East West Petroleum Provides 2013 Capital Program and Work Program

East West Petroleum Corp. (TSX VENTURE:EW) (the "Company" or "East West") is
pleased to provide details on its 2013 capital budget of $13.9 million, which
will be fully funded through the Company's existing cash balance of
approximately $25 million. 


The 2013 capital program will focus on exploration drilling on the Company's
established acreage positions in New Zealand, Romania and California, and can be
summarized as follows:




--------------------------------------------------------------------------
                                                           Gross       Net
                                                         capital   capital
                                                Number     spend     to EW
Location      Permit                          of wells       ($M)      ($M)
--------------------------------------------------------------------------
New Zealand   54877 (EW 30%)                         5      10.5      $6.0
New Zealand   54879 (EW 50%)                         3       6.3      $4.1
New Zealand   54876 (EW 50%)                         1       2.1      $2.1
Romania       Tria (EW 15%)                          2       8.0      $0.0
California    Tejon Ranch Extension (EW 25%)         1       1.3      $0.5
California    Tejon Ranch Main (EW 25%)              1       5.0      $1.2
--------------------------------------------------------------------------
Total                                               13     $33.2     $13.9
--------------------------------------------------------------------------



New Zealand

As announced on December 11, 2012, the Company was awarded three oil and gas
concessions in New Zealand's Taranaki Basin alongside its partner and operator
TAG Oil Ltd ("TAG"). The licences have at least 10 shallow, low-risk,
drill-ready prospects and additional leads have been identified, which lie in
close proximity to TAG's producing Cheal Oil field. The nine well drilling
campaign is expected to commence on permit 54877 in late Q2 or early Q3 of this
year.


The Urenui and Mount Messenger sands are the primary productive horizons in this
area of the Taranaki Basin. Recent wells have averaged net pay of c. 17 m and
have tested initial production rates of c. 950 boepd.


Romania

The formal approval for the Company to commence operations on the EX-2 Tria
block in Romania was announced on December 5, 2012. The block covers 250,000
acres in the Pannonian Basin and numerous leads and prospects have been
identified based on existing seismic data. Through its farm out agreement with
Naftna Industrija Srbije j.s.c. Novi Sad ("NIS"), the Company will be fully
carried through the Phase 1 exploration period which will include the drilling
of three wells on the block. The first well is expected to spud by Q3 2013.


The Company is awaiting the formal approval to commence operations on its other
three blocks that have been awarded in Romania. Under the terms of the farm out
agreement with NIS, the Company will be fully carried through three wells on
each block, and any seismic and additional technical work, following formal
ratification which is expected to take place in H1 2013. Should NIS and the
Company choose to proceed to enter the Phase 2 exploration period, the Company
will be fully carried through to commerciality on each block.


California

In California, the Company plans to participate in the drilling of one Tejon
Main exploration well with its partner, North American Oil & Gas Corp. The
Company recently completed the drilling of its Pass Exploration #1 well on its
Tejon Extension lease. A testing program has commenced, with results to be
announced shortly. 


Greg Renwick, President & CEO commented, "Our 2013 capital program marks an
important turning point for the Company, moving from an asset acquisition phase
to asset evaluation phase. New Zealand, Romania and California have the
potential to become core producing areas for the Company in 2013 and we are
excited to be working with partners such as TAG and NIS. TAG has established
itself as one of the premier operators in New Zealand having drilled 20
consecutive successful wells in the Taranaki Basin, while NIS is leading
explorer in the Pannonian Basin with extensive operations in adjacent areas in
Northern Serbia."


In addition, East West has uploaded an updated corporate presentation to its
website which can be found at: http://www.eastwestpetroleum.ca.


About East West Petroleum Corp.

East West Petroleum (http://www.eastwestpetroleum.ca) is a TSX Venture Exchange
listed company which was established in 2010 to invest in emerging
unconventional resource plays, leveraging management's knowledge of
international opportunities and unconventional play technical expertise. In its
first 18 months of operations, the Company has built an attractive platform of
assets of over 1.6 million Acres. 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; four exploration concessions
covering 1,000,000 acres in the prolific Pannonian Basin of western Romania with
a subsidiary of Russia's GazpromNeft; a 100% interest in a 500,000 acre
exploration block onshore Morocco with conventional and unconventional
potential, three exploration permits in New Zealand with partner TAG OIL
(TSX:TAO) and a joint venture exploration program covering 5000 gross acres in
California. The Company is now poised to enter 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 expected to commence
in 2013. The Company expects to commence drilling operations in New Zealand with
up to 10 wells to be drilled in early 2013. The Company is well funded to cover
all anticipated seismic and drilling operations through 2013.


Forward-looking Statement

This press release contains "forward-looking information" that is based on the
Company's current expectations, estimates, forecasts and projections. This
forward-looking information includes, among other things, statements with
respect to the Company's plans, outlook, business strategy and exploration and
development of the Company's properties. The words "may", "would", "could",
"should", "will", "likely", "expect", "anticipate", "intend", "estimate",
"plan", "forecast", "project" and "believe" or other similar words and phrases
are intended to identify forward-looking information.


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. 


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.




FOR FURTHER INFORMATION PLEASE CONTACT: 
East West Petroleum Corp.
David Sidoo
Chairman
+1 604 682 1558
+1 604 682 1568 (FAX)


East West Petroleum Corp.
Greg Renwick
President & CEO
+1 972 955 7251
+1 604 683 1585 (FAX)
www.eastwestpetroleum.ca
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