East West Petroleum is an international Canadian based exploration and production company listed on the TSX-Venture Exchange (symbol EW). The Company invests globally in resource plays where the application of modern technology can contribute significantly to the growth of Company's production and reserves. The Company's current portfolio is made up of exploration concessions in New Zealand, Romania, California, Morocco, and India.
East West's global acreage position now totals approximately 1.6 million gross prospective exploration acres in five countries. Following the acquisition of its interests, the Company is now entering the asset evaluation phase, with multiple seismic and drilling programs commencing in 2013 designed to assess the hydrocarbon potential of assets in its portfolio. Several geology and geophysics studies and multiple wells are being planned to test the potential of the Company's acreage. Given the hydrocarbon potential of these assets and the considerable upcoming drilling activity, management believes the Company is on track to establish two to three core producing areas which will provide a solid platform for future growth of reserves and production. The Company's first wells in New Zealand is expected in Q3 2013 where it is partnered with TAG Oil, followed by an additional eight wells be year end. Final government approval to commence operations on of three of four remaining concessions in Romania is now expected in Q3 of 2013 and will allow for extensive 3D seismic programs to begin followed by the drilling of multiple prospects.
East West has an experienced management team with diverse backgrounds across all segments of the upstream, including investment banking, public corporate structuring, global business development, resource and reserve assessment, economic analysis, exploration, petroleum and geological research, and a variety of engineering disciplines. The Company has access to world-class core analysis facilities and technologies, plus a world-class research team. Management focuses on establishing a global network of top-notch industry partnerships, alliances, and financial and technical consultants. Important partnerships and joint investment programs have been established with highly-recognized E&P and service firms in the industry. These relationships have been an important contributor to the Company success in establishing an interest in quality acreage positions and the Company is now in a position to leverage partners' local/regional knowledge, expertise and operational capabilities.
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