VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 27, 2013) - East West Petroleum Corp. (TSX VENTURE:EW) (the "Company" or "East West") is pleased to announce the results of its Annual General and Special Meeting (the "Meeting") of shareholders on June 26, 2013. All items put forth at the Meeting were approved, such items being the ratification of the previously adopted Advance Notice Policy (as announced on May 23, 2013), the ratification of the previously adopted 15% "fixed" stock option plan (as announced on March 8, 2013), and the repricing of a total of 1,400,000 stock options previously granted to an insider of the Company (as announced on March 8, 2013).
At the Meeting, Greg Renwick, Nick DeMare, David Sidoo, Hon. Herb Dhaliwal and Marc Bustin were re-elected to the board of directors. Additionally, it was resolved that Davidson & Company will continue as auditors for the Company. At a directors' meeting following the Meeting, Mr. Renwick was re-appointed as President & CEO of the Company and Mr. DeMare was re-appointed as CFO. In addition, Mr. Demare was also appointed as Secretary of the Company in replacement of James L. Harris. Mr. Sidoo was re-appointed as non-executive chairman of the board and Barry Chovanetz was re-appointed as Vice President of Operations.
About East West Petroleum Corp.
East West Petroleum (http://www.eastwestpetroleum.ca) is a TSX Venture Exchange listed company that was established in 2010 to focus on international. The Company has built an attractive platform of assets covering and area over 1.6 million acres: Three exploration permits adjacent to existing production in the Taranaki Basin of New Zealand with partner TAG OIL (TSX VENTURE:TAO); four exploration concessions covering 1,000,000 acres in the prolific Pannonian Basin of western Romania with a subsidiary of Russia's GazpromNeft; a joint venture exploration program covering 8,000 gross acres in the San Joaquin Basin of California; an oil-prone exploration block of 100,000 acres in the Assam region of India with the three largest exploration and production Indian firms ONGC, Oil India and GAIL; and a 100% interest in a 500,000 acre exploration block onshore Morocco. 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 late 2013, and in New Zealand where the Company expects to commence drilling operations by Q3 2013, with nine wells to be drilled this year. The Company has sufficient funds to cover all anticipated seismic and exploratory drilling operations through 2013.
This press release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to the Company's plans, outlook, business strategy and exploration and development of the Company's properties. The words "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: the ability to raise sufficient capital to fund exploration and development; the quantity of and future net revenues from the Company's reserves; oil and natural gas production levels; commodity prices, foreign currency exchange rates and interest rates; capital expenditure programs and other expenditures; supply and demand for oil and natural gas; schedules and timing of certain projects and the Company's strategy for growth; competitive conditions; the Company's future operating and financial results; and treatment under governmental and other regulatory regimes and tax, environmental and other laws.
This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
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.