EW East West Petroleum Corp

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


PEP 54877: Cheal North East Permit (30% EW) 

Since first production in November 2013, the Cheal E-site has produced
approximately 90,000 barrels of oil with three wells currently producing at a
stabilized combined rate of approximately 650 b/d of oil (195 b/d net) plus
solution gas. Currently Cheal-E1 and Cheal-E4 continue to flow naturally while
Cheal-E5 is producing utilizing hot water jet-pump facilities built at E-site. 


The remaining two wells at the Cheal E-site are continuing to undergo review and
testing. Cheal-E2 has been shut-in to evaluate flow-test data recently acquired
using a test separator and Cheal-E3 is shut-in pending Pressure Transient
Analysis.


PEP 54879: Cheal South Permit (50% EW) 

As mentioned in the Company press release dated March 10th, 2014, the Cheal G-1
well drilled on the Cheal South Permit encountered hydrocarbons and the well was
completed as a potential producer. A brief swab-test was conducted that resulted
in oil and gas being recovered and a testing plan is being developed by the
operator of the permit, which, upon JV approval, will be implemented in June
2014.


PEP 54876: Southern Cross Permit (50% EW) 

The Southern Cross-1 well and a subsequent side-track well were drilled on the
Southern Cross permit with both wells reaching TD and encountering hydrocarbons
within the Mt. Messenger Formation. Both wells however were deemed to be
sub-economic and were plugged and abandoned. Under the terms of the Joint
Venture Agreement with TAG, East West funded the first $2.5 million in costs of
the Southern Cross-1 well with both companies paying their 50% share after the
initial investment of $2.5 million. 


2014 New Zealand Work Program 

Southern Cross-1 was the final well of the nine well exploration program in the
Taranaki Basin which commenced in August 2013. East West has now completed the
carry portion of the work program on each permit and all further costs and
revenues will be shared jointly with TAG on a working interest basis. 


The Company and TAG will now be interpreting the results from the program to
identify and refine leads and prospects across the three licenses. One firm well
is currently scheduled for drilling in 2014 on the Cheal North East Permit
(Cheal-E6). Further, together with new seismic data being acquired on the
Southern Cross Permit and seismic reprocessing on the Cheal North East and Cheal
South Permits, the data gather from the drilling program will be used to
identify additional drilling locations for wells in the second half of 2014. 


In the East Coast PEP 55770 permit which covers over 105,000 gross acres, the
Company looks forward the results of TAG's Waitangi Valley-1 well to be drilled
this year on nearby acreage to test the Waipawa and Whangai formations. These
formations are regarded as high-quality source rocks and compare technically to
successful tight oil plays in North America such as the Bakken and Eagle Ford.
Multiple Miocene aged formations also provide the potential for conventional
reservoirs. 


The results of the Waitangi Valley-1 well will be used with seismic reprocessing
to plan the next phase of the work on the permit, which will include shooting of
2D seismic. To earn its 40% interest in the East Coast, the Company will be
carrying TAG Oil through the first three years which will include committed work
of seismic reprocessing and optional seismic acquisition and the drilling of one
exploration well over the next three years. 


The remaining 2014 capex program will be fully funded from production in New
Zealand. 


Romania (15% EW) 

NIS has informed the Company tenders were recently issued for seismic
acquisition across all four licenses. Following acquisition and interpretation,
three wells will be drilled on each block as part of the Phase I work programs.
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. 


David Sidoo, CEO of East West commented, "We are very pleased to have completed
the nine well drilling program in New Zealand with our partner TAG Oil. Over the
past nine months, the Company has passed significant milestones with the
drilling of our first exploration well, reaching commercial production and
generating our first cash flow which will amount to approximately $8.5 Million
in 2014. We are looking forward to the results of the ongoing testing in the
Taranaki Basin and are continuing to work closely with TAG on new ventures such
as our East Coast permit and reviewing available acreage in the 2014 New Zealand
Block Offer. In Romania, we are pleased to report that work is progressing
across all four licenses in advance of drilling in late 2014 or early 2015. NIS
continues to be very diligent in the use of time and capital to evaluate the
acreage and we are confident their expertise in this part of the Pannonian Basin
will maximize our chance of successfully finding hydrocarbons once drilling
commences." 


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 Naftna Industrija Srbije; 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 Naftna Industrija Srbije in a seismic and 12-well drilling program
which is underway, and in New Zealand where production and drilling operations
are ongoing.


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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