East West Petroleum Announces Spudding of Tejon Extension Well In California
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/29/12 -- East West Petroleum Corp. (the "Company" or "East West") (TSX VENTURE: EW) is pleased announce the spudding of the Pass Exploration 77-20 exploration well at the Company's Tejon Extension prospect in the San Joaquin Basin of California.
The well, being drilled by the Key # 48 rig, will test a prospective oil area between the Tejon and Tejon North Fields, approximately 30 miles south west of Bakersfield, California. The primary objective of the well is the Olcese sand reservoirs which are productive in the vicinity of the prospect. The well is expected to take approximately 12 days to reach a total depth of 7500 ft. If successful, the well will be tested and completed within a few weeks of completing drilling operations.
North American Oil and Gas (formerly Lani LLC), a public company trading on the OTCBB in the U.S. under the symbol CLDDD, holds a 75% participation interest in the Tejon Extension prospect and will operate the well. Avere Energy Corp., a 100%-owned subsidiary of East West Petroleum Corp., controls the remaining 25% interest.
Greg Renwick, President & CEO commented, "We are very pleased to announce the spudding of the Company's first exploration well in California with our new partner North American Oil and Gas. The well is the first of two planned exploration wells which will test the hydrocarbon potential of this prolific area of the San Joaquin Basin."
The San Joaquin Basin is being targeted due to the emergence of unconventional hydrocarbon plays in this prolific basin, plus significant conventional oil and gas reserves which continue to be discovered. In 2009, Occidental Petroleum Corporation made an estimated 150-300 mmboe discovery in the San Joaquin Basin, the largest discovery in California in 35 years. Over 35 bboe have been discovered in California, which holds three of the top ten largest oil fields in the U.S. California is the third largest oil producer behind Texas and Alaska.
About East West Petroleum Corp.
East West Petroleum is a TSX Venture Exchange listed company which was established in 2010 to invest in emerging 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 exploration and production 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 with conventional and unconventional potential. 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 expected to commence in 2013. The Company will operate geological field work and a seismic program to firm up drilling locations in Morocco. The Company is well funded to cover all anticipated seismic and drilling operations through 2013, with funds available to secure other exploration and/or producing properties.
For more information visit website: www.eastwestpetroleum.ca
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.
Contacts:
East West Petroleum Corp.
David Sidoo
Chairman
+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)
www.eastwestpetroleum.ca
