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December 22, 2010
Completed Financing Allows East West Petroleum To Proceed With Kuwait Energy Acquisition

Vancouver, British Columbia – Mr. David Sidoo, Chairman of East West Petroleum Corp. (the “Company”), is pleased to report that the Company’s recently completed $30 million private placement with GMP Securities L.P. and GMP Securities Europe LLP, as lead agent, and a syndicate of agents including Haywood Securities Inc., has provided the Company with the funds it requires to complete, in due course, its acquisition of a 20% interest in the Burg El Arab oil and gas field in the western desert region of Egypt, pursuant to a Share Purchase Agreement entered into with Kuwait Energy Egypt Limited (a subsidiary of Kuwait Energy Company KSCC (Kuwait Energy”)) and the Company dated December 6, 2010. The transaction has been conditionally approved by the TSX Venture Exchange, with final approvals pending.

The Company’s Chairman, Mr. David Sidoo, states: “We are extremely pleased that this financing was over-subscribed, and that over 80% was placed with institutional investors, which shows the confidence they have in our business model. We wish to thank GMP and Haywood for their efforts in completing this major financing for the Company. This is a key milestone for East West and the funds from this financing will be used to implement the Company's business plan and help to grow the Company to become a strong and emerging E&P with a focus on unconventional opportunities.”

Established in Kuwait in August 2005, Kuwait Energy is an independent Oil & Gas Exploration and Production company. Kuwait Energy prides itself as an Oil & Gas company with extensive knowledge of the Middle East region with outstanding relations with host governments, national oil companies and international companies that operate in the Middle East. Kuwait Energy has a high quality and diverse portfolio of oil and gas assets and is focused on exploration, production and development of oil and gas reserves in the Middle East/North Africa and Eurasia regions.

In addition to acquiring a 20% interest in the Burg El Arab field from Kuwait Energy, the Company has also entered into an agreement with Kuwait Energy for the application of emerging unconventional oil and gas technologies to multiple exploration and producing concessions held by Kuwait Energy in the Middle East, North Africa and Eurasia regions (see the Company’s news release of November 8, 2010).

The Company also wishes to announce that it issued an aggregate 669,508 bonus shares to the parties who provided US$3,500,000 in bridge loans to the Company, which were used to pay a deposit to Kuwait Energy for the Burg El Arab field acquisition, which shares are subject to resale restrictions expiring on April 23, 2011.

CONTACT:

David Sidoo, Chairman
telephone: +1 604 685 9316
fax: +1 604 683 1585
website: www.eastwestpetroleum.ca

Greg Renwick, President & CEO
telephone: +1 972 955 7251
fax: +1 604 683 1585

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. East West is an emerging exploration and production company focused on conventional and unconventional petroleum resources.

FORWARD-LOOKING INFORMATION

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.
 
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.