| East West Petroleum Announces Financial Results for the 15 Months Ended March 31, 2014 | East West Petroleum Announces Financial Results for the 15 Months Ended March 31, 2014
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 21, 2014) - East West Petroleum Corp. (TSX VENTURE:EW) (the "Company" or "East West"), is pleased to announce its financial and operating results for the 15 months ended March 31, 2014. Copies of the Company's audited financial statements, management discussion and analysis, and information pursuant to National Instrument 51-101 - Standards for Disclosure for Oil and Gas Activities have been filed with the Canadian Securities Administrators and are available electronically at sedar.com. For additional information, please visit East West's website at eastwestpetroleum.ca.
David Sidoo, President and CEO of East West commented, "The past year has been transformational for East West. Not only did the company drill its first exploration wells in New Zealand, it also achieved first commercial production and cash flow, demonstrating the potential of our acreage. Over the next 12 months, we are looking forward to continuing to work with our partner in New Zealand, TAG Oil Ltd., to further grow our reserves and production base on our joint acreage where a number of future drilling locations have been identified as a result of the recent exploration program. In Romania, our partner NIS is continuing with 2D and 3D seismic acquisition and interpretation in preparation for the start of the 12-well exploration program in 2015. With these important milestones achieved, the Company is well positioned for growth from its existing cash balance and cash flow through the upcoming year."
Operating and Financial Highlights
-- 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 US$107.57. Netback to the Company after royalties, transportation and storage, and production costs was US$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 had $10,966,215 in working capital as of March 31, 2014 with no debt and 93,108,665 shares outstanding. -- The Company's independent qualified reserves evaluator, in accordance with NI 51-101 and the COGE Handbook, assigned the following reserves to the Company's assets in New Zealand as of March 31, 2014: Reserves Light and Natural Gas Category Medium Oil (solution) Total Mbbl MMscf Mboe ---------------------------- ----------- ----------- ------ Proved Developed Producing 76 31 81 Developed Non-producing 18 7 19 Total Proved 94 38 100 Probable 178 71 190 Total Proved plus Probable 272 109 290 Possible 89 36 95 Total Proved plus Probable plus possible 361 145 385 --------------------------- ----------- ----------- ------
About East West Petroleum Corp.
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