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East West Petroleum Corp V.EW

Alternate Symbol(s):  EWPMF

East West Petroleum Corp. is a Canada-based junior oil and gas company. The Company is engaged in the exploration, development and production from certain of its oil and gas properties. Its portfolio consists of interests in exploration concessions in New Zealand and Romania and producing properties in the Taranaki Basin, New Zealand. In New Zealand, it holds a 30% working interest in the Petroleum Exploration Permit (PEP) 54877 and the Petroleum Mining Permit PMP 60291 (Cheal East). PMP 60291 is the location of the Cheal E-Site and the Cheal E-site production facility as well as the Cheal-E wells. The oil and gas production comes from over five wells on the Cheal-E site, the Cheal-E1, E2, E5, E6 and E8 wells. It also has interests in over four blocks, Tria (EX-2), Balle Felix (EX-3), Periam (EX-7) and Biled (EX-8), which covers a total of approximately 4,079 square kilometers (1,007,500 acres) and are located in western Romania on the eastern margin of the producing Pannonian Basin.


TSXV:EW - Post by User

Bullboard Posts
Comment by Jman1076on Aug 22, 2018 3:26pm
103 Views
Post# 28501306

RE:My Letter (Complaint) to the BC Securities Commission

RE:My Letter (Complaint) to the BC Securities CommissionI also sent a note. I am a stockholder 1,300,000 shares of East West Petroleum which announced on 7/18/18 a major restructuring plan. Effective 7/18/18 the BoD stopped trading in EW on your exchange and stated that they hope to have an agreement that shareholders could vote upon within a month. Over a month has passed and no prospectus has been issued and we still cannot trade the stock. In the restructuring plan EW will acquire the assets of Juva Life a cannabis company, provide a reverse stock split of 10:1 shares and issue approximately 90,000,000 more shares to the current and future owners of Juva Life. They also intend to spin off East West oil and gas assets into a private company that will have no excess to the stock market making the ability to sell and exit a company that is involved in a questionable line of business almost impossible for us to extract our investments. To add insult to the current shareholders in an interview with the CEO of the company stated that he thought he could sell our Romanian and New Zealand assets for 10 15 million which in Romania alone would equate to $100 / acre for mineral rights. This low payout is in spite the revelation from our partner in Romania, NIS, that it has already drilled one successful well and just spudded another with at least two more to follow before the end of the year. Clearly something is not right. NIS and EW are on the verge of a major discovery, an our CEO is trying to sell off the asset by first moving it into a private company where shareholders have little power to control. This screams kickbacks to me, but I may be wrong. To acquire the approximately 9,000,000 shares for current owners (10:1 reverse stock split) the BoD is planning on using our approximately $4,000,000 of cash and near cash assets to make that purchase. I believe that EW is already in the process of transferring the assets to a wholly owned subsidiary without first submitting this to shareholders for approval. The first question I have is: Can EW do this without shareholder approval? The second question is: What percentage of shareholders are required for such a transaction? Is it 50%+1 of all voting. Or is 50%+1 of voting + all not voting share are counted as for what the BoD approves. The third question is: Is there a time limit to when a company must publish a prospectus, or can this go on indefinitely? I suggest you look into this matter, because we may have a Board of Directors group this is out of control and may be moving into a self-serving role.
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