EW East West Petroleum Corp

East West Petroleum Corp. (TSX VENTURE:EW) (the "Company" or "East West") is
pleased to provide the following operational update on its operations in the
Taranaki Basin of New Zealand and in Romania. The Company's joint venture
partner, TAG Oil Ltd. ("TAG"), is the operator of all licenses in New Zealand,
while in Romania the Company's partner Naftna Industrija Srbije ("NIS") is the
operator of all concessions.


Update on production from Cheal E-site, New Zealand

The Company is pleased to report that to Feb. 15, 2014 the gross production from
the Cheal E-site totaled over 50,000 boe. The Cheal-E1 well is currently
producing at a rate of over 500 boepd (87% oil) through a 17/64" choke. The
Cheal-E4 has been on test production since January 1, 2014, with an average
production rate of over 280 boepd (83% oil). The Cheal-E4 well will soon be
placed on permanent production following a temporary shut-in period to allow for
temperature and pressure analysis while other E-site wells are flow tested,
starting with Cheal-E5. The initial production testing data is being used to
determine the long-term production scheme for the site.


Under the joint operating agreement with TAG, East West paid 100% of the first
C$5 million in drilling costs on the Cheal E site and is entitled to receive
100% of the first C$5 million in revenue, while paying 100% of the costs to
produce that revenue, after which all revenue and costs will be shared 70:30
between TAG and EW. To date, over 23,000 barrels of oil have been sold at an
average price of over US$109/b from which the Company estimates it will receive
cash netbacks of over US$80 per barrel. East West expects to have recovered the
$5 million in revenue by the end of Q1 2014.


2014 Proposed Capital Budget

The Company also announces that the minimum committed 2014 capital expenditures
in New Zealand for East West are expected to total C$10.4 million, which will
include the drilling of three wells from the Cheal G-site, one well at Southern
Cross, and at least one well from the Cheal E-site. In addition, seismic
acquisition and reprocessing is planned for the Taranaki and East Coast permits
in 2014. Further wells to the 2014 drilling program are expected to be added
following the completion and interpretation of the results of the current
drilling program. Capex for the 2014 committed work program and any additional
wells will be financed from the Company's existing cash balance and from
production from Taranaki Basin permits.


In Romania (15% working interest), seismic acquisition is ongoing on the Tria
licence in preparation for spudding the first of three wells in the committed
Phase I work program later this year. Seismic acquisition will commence on the
Baile Felix, Periam and Biled concessions following the award of contracts for
2D and 3D seismic acquisition on the respective blocks. Under the farm out
agreement with NIS, East West will be fully carried through to commerciality
which includes all Phase I and Phase II work on the concessions. NIS and the
Company will be targeting conventional resources and all work will be done in
accordance with local and international regulations and best practices.


Further details on the East West's 2014 planned capex and work program can be
found in the Company's corporate presentation available at
www.eastwestpetroleum.ca.


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 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; in December 2013, the
Company was awarded one block in the emerging East Coast Basin of New Zealand
when covers over 100,000 acres. 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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