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September 29, 2010
East West Closes Placement And Acquisition Of Carbon Property

Vancouver, Canada – Mr. Greg Renwick reports that East West Petroleum Corp. (“East West” or the “Company”) (TSXV: EW.H) is pleased to announce that the Company’s private placement announced in its news releases of August 18th and September 14th has closed. The Company has raised gross proceeds of $3,400,000 by the issuance of 13,600,000 units at $0.25 each. Each unit consists of one share and one warrant to buy one share for $0.34 on or before September 29, 2013. Aggregate finders’ fees of $257,750 and 1,031,000 finder’s warrants were paid, with each finder’s warrant entitling the holder to purchase one unit for $0.25 on or before September 29, 2013. All of the securities issued are subject to resale restrictions that expire not sooner than January 30, 2011.
 
Closing of Carbon Property Acquisition
 
The Company is also pleased to announce that it has closed its acquisition of the interest of Sphere Energy Corp. in the Carbon Property in Alberta for $1,125,000.
 
Corporate Development
 
As announced on July 7th the Company was awarded four oil and gas exploration blocks in Romania. The Company is continuing to advance the development of this opportunity. In addition to advance the interests of the Issuer and its shareholders, Management of East West is actively searching for new opportunities in the oil and gas sector in North America and in other parts of the World.

CONTACT:

Greg Renwick, President & CEO
telephone: +1-972-955-7251
fax: +1-604-683-1585
website: www.eastwestpetroleum.ca  

Nick DeMare, Director
telephone: +1-604-685-9316
fax: +1-604-683-1585

ABOUT EAST WEST PETROLEUM CORP.
 
East West Petroleum Corp. trades on the TSX Venture Exchange under the symbol EW.H. East West is an emerging exploration and production company focused on conventional and unconventional petroleum resources.
 
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
 
The foregoing information may contain forward-looking information relating to the future performance of the Company. Forward looking information is subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Such risks and other factors include, among others, relationships with vendors and strategic partners, the actual results of exploration activities, changes in world commodity markets or equity markets, the risks of the oil industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes, change in government and changes to regulations affecting the oil industry, and other risks and uncertainties detailed from time to time in the Company’s filings with the Canadian Securities Administrators (available at www.sedar.com). Forward-looking statements are made based on various assumptions and on management’s beliefs, estimates and opinions on the date the statements are made. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information contained herein. The Company undertakes no obligation to update forward-looking statements if these assumptions, beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.