Ticker: EW (TSX-V)
VANCOUVER, Nov. 21, 2011 /PRNewswire/ - East West
Petroleum Corp. (TSXV: EW) (the "Company" or "East West")
- Mr. David Sidoo, Chairman
of the Board, is pleased to announce that East West Petroleum has
entered into a contractual agreement with Halliburton, a leading
global energy service company. Halliburton has extensive
experience in unconventional plays ranging from assessment through
execution. This collaborative effort will target potentially rich
shale plays in North America,
Europe and a limited number of
other selected geographic areas. Some shale deposits in
North America have been proven to
hold large accumulations of oil and gas and are an emerging source
of hydrocarbon reserves in other areas of the world. East
West Petroleum's goal is to continue to secure acreage positions in
unconventional resource plays and work with Halliburton to assess
and develop its assets.
Under the terms of the agreement, East West
Petroleum will benefit from Halliburton's global manpower,
infrastructure and leading-edge solutions for optimizing value from
unconventional reservoirs, while maintaining the highest
environmental standards.
"We are very pleased to have concluded this
agreement with Halliburton, as one of the major service providers
in the petroleum industry, their expertise, combined with our
non-conventional focus, will make for an excellent working
relationship. We look forward to working together to identify
and then develop unconventional resource plays" said Mr.
David Sidoo, Chairman of East West
Petroleum.
"Halliburton is very excited about working with
East West Petroleum and we look forward to contributing to their
success," said Mr. Paul Koeller,
Vice-President of Halliburton Consulting and Project
Management.
ABOUT HALLIBURTON
Founded in 1919, Halliburton is one of the
world's largest providers of products and services to the energy
industry. With more than 64,000 employees in
approximately 80 countries, the company serves the upstream oil and
gas industry throughout the lifecycle of the reservoir - from
locating hydrocarbons and managing geological data, to drilling and
formation evaluation, well construction and completion, and
optimizing production through the life of the field.
ABOUT EAST WEST PETROLEUM CORP.
East West Petroleum is a TSX Venture
Exchange-listed company which was established in 2010 to invest in
emerging international 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
E&P 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 where conventional and unconventional
oil potential has been delineated. 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 in 2012. The Company
will operate geological field work and a seismic program to firm up
drilling locations in Morocco.
Operating partner Oil India expects to commence seismic operations
in 2012 in India. The Company's
cash position of approximately $29.5
million will cover all anticipated seismic and drilling
operations through 2012, with funds available to secure other
exploration and/or producing properties.
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.
SOURCE East West Petroleum Corp.