Vancouver, British Columbia--(Newsfile Corp. - June 24, 2020) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to provide this further update regarding the sale of its 30% interest in Petroleum Exploration Permit 54877 and Petroleum Mining Permit 60291 (the "Cheal Permits"), to an arm's length private New Zealand company (the "Purchaser"), on the terms previously announced in a news release of the Company dated June 24, 2019 (the "Transaction").
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% owner which have now been resolved, limited progress has been made in regards to securing the Government's consent, as required, by June 24th2020 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.