EW - East West Petroleum Corporation

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East West Petroleum Announces Results of Annual & Special Meeting

2023-12-15 14:21 ET - News Release

Vancouver, British Columbia--(Newsfile Corp. - December 15, 2023) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to announce that at the Annual & Special Meeting of Shareholders of the Company (the "Meeting") held on December 15, 2023, the shareholders re-elected Messrs. Nick DeMare, Mark T. Brown and Kevin William Haney as directors of the Company. The shareholders also passed all other resolutions including an ordinary resolution to ratify the stock option plan, pursuant to which the Company may grant stock options up to 10% of its issued and outstanding common shares at the time of the grant; and a special resolution approving the sale of the Company's oil and gas properties in New Zealand, as announced November 1, 2023. The Company is continuing to work towards finalizing the definitive agreement with the purchaser and further news will be issued once available.

Following the Meeting, the Board appointed Mr. Nick DeMare as Interim CEO and Corporate Secretary of the Company and Mr. Harvey Lim as Interim CFO. Messrs. DeMare, Brown, and Haney were appointed to the audit committee.

On Behalf of the Board

"Nick DeMare"
Nick DeMare,
Director & Interim CEO

 

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East West Petroleum Announces Sale of New Zealand Oil & Gas Properties​

2024-01-10 05:01 ET - News Release

Vancouver, British Columbia--(Newsfile Corp. - January 10, 2024) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") reports that further to the Company's news releases dated November 1st and December 15th , 2023 the Company and purchaser have finalized and signed the definitive agreement for the sale of the Company's oil and gas interests in New Zealand.

A refundable deposit of US$250,000 will now be paid by the purchaser. The sale is subject to receipt of all necessary New Zealand government approvals and the process to obtain such approvals is now underway. Further updates will be provided but the approval process will take some time.

On Behalf of the Board

Nick DeMare,
Director & Interim CEO
604-685-9316

 

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East West Petroleum Comments on Financial Results for the Nine Months Ended December 31, 2023

Vancouver, British Columbia--(Newsfile Corp. - February 23, 2024) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to comment on its financial results for the nine months ended December 31, 2023.

During the nine months ended December 31, 2023, the Company generated revenue of $2,056,017 with direct costs of $1,842,854 resulting in a gross profit of $213,163 and after corporate expenses and other items the net loss for the period was $158,932. On October 31, 2023, the Company entered into an interim agreement (the "Interim Agreement") with Cheal Petroleum Limited ("Cheal"), the owner of a 70% interest in PMP 60291 and operator, whereby Cheal would purchase the Company's 30% interest in PMP 60291. The key terms of the Interim Agreement were as follows:

i. Purchase price of US $1,000,000.
ii. Effective date of sale is July 31, 2023.
iii. Purchaser assumes all reclamation obligations.
iv. Contingent consideration of US $350,000 should an additional well be drilled and completed.
v. Refundable deposit of US $250,000 (the "Deposit") on signing definitive agreement.

The terms described under the Interim Agreement were subject to the negotiation and execution of a definitive agreement. Closing of the sale (the "Closing") is subject to receipt of all necessary New Zealand Government approvals ("Ministerial Consent"), regulatory and TSXV approval as well as approval of the Company's shareholders. An annual and special meeting of the shareholders of the Company was held on December 15, 2023 and shareholder approval was obtained. As at December 31, 2023, the Company received conditional approval from the TSXV. On January 10, 2024, the Company and Cheal finalized and signed the definitive agreement (the "Asset Sale and Purchase Agreement") which formalized the terms under the Interim Agreement. The deposit due to the Company on signing was received.

Closing is expected to occur upon receipt of Ministerial Consent. In the event the Ministerial Consent is not received by May 31, 2024, the Company may terminate the Asset Sale and Purchase Agreement and if terminated, the Company will be required to return the Deposit. At December 31, 2023 the New Zealand property was, in accordance with IFRS, reclassified as assets held for sale.

In regard to the Company's Romanian assets, the Company and NIS remain in discussions in order to determine the path forward for the properties. All options remain under consideration including a monetization event. The Company is unable to comment on timelines to establish a path forward.

