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east west petroleum corp (EW) Snapshot

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02/7/14 - C$0.54
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Market Cap
11.1M
Average Volume 10 Days
187.7K
EPS TTM
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Shares Outstanding
92.5M
EX-Date
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P/E TM
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Current Stock Chart for EAST WEST PETROLEUM CORP (EW)

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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

Founder, Non-Executive Chairman, Chief Execut...
Total Annual Compensation: --
Chief Financial Officer, Corporate Secretary,...
Total Annual Compensation: C$48.0K
Compensation as of Fiscal Year 2014.

east west petroleum corp (EW) Key Developments

East West Petroleum Provides Operational Update on its Operations in New Zealand and Romania

East West Petroleum Corp. provided the update on its operations in New Zealand and Romania. TAG Oil Ltd. is the operator and co-owner of all of the Company's licenses in New Zealand, while in Romania, Naftna Industrija Srbije is the operator of all four of the Company's concessions. Over a test period of eleven days the Cheal-E6 well continues to naturally free flow under a 16/64 choke at stable rates. During the period, Cheal-E6 produced at an average gross rate of 325 boepd (81% oil) for a total of 3,178 barrels of oil and 4,456 mscf of gas. The well will be shut-in for a planned pressure build-up test up for a period of three days and then will resume ongoing production into the Cheal E-site production facilities. The Cheal-E1, E4 and E5 wells continue to produce at steady rates of approximately 255 boepd (76% oil) net to East West with little decline to date. With the additional production from E6, production is forecast to increase 38% to over 350 boepd net to East West. The next work at E-site will include the recompletion of the Cheal-E2 well in the Mt. Messenger formation in first quarter. The E2 well initially targeted the Urenui Formation; however following a joint venture review of drilling and completion operations, it was determined that mechanical completion issues prevented commercial production from the Urenui sandstones. After comparing these results with all of the E-site drilling data now available and comparing with seismic coverage over the permit, the joint venture has decided to isolate the Urenui Formation in this well and re-complete Cheal-E2 to establish production from the Mt. Messenger Formation. Following recompletion, the E2 well will undergo flow testing and temperature and pressure analysis. The estimated net cost to East West is approximately NZD 240,000.

East West Petroleum Corp. Announces Drilling of the Cheal-E6 Well in Taranaki Basin of New Zealand

East West Petroleum Corp. announced the successful drilling of the Cheal-E6 well (30% working interest) in the Taranaki Basin of New Zealand. TAG Oil Ltd. is the operator and co- owner of all of the company's licenses in New Zealand. The Cheal-E6 well was drilled to a total depth of 1,939 metres (6,360 feet) and is interpreted to have intersected over nine meters (29.5 feet) of net oil and gas bearing sands in the Mt. Messenger Formation, which was the main objective of the well. The well will now be completed as a potential oil well with production testing to begin this week and, if economic, will be immediately commercialized through the existing production infrastructure at the Cheal E-site.

East West Petroleum Provides Operational Update for New Zealand

East West Petroleum Corp. provided the update on its operations in New Zealand. TAG Oil Ltd. is the operator and co-owner of all of the company's licenses in New Zealand. PEP 54877 (Cheal North), 30% East West: Production from the Cheal E-site (30% East West) continues to remain steady at approximately 250 boepd (76% oil) net to East West from three wells (Cheal-E1, -E4 and -E5). The Cheal-E1 and -E4 wells continue to flow under natural production, with the Cheal-E5 well remaining on artificial lift. The Nova-1 rig has arrived in the Taranaki Basin and has now spudded the Cheal-E6 well. The Cheal-E6 well will be targeting the Mt. Messenger sandstones in proximity to the Cheal-E1 and Cheal-E4 wells and is expected to take approximately 21 days to drill. The company's share of drilling costs for the Cheal-E6 well amount to approximately $1 million and will be funded out of the company's existing cash balance. In January, the joint venture partners have scheduled a recompletion of the Cheal-E2 in the Mt. Messenger Formation. The E2 well initially targeted the Urenui Formation; however following a joint venture review of drilling and completion operations, it was determined that mechanical completion issues prevented commercial production from the Urenui sandstones. After comparing these results with all of the E-site drilling data now available and comparing with seismic coverage over the permit, the joint venture has decided to isolate the Urenui Formation in this well and re-complete Cheal-E2 to establish production from the Mt. Messenger Formation. Following recompletion, the E2 well will undergo flow testing and temperature and pressure analysis. The estimated net cost to East West is approximately NZD 240,000. PEP 54879 (Cheal South), 50% East West: East West reported that the 1,016 barrels of oil from the Cheal-G1 test were sold in September for net proceeds of $101,963. Under the terms of the joint venture agreement with TAG, East West is entitled to receive 100% of the first $2.5 million in revenue, while paying 100% of the costs to produce that revenue, in return for having funded the first $2.5 million in exploration costs at Cheal South. The data from the Cheal-G1 test is now under review along with the data from the G2 and G3 wells and existing seismic data to determine the optimum development strategy for Cheal South.

 

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