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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 Jul 02, 2019 5:05pm
81 Views
Post# 29881093

RE:TAG Oil Reports FY2019 Results

RE:TAG Oil Reports FY2019 ResultsFrom EW News Release: Pursuant to the terms of the HOA, and in consideration of the Transaction, the Buyer will pay East West US$1,900,000 in cash. The effective date for the sale is April 1st 2019 and payments are staged over 12 months of closing with initial payment of US $ 1,000,000 with normal closing adjustments, due on closing. My understanding is that the 4/1/19 date was used, so EW does not receive any increased revenue from the water flooding project at Cheal and EW will not need to contribute to the cost of that project. If that is the case, none of TAG's increased reported income has an impact on our sale. Bottom-line, all that EW will receive from NZ is $US1.9 million, just north of 2 cents per share. In total EW will have in cash or near cash just north of 6 cents per share. That's about where we are trading at today. Bottom-line, at these prices Romania is free. Now that is the real bargain, with all the drilling that NIS is doing.
Bullboard Posts