East West Petroleum to Conduct Normal Course Issuer Bid
January 31 2014 - 8:15AM
Marketwired
East West Petroleum to Conduct Normal Course Issuer Bid
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 31, 2014) - 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.
East West Petroleum Corp.Chris BeltgensCorporate Development
Manager+1 604 682 1558+1 604 682 1568www.eastwestpetroleum.ca
East West Petroleum (TSXV:EW)
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