East West Petroleum Adds To California Acreage

To acquire acreage in the southern San Joaquin Basin.

East West Petroleum Corp. (TSX VENTURE:EW) announce that it has increased its position in California's southern San Joaquin Basin.

The Company, through its wholly owned subsidiary Avere Energy Corp. its interest in the Tejon Ranch Main Footwall license area in the southern San Joaquin Basin to 50% from 21.25% through the acquisition of a 28.75% working interest from Solimar Energy Limited (ASX:SGY)(TSX VENTURE:SXS). The $110,000 acquisition will increase the East West’s acreage to 1,575 net acres from 685.

The acquisition provides the company additional exposure to the re-emerging San Joaquin Basin. Interest in the area has followed since the discovery of a 150 - 250 million barrels of oil equivalent (MMBOE) field by Occidental Petroleum in 2009.

Oxy recently reported that in the past year they made a 50 MMBOE discovery in the San Joaquin Basin, which they are hoping to double through further appraisal drilling in 2013 and 2014.

The Tejon Main license area is about 20 miles south of Bakersfield, Calif., in the southernmost portion of the San Joaquin Basin. The license is located between the North Tejon and Tejon fields that have cumulatively produced 60 million barrels of oil and 252 billion cubic feet (Bcf) of gas.