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East West Petroleum Corp. (EW.V)

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  • R
    Rod
    East West Petroleum Retains Technical Advisors for New Zealand Operations

    Vancouver, British Columbia--(Newsfile Corp. - March 29, 2021) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to report that it has retained a technical advisory team in New Zealand to assist in oversight over operations at Cheal.

    The Cheal productions assets are held by the Company's wholly owned New Zealand subsidiary and the subsidiary has concluded an agreement with 3TCF Limited ("3TCF"), a private New Zealand corporation, with a team of seasoned oil and gas professionals in order to have oversight and guidance on operating matters. Since the start of the COVID-19 pandemic travel has been difficult for both the Company and the permit operator. As a result, the Company now has a New Zealand based technical team, which can provide oversight over ongoing operations.

    Headed by Mr. Bill Treuren, a successful New Zealand businessman and entrepreneur, with a 30-year background in oil & gas pipelining, facilities, drilling and completion engineering, 3TCF can provide the necessary foundation to have New Zealand operator capability allowing us to manage existing and new exploration and production operations. Other key members of the 3TCF management team include Dave Bennett, Duncan Hardie and Allister Richardson. Dave has 40 years' experience in petroleum exploration holding senior roles in numerous economically viable oil & gas discoveries. Most recently Dave was Technical Director of Tag Oil, which held acreage adjacent to the Company's New Zealand properties. Duncan has 40 years' experience as a successful entrepreneur in minerals and petroleum exploration & other business areas. Duncan is Principal of Hardie Pacific & Munuku Pty. Ltd., which holds and has under application a total of seven EPM permits north of Cairns, Australia. Allister is a consulting geologist with 17 years oil industry experience, was previously Tunisia exploration manager for Oil Search & later Chairman of Rawson Resources Ltd.

    Said interim CEO Mr. Nick Demare: "We are pleased to have concluded this agreement with 3TCF and look forward to working with the 3TCF team."

    Said 3TCF President Mr. Bill Treuren: "We look forward to working with East West in order to assist them in managing their New Zealand assets."

    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.
  • R
    Rod
    East West talks Romania operations

    2021-02-26 07:52 MT - News Release

    An anonymous director reports

    EAST WEST PETROLEUM PROVIDES OPERATIONAL UPDATE FOR ROMANIA

    East West Petroleum Corp. has provided the following operational update for Romania.

    As previously reported, the Company's joint venture partner and operator, NIS Petrol ("NIS"), subsidiary of NIS a.d., suspended all operational activities on March 25th 2020 when a national lockdown was declared in Romania. All exploration operations have been on hold since that time.

    In the latter part of 2020, NIS evaluated development options for the Teremia North oil discovery.

    An Operating Committee Meeting was held on February 8th, 2021 where NIS voted that there was a commercial discovery at Teremia North whereas the Company voted that there was not a commercial discovery. The field economics were, in the Company's assessment, marginal and did not merit the significant capital contributions required. NIS a.d., being a vertically integrated oil and gas producer, could support the development costs given the internal economies available. NIS has since advised that it will be proceeding with the development plans for Teremia North oil accumulation on an exclusive basis. There is some uncertainty as to whether the proposed development can be conducted as an exclusive operation and the Company is assessing what options are available and is in discussions with NIS in regard to such matters.

    With respect to future exploration in the four Romanian blocks, NIS has to date drilled five out of a total farmin commitment of twelve exploration wells. Although operations have been suspended due to the Covid-19 situation, NIS Petrol is committed to fulfilling the commitment work programs in all blocks, considering certain legislative changes and being granted appropriate licence extensions.

    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.

    About East West Petroleum Corp.

    East West Petroleum Corp. 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").
  • R
    Rod
    Symbol: EW.V (Canada) & EWPMF(USA)
    Current Price: $0.06CAD & $0.048USD
    Shares Outstanding: 89,585,665

    Most Recent Financials (Ending December 31st 2020)

    Financials

    ASSETS
    Cash: $5,877,142 – 6.6 cents a share
    GST receivable: $7,303
    Amounts Receivable: $86,347
    Prepaid Expenses: $27,800
    Investments: $36,100
    Exploration & Evaluation Assets: $1,715,200
    Property, Plant & Equipment: $318,147
    Total Assets: $8,068,039

    LIABILITIES
    Accounts Payable: $482,967
    Decommissioning: $1,368,938
    Total Liabilities: $1,851,905

    Quarterly Performance
    Revenue: $469,380
    Net Income: $89,569 – New Zealand production was down due to workovers. Profit came from one time asset sale of investments.

    MD&A Highlights

    New Zealand

    The Company had previously agreed to sell its interest in PEP 54877 and PMP 60291 which comprise the majority of its New Zealand assets. The agreement was terminated by the Company on August 1, 2020. The Company is currently assessing its go-forward plans, which includes the possible sale of its New Zealand concessions to other buyers and ongoing discussions on the Teremia North Field in Romania, and whether its focus should remain on the oil and gas sector. At this time no decisions have been made but the Company will be assessing alternatives.

