East West Petroleum Provides Update on Special Distribution, Name Change and Consolidation

Rhea-AI Summary

East West Petroleum (TSXV: EW) provided updates on three key corporate actions. The company is proceeding with its previously announced special distribution through capital reduction, though not yet completed. Additionally, the TSX Venture Exchange has approved both the company's name change to "East West Minerals Ltd." and a 10-for-1 share consolidation. However, these changes will only be implemented after the special distribution is finalized.

The company, under interim CEO Nick DeMare, will provide further updates on the timing of these corporate actions once the special distribution process is complete.

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Vancouver, British Columbia--(Newsfile Corp. - September 22, 2025) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") wishes to provide an update on the capital reduction and special distribution discussed in the Company's news release of September 11, 2025 (the "Special Distribution"). Although the Special Distribution has not yet been completed, the process to complete it remains underway and is continuing to progress. The Company will provide a further update once the Special Distribution has been completed.

Further to its news release of September 17, 2025 announcing the proposed name change from "East West Petroleum Corp." to "East West Minerals Ltd." (the "Name Change") and consolidation of its common shares on a ten (10) for one (1) basis (the "Share Consolidation"), the Company also wishes to announce that the TSXV has approved the Name Change and Share Consolidation but these will not be implemented until after the Special Distribution is completed. The Company will provide a further update on timing of the Name Change and Share Consolidation after the Special Distribution is completed.

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.

Cautionary Note Regarding Forward-Looking Information

This news release may contain forward-looking statements. All statements, other than statements of historical fact, constitute "forward-looking statements" and include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including the Company's strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/267423

FAQ

What is the new share consolidation ratio announced by East West Petroleum (TSXV: EW)?

East West Petroleum announced a 10-for-1 share consolidation, meaning every 10 existing shares will be consolidated into 1 new share.

What is East West Petroleum's new company name after the announced change?

The company will change its name from East West Petroleum Corp. to East West Minerals Ltd. following the completion of the special distribution.

When will East West Petroleum's name change and share consolidation take effect?

The name change and share consolidation will be implemented after the completion of the special distribution. The exact timing has not been announced yet.

Has the TSX Venture Exchange approved East West Petroleum's corporate changes?

Yes, the TSX Venture Exchange has approved both the name change to East West Minerals Ltd. and the 10-for-1 share consolidation.