The Company has been reviewing a number of opportunities in both oil and gas and also other resource opportunities. The Company is focussed on closing the sale of its New Zealand assets and once the sale has closed, the Company will be in a better position to pursue other opportunities more aggressively.

At December 31, 2023, the Company had a strong cash position of $5,691,792 being just over $0.06 per share. With the effective date of the sale of the New Zealand assets being July 31, 2023, the Company anticipates it will receive total cash proceeds from this sale of approximately US$600,000. In addition, the Company will, if contingent conditions are met, receive additional consideration of US$350,000. On closing a significant gain on sale will be realized due to the purchaser assuming all reclamation obligations.

On Behalf of the Board "Nick DeMare" Nick DeMare, Director & Interim CEO 604-685-9316

 

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East West Petroleum Provides Update on Sale of New Zealand Oil and Gas Properties
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2024-03-25 05:01 ET - News Release

Vancouver, British Columbia--(Newsfile Corp. - March 25, 2024) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to provide this update in regard to the status of the sale of the New Zealand oil and gas properties.

Pursuant to the terms of the purchase and sale agreement, the purchaser is required to obtain necessary regulatory and governmental approvals as a condition to closing. The Company has been advised by the purchaser that all required filings for approvals have been made and such approvals are pending. It is expected that approvals will be obtained on or before the May 31st long stop date contemplated by the purchase and sale agreement. Thereafter, and in the event the approvals are not obtained, the Company has the ability, in its discretion, to terminate the agreement.

In addition the purchaser has indicated they do not expect approvals will be received by March 31st 2024, and as a result the purchaser is contractually committed to reimburse the Company for additional costs it will incur of up to $50,000.

Following the closing of the purchase and sale, it is anticipated that the Company will make a cash distribution to the shareholders. The precise nature and quantum of any distribution will be subject to the completion of the purchase and sale on the terms disclosed, as well as tax and legal advice to structure any distribution in the most tax advantageous way. There can be no assurance that the purchase and sale transaction will be completed and there can be no assurance that the Company will make any distribution to its shareholders and reserves the right to alter, modify or cancel any proposed distribution.

On Behalf of the Board
"Nick DeMare"
Nick DeMare,
Director & Interim CEO
604-685-9316

 

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I found this article on two different Romanian websites, which leads me to believe that it is current and accurate. Whoever put up that 1.5 million share bid likely saw this article last week.

https://www.profit.ro/povesti-cu-pr...de-titei-si-gaze-naturale-in-romania-21547237

https://www.ziuadevest.ro/nis-compa...de-titei-si-gaze-naturale-la-periam-si-biled/

Translated:

The largest oil company in Serbia, controlled by the Russian state giant Gazprom, is preparing the start of commercial production of crude oil and natural gas in Romania


NIS Petrol SRL, the Romanian division of the largest oil company in Serbia, Naftna Industrija Srbije (NIS), controlled by the Russian state giant Gazprom, with over 56% of the capital, is preparing the start of commercial production of crude oil and natural gas from the Teremia Nord field , located on the Ex-7 Periam and Ex-8 Biled perimeters in Timiș County, where NIS Petrol is the majority concessionaire and operator, with 85% stakes, according to data analyzed by Profit.ro.


The company is close to starting the construction of a technological station for the collection, separation and delivery of hydrocarbons extracted from the Teremia Nord deposit, in the commune of Dudestii Vechi in Timiș.


There are currently 2 wells drilled on the site and another 8 are to be dug, according to the project documentation. Within the station, the production of the wells will be collected, the liquid will be separated from the gas, the extracted quantities will be measured, and the crude oil will be stored and later loaded into car tanks. NIS Petrol has a contract with the Romanian state company Conpet, the operator of the national oil pipeline transport system, based on which crude oil is unloaded from tanks and reloaded into wagons at Conpet's Biled ramp, to be transported by rail to the Serbian refineries of NIS at Pancevo and Novi Sad.


The Romanian subsidiary of the Serbian company owned by Gazprom estimates a daily production at the Dudeștii Vechi site of 100 tons of crude oil and 165,000 cubic meters of natural gas , of which 60,000 cubic meters – gas associated with crude oil. Part of the extracted gas quantities will be used in the production of electricity on site, and the rest will be fed into the national transmission system operated by Transgaz. For this, NIS Petrol will build a pipeline that will connect with the Nădlac-Arad gas pipeline . The first positive results of the explorations carried out in the Teremia Nord deposit were obtained in 2017, as Profit.ro reported exclusively at that time. Experimental production started in 2019.


