East West Petroleum Q3 Results Released November 30th 2020. Information below can be found on Sedar.

Symbols: EW(Canada) & EWPMF(USA)
Prices: $0.045CAD & $0.03USD
Common Shares: 89,585,665
Website: www.eastwestpetroleum.ca

Financial Results, Ending September 30th 2020 - keeping in mind that brent oil was lower this quarter

ASSETS
Cash: $4,911,056 - Company currently has a market cap below it's cash value
GST Receivable: $6,280
Amounts Receivable: $166,802
Prepaid Expenses: $28,880
Investments: $599,200 - Both stocks held have gone up since this end period
Exploration & Evaluation Assets: $1,655,361
Property, Plant & Equipment: $368,384
Total Assets: $7,735,963

LIABILITIES
Accounts Payable: $284,094
Decommissioning: $1,325,303
Total Liabilities: $1,609,397

Performance
Six Month Revenue: $1,135,141 (2019 - $1,491,042) - Lower due to the oil price drop from Covid
Net Loss: $328,072 - Depletion was $340,000

Management Discussion Highlights

New Zealand

PMP 60291 is the location of the Cheal E-Site and the Cheal E-site production facility as well as the Cheal-E wells.
There has been continued positive response from the Cheal E waterflood program, with both production and pressure
increases having been observed. The Cheal E waterflood program was expanded to include the conversion of the
Cheal-E4 well to a water injector in two Mt. Messenger formation intervals, which has swept oil towards the Cheal
E1 producing well from the southern area of the field resulting in additional oil recovery and extending the Cheal-E
site’s field life.

The Company’s portion of oil and gas production remained relatively consistent during the three months ended
September 30, 2020 (“Q2”) compared to the three months ended June 30, 2020 (“Q1). During Q2 the Company’s
portion of oil and gas production was 13.8 Mbbl oil and 21.2 Mmcf gas, compared to 15.3 Mbbl oil and 21.8 Mmcf
gas during Q1. The Company had five wells, the Cheal-E1, E2, E5, E6 and E8 producing for both Q2 and Q1.
On October 24, 2020 the Cheal-E1 pump stopped functioning. The Operator has managed to pull the rods with a
crane and intends to clean the well and replace the pump. Production from the Cheal-E1 well is expected to resume
by mid to late December…

Unlock the rest of this article with a 14 day trial

Unlock with Email
Unlock with Google

Already have an account?
Login here