East West cancels sale of 30% interest in Cheal permits

2020-08-04 10:08 MT - News Release

An anonymous director reports

EAST WEST PETROLEUM ANNOUNCES TERMINATION OF AGREEMENT

East West Petroleum Corp. has terminated the agreement 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.

The continuing delays and an effective date of April 1, 2019, make the agreement not in the best interests of shareholders. The company will continue to work to bring value to shareholders from its 30-per-cent interest, which can include the sale of the working interest.

About East West Petroleum Corp.

East West Petroleum was established in 2010 to invest in international oil and gas opportunities.

We seek Safe Harbor.

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