According to the latest data from the National Agency for Mineral Resources (ANRM), NIS Petrol is the majority concessionaire and operator of 4 Romanian hydrocarbon perimeters, all located in the west of the country: Ex-7 Periam, Ex-8 Biled and Ex-3 Băile Felix (in partnership with Canadians from East West Petroleum), as well as DEE V-20 Jimbolia (along with Armax Gaz). The concessions were granted in 2010 . 2 other oil agreements to which NIS Petrol is a party, those related to concessions Ex-2 Tria (in which East West Petroleum is also a partner) and Ex-12 Crai Nou (with operator Moesia Oil nad Gas), appear as inactive at ANRM. In the case of Ex-2 Tria, the agreement expired last year and was not extended, and NIS Petrol paid ANRM the value of the mandatory exploration works provided for in the agreement and left unexecuted , according to an official document analyzed by Profit.ro.


In the fall of 2022, several searches were carried out at the offices of NIS Petrol in Timișoara, in a DIICOT file with suspicions of illegal transmission of information on local hydrocarbon deposits . NIS responded publicly saying that the company's basic principle is strict compliance with applicable legal regulations . Since then, the Romanian judicial authorities have not communicated any information on this topic. Over the years, NIS Petrol has faced problems in the prospecting stages of the Romanian concessioned hydrocarbon perimeters, the works suffering delays due to the refusal of the owners to allow access to the lands. The reasons were their fear that the operator would pursue the exploitation of shale gas through the hydraulic fracturing method , NIS Petrol repeatedly denying that it had this intention , or the desire to protect its business, in the case of farmers .


NIS Petrol SRL, which also owns in Romania a chain of gas stations operated under the Gazprom brand , as well as a 7.5 MW gas-fired power plant in Jimbolia , ended 2022, the last reported year, with losses of over 116 million lei, to total revenues of almost 712 million lei, according to the latest data from the Ministry of Finance. Since the start of activity in Romania, in 2012, and until 2022 inclusive, the company has reported losses every year, in the cumulative figure of over half a billion lei. The Serbian parent company NIS, listed on the Belgrade Stock Exchange, finished last year with a net profit of around 60 million euros, on total revenues of over 870 million euros. Its main shareholders are Gazpromneft, the oil division of Gazprom (50%), Gazprom as such (6.15%) and the Serbian state (almost 30%).

 

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East West Petroleum Provides Update on Sale of New Zealand Oil and Gas Properties​

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2024-04-30 05:03 ET - News Release


Vancouver, British Columbia--(Newsfile Corp. - April 30, 2024) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to provide this update in regard to the status of the sale of the New Zealand oil and gas properties.

Pursuant to the terms of the purchase and sale agreement, the purchaser is required to obtain necessary regulatory and governmental approvals as a condition to closing. The Company has been advised by the purchaser that all required filings for approvals have been made, all comments are being addressed and all approvals are expected on or before the May 31st 2024, being the long stop date contemplated by the purchase and sale agreement. Thereafter, and in the event the approvals are not obtained, the Company has the ability, in its discretion, to terminate the agreement.

The Company is also pleased to announce that pursuant to the purchase and sale agreement the purchaser had a contractual obligation to pay the balance owing pursuant to the contract 90 days post signing. This milestone was recently met and the Company has received the balance owing as determined by the purchaser. The purchaser's calculations are subject to compliance review. The Company's cash balance, assuming closing occurs on May 31st will be approximately Canadian $6.7 million.

Further news will be announced as it becomes available.

