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.
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.
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TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE East West Petroleum Corp.