well awaiting rework. First production achieved in November 2013, with two further wells onstream in the first quarter of 2014. From inception in November 2013 through March 2014, production averaged 414 b/d, which benefitted from the company receiving 100% of the first $5 million in revenue from the Cheal E-site under the joint venture agreement with TAG Oil. Average price per barrel received for oil sales during the January to March 2014 period was $107.57. Netback to the company after royalties, transportation and storage, and production costs was $83.78/b Production in May and June averaged approximately 180 b/d and 200 b/d, respectively, net to East West. All licences now ratified in Romania and seismic acquisition progressing in advance of the 12-well exploration program, all of which to be fully funded by NIS.

East West Petroleum Corp. Provides Taranaki Basin Operations Update

East West Petroleum Corp. provided the following update on its operations in the Taranaki Basin of New Zealand. The Company's joint venture partner, TAG Oil Ltd. is the operator of all licenses. Cheal-E1, E4, and E5 wells, all located on the Cheal North East Permit, are all productive oil wells that have cumulatively produced approximately 60,000 bbls of oil to date. East West has now recovered the initial $5 million in revenue for its contribution of the first $5 million in costs for the initial drilling program on the permit. Cash flow from Cheal-E1 and E4 alone is expected to fund the company's committed capital expenditures for the remainder of calendar year 2014. This program includes at least one well on PEP 54876 (Southern Cross) permit and at least one new development well on the Cheal North East Permit following up the success to date where the company and TAG have established steady production and cash flow at E-site. The Cheal-E2 well, with similar reservoir qualities as the three producing Cheal E wells, is presently awaiting a work over that is planned for mid-March, prior to initiating a testing program on the potential producing zone encountered by the Cheal-E2 well. The Cheal-E3 well also encountered what the joint venture partners believe is commercial net pay based on petro-physical interpretation of the well log data. Data related to Cheal-E3 will be evaluated in advance of further work being completed on the well. In January /February 2014, three wells were drilled consecutively from the Cheal-G Site on the Cheal South Permit. East West funded the first $2.5 million in costs of a three well drilling program with both companies paying their 50% share after the initial investment of $2.5 million. Cheal-G1 was drilled to a total depth of 2,384 m and encountered six meters of hydrocarbon filled reservoir rocks within the Mt Messenger Formation as expected. The well was cased and is currently waiting on completion testing. Both Cheal-G2 and G3 encountered hydrocarbon filled reservoir sections within the Mt Messenger Formation, but both were interpreted to have sub-economic thicknesses and have been plugged and abandoned. The joint venture partners will review all results associated with the drilling program prior to conducting future operations on the permit. All Cheal-G site wells were drilled on time and on budget. The Nova-1 rig will now move from the Cheal South Permit to the Southern Cross Permit in approximately two weeks to drill up to two wells on this new permit following completion of construction of the Southern Cross well site. Southern Cross is located immediately to the North of the Cheal North permit that contains the company's Cheal-E wells. All permits and consents have been granted for drilling on the Southern Cross permit.

East West Petroleum Provides Operational Update on Operations in Taranaki Basin of New Zealand and in Romania; Provides Capital Expenditures Guidance for 2014

East West Petroleum Corp. provided the following operational update on its operations in the Taranaki Basin of New Zealand and in Romania. The Company's joint venture partner, TAG Oil Ltd. is the operator of all licenses in New Zealand, while in Romania the Company's partner Naftna Industrija Srbije is the operator of all concessions. The Company reported that to Feb. 15, 2014 the gross production from the Cheal E-site totaled over 50,000 boe. The Cheal-E1 well is currently producing at a rate of over 500 boepd (87% oil) through a 17/64" choke. The Cheal-E4 has been on test production since January 1, 2014, with an average production rate of over 280 boepd (83% oil). The Cheal-E4 well will soon be placed on permanent production following a temporary shut-in period to allow for temperature and pressure analysis while other E-site wells are flow tested, starting with Cheal-E5. The initial production testing data is being used to determine the long-term production scheme for the site. Under the joint operating agreement with TAG, East West paid 100% of the first CAD 5 million in drilling costs on the Cheal E site and is entitled to receive 100% of the first CAD 5 million in revenue, while paying 100% of the costs to produce that revenue, after which all revenue and costs will be shared 70:30 between TAG and EW. To date, over 23,000 barrels of oil have been sold at an average price of over USD 109/b from which the Company estimates it will receive cash netbacks of over USD 80 per barrel. East West expects to have recovered the $5 million in revenue by the end of first quarter of 2014. The Company also announced that the minimum committed 2014 capital expenditures in New Zealand for East West are expected to total CAD 10.4 million, which will include the drilling of three wells from the Cheal G-site, one well at Southern Cross, and at least one well from the Cheal E-site. In addition, seismic acquisition and reprocessing is planned for the Taranaki and East Coast permits in 2014. Further wells to the 2014 drilling program are expected to be added following the completion and interpretation of the results of the current drilling program. Capex for the 2014 committed work program and any additional wells will be financed from the Company's existing cash balance and from production from Taranaki Basin permits.


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