EW East West Petroleum Corp

East West Petroleum Corp. (TSX VENTURE:EW) (the "Company" or "East West") is
pleased to announce that New Zealand Petroleum and Minerals ("NZPAM") has
awarded the Company a 40% interest and its joint venture partner and operator
TAG Oil Ltd ("TAG") a 60% interest in petroleum exploration permit 55770 ("PEP
55770") covering 106,157 acres in the East Coast Basin of New Zealand as part of
the 2013 New Zealand Block Offer. 


The initial 12-month work program will be funded by the Company and consists of
reprocessing available seismic data. Going forward, in order to maintain the
Company's 40% interest in the permit, the Company can choose to fund the
acquisition of 60 km's of new 2D seismic and one unconventional well drilled to
approximately 2,500 meters by April 2017. 


David Sidoo, President and CEO of East West Petroleum commented, "We are very
happy and excited for TAG and East West to be awarded this new acreage in the
2013 New Zealand Block Offer. This expansion into the East Coast Basin with a
proven operator like TAG will provide East West with high impact exploration
potential in New Zealand. We are also pleased to continue to grow our
relationship with TAG, a company that has proven to be very successful over many
years with their New Zealand asset portfolio." 


The East Coast Basin is a lightly explored, Cretaceous-Cenozoic age fore-arc
basin. The basin contains numerous oil and gas seeps and has potential for
significant discoveries of both conventional and unconventional hydrocarbons.
The basin contains a working hydrocarbon system and initial studies have shown
the sources rocks to be highly comparable to proven unconventional plays, such
as the Bakken in North America.


Cheal E Update 

The Company has been informed by TAG that the Cheal-E4 well located in the Cheal
North permit (PEP 54877) has reached a total depth of 2,235 meters, and that
operations were completed on time and on budget. The Cheal-E5 well was
immediately spudded by the Nova-1 drilling rig with the expectation of reaching
total depth by mid-December. 


In addition TAG has informed the Company that the Cheal-E1 well is expected to
be placed back on production on December 9, 2013 after being temporarily shut-in
for planned pressure and temperature analysis and that similar testing
operations on Cheal-E2 through to Cheal-E5 will continue over the next two
months with all successful wells expected to be placed on production throughout
December and January. Initial oil produced during the Cheal-E1 test has been
delivered to New Plymouth for subsequent sale and eventual export. 


Additional information on East West's Taranaki exploration program can be found
in the Company's press releases dated August 19th and November 14th. 


About East West Petroleum Corp.

East West Petroleum (http://www.eastwestpetroleum.ca) is a TSX Venture Exchange
listed company established in 2010 to invest in international oil & gas
opportunities. East West has built a diverse platform of attractive exploration
assets covering an area over 1.6 million acres. In New Zealand, East West holds
an interest in three exploration permits near to existing commercial production
in the Taranaki Basin with a nine well drilling campaign, operated by TAG Oil
Ltd. (TSX:TAO), is in progress. The Company also interests in four exploration
concessions covering 1,000,000 acres in the prolific Pannonian Basin of western
Romania with a subsidiary of Russia's GazpromNeft; a joint venture exploration
program covering 8,000 gross acres in the San Joaquin Basin of California; an
oil-prone exploration block of 100,000 acres in the Assam region of India with
the three largest exploration and production Indian firms ONGC, Oil India and
GAIL; and a 100% interest in a 500,000 acre exploration block onshore Morocco.
The Company is now poised to enter operational phases in Romania, where it will
be fully carried by its partner Gazprom-controlled Naftna Industrija Srbije in a
seismic and 12-well drilling program now underway. The Company has adequate
funds to cover all anticipated seismic and exploratory drilling operations
through 2013.


Forward-looking information is subject to known and unknown risks, uncertainties
and other factors that may cause the Company's actual results, level of
activity, performance or achievements to be materially different from those
expressed or implied by such forward-looking information. Such factors include,
but are not limited to: the ability to raise sufficient capital to fund
exploration and development; the quantity of and future net revenues from the
Company's reserves; oil and natural gas production levels; commodity prices,
foreign currency exchange rates and interest rates; capital expenditure programs
and other expenditures; supply and demand for oil and natural gas; schedules and
timing of certain projects and the Company's strategy for growth; competitive
conditions; the Company's future operating and financial results; and treatment
under governmental and other regulatory regimes and tax, environmental and other
laws. 


Prospective Resources are those quantities of petroleum estimated, as of a given
date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective resources have both an
associated chance of discovery and a chance of development. Prospective
Resources are further subdivided in accordance with the level of certainty
associated with recoverable estimates assuming their discovery and development
and may be subclassified based on project maturity. Best estimate resources are
considered to be the best estimate of the quantity that will actually be
recovered from the accumulation. If probabilistic methods are used, this term is
a measure of central tendency of the uncertainty distribution (most likely/mode,
P50/median, or arithmetic average/mean). As estimates, there is no certainty
that any portion of the resources will be discovered. If discovered, there is no
certainty that it will be commercially viable to produce any portion of the
resources that the estimated reserves or resources will be recovered or
produced. 


This list is not exhaustive of the factors that may affect our forward-looking
information. These and other factors should be considered carefully and readers
should not place undue reliance on such forward-looking information. The Company
disclaims any intention or obligation to update or revise forward-looking
information, whether as a result of new information, future events or otherwise.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
East West Petroleum Corp.
Chris Beltgens
Corporate Development Manager
+1 604 682 1558
+1 604 682 1568 (FAX)
www.eastwestpetroleum.ca

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