East West Petroleum Provides Corporate Update
East West Petroleum (TSXV: EW) has announced key corporate updates regarding its restructuring plans and Romanian assets. The company plans to execute a return of capital of approximately C$3 million to shareholders, subject to shareholder approval at the upcoming annual and special shareholders meeting scheduled for September 5th, 2025.
The company also reported challenges with its Romanian project, stating that due to sanctions on the operator, they do not expect any monetization from this asset in the near term or at all. The Romanian project currently has a nil carrying value on the company's balance sheet.
East West Petroleum (TSXV: EW) ha annunciato importanti aggiornamenti aziendali riguardanti i suoi piani di ristrutturazione e gli asset in Romania. L'azienda intende effettuare un rimborso di capitale di circa 3 milioni di dollari canadesi agli azionisti, subordinato all'approvazione durante l'assemblea annuale e straordinaria degli azionisti prevista per il 5 settembre 2025.
La società ha inoltre segnalato difficoltà con il progetto in Romania, affermando che, a causa delle sanzioni sull'operatore, non si aspettano alcuna monetizzazione di questo asset nel breve termine o addirittura in futuro. Attualmente, il progetto rumeno ha un valore contabile pari a zero nel bilancio della società.
East West Petroleum (TSXV: EW) ha anunciado actualizaciones corporativas clave relacionadas con sus planes de reestructuración y activos en Rumania. La compañía planea realizar un retorno de capital de aproximadamente 3 millones de dólares canadienses a los accionistas, sujeto a la aprobación en la próxima junta anual y extraordinaria de accionistas programada para el 5 de septiembre de 2025.
La empresa también informó sobre desafíos con su proyecto rumano, indicando que debido a las sanciones impuestas al operador, no esperan ninguna monetización de este activo en el corto plazo ni en absoluto. Actualmente, el proyecto rumano tiene un valor contable nulo en el balance de la compañía.
East West Petroleum (TSXV: EW)는 구조조정 계획 및 루마니아 자산에 관한 주요 기업 업데이트를 발표했습니다. 회사는 다가오는 2025년 9월 5일 예정된 연례 및 특별 주주총회에서 주주 승인을 조건으로, 주주들에게 약 300만 캐나다 달러 규모의 자본 환급을 실행할 계획입니다.
또한 회사는 루마니아 프로젝트와 관련된 어려움을 보고하며, 운영자에 대한 제재로 인해 단기적으로 또는 전혀 이 자산에서 수익을 기대하지 않는다고 밝혔습니다. 현재 루마니아 프로젝트는 회사 재무제표상 장부 가치가 0으로 처리되어 있습니다.
East West Petroleum (TSXV : EW) a annoncé des mises à jour importantes concernant ses plans de restructuration et ses actifs en Roumanie. La société prévoit d'effectuer un retour de capital d'environ 3 millions de dollars canadiens aux actionnaires, sous réserve de l'approbation des actionnaires lors de l'assemblée générale annuelle et extraordinaire prévue le 5 septembre 2025.
La société a également signalé des difficultés avec son projet roumain, indiquant qu'en raison des sanctions imposées à l'opérateur, elle ne s'attend pas à une quelconque monétisation de cet actif à court terme, voire jamais. Le projet roumain a actuellement une valeur comptable nulle dans les états financiers de la société.
East West Petroleum (TSXV: EW) hat wichtige Unternehmensaktualisierungen bezüglich seiner Restrukturierungspläne und rumänischen Vermögenswerte bekanntgegeben. Das Unternehmen plant, eine Kapitalrückzahlung von etwa 3 Millionen kanadischen Dollar an die Aktionäre durchzuführen, vorbehaltlich der Zustimmung der Aktionäre auf der bevorstehenden jährlichen und außerordentlichen Hauptversammlung am 5. September 2025.
Das Unternehmen berichtete außerdem über Herausforderungen bei seinem rumänischen Projekt und erklärte, dass aufgrund von Sanktionen gegen den Betreiber keine Monetarisierung dieses Vermögenswerts in naher Zukunft oder überhaupt erwartet wird. Das rumänische Projekt hat derzeit einen Buchwert von null in der Bilanz des Unternehmens.
- None.
- Romanian asset unlikely to be monetized due to sanctions on operator
- Uncertainty around the timeline and approval of the capital return plan
Vancouver, British Columbia--(Newsfile Corp. - July 8, 2025) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to provide this further corporate update.
In the Company's news release of July 2nd 2025 the Company announced a return of capital of approximately
An annual and special shareholders meeting (the "Meeting") has been set for September 5th 2025, with July 29th 2025 being set as the record date to determine which shareholders are entitled to receive notice of, and vote at, the Meeting. Further news will be issued as the Company advances this restructuring plan.
In addition, the Company has been monitoring events in Romania and its attempts to crystalize a monetizing event. Given the impact of sanctions on the operator the Company does not expect any realization from this asset in the near term or at all. The carrying value of the Romanian project is nil so there will be no impact on the Company's balance sheet. Additional information will be provided as it becomes known.
On Behalf of the Board
"Nick DeMare"
Nick DeMare,
Director & Interim CEO
1305 - 1090 West Georgia Street, Vancouver, BC, Canada, V6E 3V7
Tel: 604.685.9316 | Fax: 604.683.1585
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/258048
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