EW East West Petroleum Corp

East West Petroleum Corp. (the "Company") (TSX VENTURE:EW) wishes to announce
that, subject to regulatory approval, it will conduct a normal course issuer bid
(the "Bid"). The Bid will be for up to 8,882,872 shares of the Company over a
period of one year (the "Bid Period"), being 9.53% of Company's issued and
outstanding common shares, with up to 1,864,438 shares of the Company
purchasable over any 30-day period within the Bid Period, being 2% of Company's
issued and outstanding common shares. The Bid Period will commence on February
3, 2014 and will continue until the earlier of February 3, 2015 or the date by
which the Company has acquired the maximum 8,882,872 shares which may be
purchased under the bid.


Management believes that the market price of the Company's shares may not fully
reflect the value of its business and future prospects, and as such it believes
that purchasing its own shares for cancellation is an appropriate strategy for
increasing long-term shareholder value. With respect to the Company's previous
Bid, which expired on October 16, 2013, a total of 998,500 shares of the Company
were purchased under the Bid at an average price of $0.3085 per share. As per
the previous Bid, purchases will be made through the facilities of the TSX
Venture Exchange (the "Exchange"), and the price at which the Company will
purchase its shares will be the market price of the shares at the time of
acquisition. The Company has appointed Mackie Research Capital Corporation as
its broker to conduct normal course issuer bid transactions. 


The Company has 93,211,165 common shares issued and outstanding. Common shares
purchased by the Company will be returned to treasury for cancellation. 


About East West Petroleum Corp.

East West Petroleum (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
a gross area of approximately 1.8 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 has now entered 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 which is underway.


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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