Exploration & Production | Deals - Joint Ventures
East West Ups Ante in San Joaquin Basin via Lani JV
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East West Petroleum Corp. has completed a Farmin Agreement and Area of Mutual Interest (AMI) Agreement with Lani LLC to carry out joint exploration programs in the San Joaquin Basin of California, USA.
Effective with the signing of the Farmin Agreement, the Company now holds participation interests in approximately 4,500 gross (3,200 net) acres in two prospective areas named Tejon Extension and Tejon Main. The acreage position is situated between the Tejon North and Tejon Fields which together have surpassed 100 mmboe of oil and gas production. East West will contribute $2.5 million to the joint work program over the next four to six months, holding a 25% participation interest in Tejon Extension leases and a 21.25% participation interest in Tejon Main leases. East West funds will be used…
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