East West extends sale of Cheal permits by 30 days

2020-06-24 15:35 MT - News Release

Mr. Nick Demare reports

EAST WEST PETROLEUM ANNOUNCES EXTENSION AGREEMENT

East West Petroleum Corp. is providing this further update regarding the sale of its 30-per-cent interest in petroleum exploration permit 54877 and petroleum mining permit 60291 (the Cheal permits), to an arm's-length private New Zealand company, on the terms previously announced in a news release of the company dated June 24, 2019.

In a news release of April 23, 2020, the company provided an update on closing and commented that it was uncertain when closing could occur. At this time, due in part to COVID-19 issues and regulatory issues of the 70-per-cent owner which have now been resolved, limited progress has been made in regards to securing the government's consent, as required, by June 24, 2020, and agreement has been reached that provides for an initial extension of up to 30 days. Further news will be announced as it becomes available.

About East West Petroleum Corp.

East West has its primary focus on two key areas: New Zealand, where it has established production and cash flow; and Romania, where it is carried to production on an exploration program. In Romania, the company has exploration rights in four exploration concessions covering one million acres in the prolific Pannonian basin of western Romania with Naftna Industrija Srbije (NIS). The company does not own the acres but has exploration rights.

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