On Behalf of the Board
"Nick DeMare"
Nick DeMare,
Director & Interim CEO
604.685.9316

 

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Some updates from East Wests partner in Romania:

https://ir.nis.rs/wp-content/uploads/2024/04/QR_Q1_2024_eng.pdf



Page 5:

March In the first 3 months, 9 development wells and 2 exploratory wells were drilled in Serbia, and 10 development wells were put into operation in Serbia and 2 production wells in Romania



Page 23:

Key events in Romania in the first quarter in 2024:

· Teremia North Project:

ü In the part of the oil infrastructure, during 2024, a construction permit was obtained for the South location. The process of selecting a supplier for the oil infrastructure is underway;

ü In the part of the gas infrastructure, the detailed project of the infrastructure has been completed, further activities are being carried out to obtain permits from state authorities, consents for land access;

ü As part of the interaction with NAMR, permission was obtained for the extension of gas flaring during 2024 from the wells of the base fund and new well;

ü In terms of project activities, a geological assurance session was conducted, a complex project analysis was planned in order to further submit the project to the investment and advisory bodies for making the final investment decision.

 

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Final Conditions Precedent to Sale of New Zealand Assets Satisfied

Vancouver, British Columbia--(Newsfile Corp. - May 29, 2024) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to report that further to its news release of April 30th, 2024 the purchaser has now obtained final approvals from New Zealand Petroleum & Minerals and as a result all conditions precedent have been met.

Completion of title transfer will occur in New Zealand on May 30th 2024.

The Company wishes to thank all parties involved in this transaction for their efforts in completing this transaction.

On Behalf of the Board

"Nick DeMare"

Nick DeMare,
Director & Interim CEO
604.685.9316

 

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East West Petroleum proposes return of capital​

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2024-06-19 08:24 ET - News Release

Mr. Nick DeMare reports
EAST WEST PETROLEUM ANNOUNCES PROPOSED RETURN OF CAPITAL
East West Petroleum Corp.'s board of directors has determined that its in the best interest of the company to return capital to its shareholders by way of a reduction in stated capital of the company.
The Company will call a special meeting of its shareholders, to be held in August 2024 (the "Meeting"), where shareholders will be asked to consider and, if advisable, approve, among other things, a reduction in the stated capital of the Company (the "Capital Reduction"), which is currently $39,868,761, by up to $ 3 million, pursuant to the Business Corporations Act (British Columbia), for the purposes of distributing to the holders of common shares of the Company a portion of the Company's cash in the amount of $0.03 per common share (the "Distribution"). The Capital Reduction and the Distribution are subject to, among other things, the receipt of shareholder and regulatory approvals. There can be no assurances that the Capital Reduction and the Distribution will receive the required approvals, or that the Company will proceed with the Capital Reduction or the Distribution.
Further details in respect of the Capital Reduction, the Distribution and special general meeting matters will be announced when determined and will be provided in the management information circular of the Company in respect of the Meeting to be filed with regulatory authorities and mailed to shareholders in July 2024 in accordance with applicable securities laws.
Shareholders and other interested parties are advised to read the materials relating to the Meeting when they become available. Anyone may obtain copies of these documents when available free of charge under the Company's profile at the Canadian Securities Administrators' website at www.sedarplus.ca.
We seek Safe Harbor.

 

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East West Petroleum mails circular for Aug. 16 meeting​

2024-07-30 10:32 ET - News Release

Mr. Nick DeMare reports
EAST WEST PETROLEUM PROVIDES UPDATE ON PROPOSED RETURN OF CAPITAL
East West Petroleum Corp. has provided this update in regard to the status of the proposed return of capital announced on June 19, 2024.
The company has prepared and mailed its management information circular and related proxy materials to its shareholders in connection with the special meeting of shareholders to be held at 10 a.m. Vancouver time on Aug. 16, 2024. The meeting materials have been mailed to shareholders of record as of July 10, 2024. At the meeting, shareholders will be asked to consider, and if deemed advisable, approve a special resolution authorizing and approving, among other things, the distribution to shareholders, on a pro-rata basis, of an aggregate amount of up to $3-million in cash as a return of capital.
Your vote is important regardless of the number of shares you own. As a shareholder, it is very important that you read the meeting materials carefully and then vote at the meeting. You are eligible to vote if you were a shareholder of record at the close of business on the record date. A copy of the meeting materials is available under the company's profile on SEDAR+. The board of directors of the company unanimously recommends that shareholders vote in favour of the proposed distribution.
Shareholders are encouraged to vote well in advance of the proxy voting deadline on Aug. 14, 2024, at 10 a.m. Vancouver time.
Subject to the required approval from shareholders and the TSX Venture Exchange, the company anticipates the distribution will be effective on or about Aug. 23, 2024.