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East West Petroleum to Drill First Romanian Well

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International oil and gas producer East West Petroleum Corp. has announced its financial and operating results for the 12 months ended March 31, 2015.

Financial and Operating highlights for FY2015

• Total revenue increased 54% in FY2015 to a record $6.5 million.
• Cash balance at year end of $8.4 million, working capital balance of $8.9 million and no debt.
• Average net daily production volumes of 264 boepd (76% oil) in FY2015 and 296 boepd (72% oil) in Q4/15.
• Strong average netbacks per barrel of $56.76 in FY2015 and $42.01 in Q4/15, despite weak commodity prices, contributed to net cash from operating activities of $1.7 million in FY2015.
• Completion of the TAG Oil Ltd. owned and operated Cheal E to Cheal A pipeline in May, which will allow EW to monetize future oil and gas wells drilled in the Cheal-E development area, sell previously flared gas generating additional revenues and lowering operating costs through facility optimizations.

David Sidoo, President and CEO of East West said: "We are extremely pleased to report record revenues from our producing properties in New Zealand despite a challenging end to the year in oil prices. East West is well positioned heading into fiscal 2016 with no debt and cash balances well in excess of future committed capital expenditures. For FY2016, we are looking forward to additional drilling in New Zealand and seeing the first well drilled in Romania. Finally, I'd like to thank our partners, TAG Oil Ltd. in New Zealand and NIS Petrol in Romania, for their hard work and dedication to our joint projects."