    PMP 60291 is the location of the Cheal E-Site and the Cheal E-site production facility as well as the Cheal-E wells. A waterflood program is ongoing however the efficacy of the program and its impact on production is an ongoing item of debate. The Company’s technical advisors have stated that there is no unequivocal evidence that water injection through the Cheal-E7 well has had a significant impact on production from PNP 60291 but that there is evidence to the contrary. The Company’s advisors attribute the production performance to other factors than injection through the Cheal-E7 well. The determination whether the waterflood utilizing Cheal-E7 as the injector well is creating the positive response in production impacts the Company’s obligation to fund its 30% share of the costs of acquiring the Cheal-E7 well, being 30% of NZ $3,200,000. No funding will be advances until the issue is resolved.

    The Company produces its oil and gas production from five wells on the Cheal-E site. On October 24, 2020 the ChealE1 pump stopped functioning due to downhole blockage and, as a result, production ceased from the Cheal-E1 well. As the major producing well, the stoppage of the Cheal-E1 well has had a major impact on the Company’s share of production for the three months ended December 31. 2020 (“Q3”) on which 5.3 Mbbl oil and 9.4 Mmcf gas was produced, compared to 13.8 Mbbl oil and 21.2 Mmcf gas produced during the three months ended September 30, 2020 (“Q2”), a decrease of 61.5%.

    The Operator has managed to pull the rods out of the Cheal-E1 well with a crane, cleaned the well and replaced the pump. However, only limited production resumed in mid-January 2021 without annular flow. A workover of the Cheal-E1 well is planned for mid-May 2021 to restore the well to full production.

    Romania

    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. There have been several meetings of both the technical and operating committees to discuss work program results and determine whether the Teremia North field is a commercial discovery. Declaration of a commercial discovery will result in the Company being responsible for 15% of the development costs. At the operating committee meeting held February 8, 2021 NIS voted that there was a commercial discovery at Teremia North whereas the Company voted that there was not a commercial discovery. The field economics were, in the Company’s assessment, marginal and did not merit the significant capital contributions required. NIS, being a vertically integrated oil and gas producer, could support the development costs given the internal economies available. NIS has since advised that it will be proceeding with the development plans for Teremia North on an exclusive basis. There is some uncertainty as to whether the proposed development can be conducted as an exclusive operation and the Company is assessing what options are available and is in discussions with NIS in regard to such matters.

    Given the project economics, the return on investment and the net present value the Company cannot justify contributing its 15% share of the estimated US $50,000,000 development costs. In the event NIS proceeds on an exclusive basis the Company will have no interest in the development lands that make up the Teremia North field. The Company will retain its carried interest in the balance of the exploration blocks.

    Investments

    On April 17, 2020 Orocobre Limited (“Orocobre”) completed the acquisition of 100% of the issued and outstanding common shares of Advantage Lithium Corp. (“Advantage Lithium”) in exchange for 0.142 ordinary shares of
  • R
    Rod
    A lot of complaining on this board and non-sense talk of bankruptcy? How can they go bankrupt when the company just hit it's cash holdings? Take a look at Sedar and actually do the research. EW has $6 million in cash, including investments, less than $2 million in liabilities and two great oil projects in Romania and New Zealand. NZ already produces oil at around $20-25 cost per barrel and they get Brent pricing. Sido was not a good leader, but things are changing.
  • s
    steve
    Hello All, if you are a frustrated bag holder of EW please consider joining us in an attempt to get management’s attention. The more people and shares we have the more we may be able to persuade EW management to do there job or possibly change management completely. If you are not a member of stockhouse Please go to https://www.stockhouse.com/companies/bullboard?symbol=v.ew
    And read what what others are saying and what we as a group would like to accomplish.
    EAST WEST PETROLEUM CORP
    EAST WEST PETROLEUM CORP
    www.stockhouse.com
  • S
    Stock puppet
    This company has not put out any reports on their progress since December of last year.
    Shareholders are getting very angry at this point. Bankrupt soon?
  • S
    Stock puppet
    And there we have it. Another huge withdrawal from their personal bank account. ( your money)
  • H
    Herbert
    I noticed a new director was hired. Is there anything left to manage in this company.
  • M
    More Cowbell
    Complaints are being files to the TSX by some other people. Sidoo has been using EWP money to buy more stock in AAL of which he is also CEO. This guy looks like a REALLY bad apple. That's just aside from the fact that he stacked the board of directors with his son who has a degree in ceramics art and no experience in gas and oil drilling. It's about time the Sidoo's were sacked.
  • H
    Herbert
    This company is going belly up. Why they still trade is beyond me.
  • S
    Stock puppet
    Try to get a hold of anybody at East West petroleum on their website, by phone, or sending a letter to get any information and you will hear crickets
  • H
    Herbert
    Houston, I think this on has lost a pulse.
  • C
    Charlie
    Good news on EWPMF posted on seeking alpha
  • A
    Anonymous
    Next year EW has the potential to soar if NIS drills in Romania....hopefully a positive update is in the works.
  • M
    More Cowbell
    If you look at Sidoo's profile on their website, you see that he's more interested and proud of his past football highlights than his other achievements. It doesn't look good for us at all.
  • S
    Stock puppet
    How much money will Sidoo take out of the coffers today.? It's getting near Christmas so a family trip would be nice for himself and his family.
  • A
    Anonymous
    This board is reallly dead, just like stockhouse now.
  • S
    Stock puppet
    Doesn't look good, I wonder if they finally figured out they are drilling in a graveyard