East West Petroleum Provides Taranaki Basin Operations Update

East West Petroleum Corp. (TSX VENTURE:EW) (the "Company" or "East West"), is
pleased to provide the following update on its operations in the Taranaki Basin
of New Zealand. The Company's joint venture partner, TAG Oil Ltd. ("TAG"), is
the operator of all licenses. 


PEP 54877: Cheal North East Permit (30% EW)

Cheal-E1, E4, and E5 wells, all located on the Cheal North East Permit, are all
productive oil wells that have cumulatively produced approximately 60,000 bbls
of oil to date. East West has now recovered the initial $5 million in revenue
for its contribution of the first $5 million in costs for the initial drilling
program on the permit. Cash flow from Cheal-E1 and E4 alone is expected to fund
the Company's committed capital expenditures for the remainder of calendar year
2014. This program includes at least one well on PEP 54876 (Southern Cross)
permit and at least one new development well on the Cheal North East Permit
following up the success to date where the Company and TAG have established
steady production and cash flow at E-site.


The Cheal-E2 well, with similar reservoir qualities as the three producing Cheal
E wells, is presently awaiting a workover that is planned for mid-March, prior
to initiating a testing program on the potential producing zone encountered by
the Cheal-E2 well. The Cheal-E3 well also encountered what the joint venture
partners believe is commercial net pay based on petrophysical interpretation of
the well log data. Data related to Cheal-E3 will be evaluated in advance of
further work being completed on the well.


PEP 54879: Cheal South Permit (50% EW)

In January / February 2014, three wells were drilled consecutively from the
Cheal-G Site on the Cheal South Permit. East West funded the first $2.5 million
in costs of a three well drilling program with both companies paying their 50%
share after the initial investment of $2.5 million. Cheal-G1 was drilled to a
total depth of 2,384 m and encountered six meters of hydrocarbon filled
reservoir rocks within the Mt Messenger Formation as expected. The well was
cased and is currently waiting on completion testing. 


Both Cheal-G2 and G3 encountered hydrocarbon filled reservoir sections within
the Mt Messenger Formation, but both were interpreted to have sub-economic
thicknesses and have been plugged and abandoned. The joint venture partners will
review all results associated with the drilling program prior to conducting
future operations on the permit. All Cheal-G site wells were drilled on time and
on budget.


PEP 54876: Southern Cross Permit (50% EW)

The Nova-1 rig will now move from the Cheal South Permit to the Southern Cross
Permit in approximately two weeks to drill up to two wells on this new permit
following completion of construction of the Southern Cross well site. Southern
Cross is located immediately to the North of the Cheal North permit that
contains the Company's Cheal-E wells. All permits and consents have been granted
for drilling on the Southern Cross permit. 


Director Dr. Marc Bustin Awarded the Stanley Slipper Gold Medal

The Company would like to congratulate Dr. Marc Bustin, the Company's Senior
Technical Advisor and Director, who has been awarded the 2013 Canadian Society
of Petroleum Geologists (CSPG) Stanley Slipper Gold Medal. The Stanley Slipper
Gold Medal was established in 1989 and is the CSPG's most prestigious award and
recognizes outstanding contributions to petroleum exploration in Canada. 


"We are pleased with the continued progress to date in New Zealand," said David
Sidoo, CEO and President of East West Petroleum. "Gross production from the
Cheal E site continues to grow with three wells now having produced commercial
oil, and with testing continuing at the Cheal E and G sites and the upcoming
Southern Cross well we expect further increases to production and cash flow over
the next several months. Following completion of the current nine well program
in the Taranaki Basin, we will work with TAG to identify further prospects in
the joint venture permits to be drilled later this year. We are also paying
close attention to the results from the East Coast Basin as we have a 40%
interest with TAG in over 100,000 acres with the PEP 55770 permit which was
awarded in December. We are in the early stages of determining the potential of
our properties in New Zealand having gone from exploration to production within
the past six months, and look forward to the upcoming results from the busy year
ahead. I would also like to extend my congratulations to Dr. Bustin for
receiving such a prestigious award."


Added Dr. Marc Bustin, "The initial results from the eight exploration wells
drilled to date are encouraging as they demonstrate the extension of
hydrocarbons in the greater Cheal area. These results will help to further
define already identified leads and prospects located on our acreage and in the
planning of the next phase of drilling."


About East West Petroleum Corp.

East West Petroleum (http://www.eastwestpetroleum.ca) is a TSX Venture Exchange
listed company established in 2010 to invest in international oil & gas
opportunities. East West has built a diverse platform of attractive exploration
assets covering a gross area of approximately 1.8 million acres. In New Zealand,
East West holds an interest in three exploration permits near to existing
commercial production in the Taranaki Basin with a nine well drilling campaign,
operated by TAG Oil Ltd. (TSX: TAO), is in progress; in December 2013, the
Company was awarded one block in the emerging East Coast Basin of New Zealand
when covers over 100,000 acres. The Company also has interests in four
exploration concessions covering 1,000,000 acres in the prolific Pannonian Basin
of western Romania with Naftna Industrija Srbije ("NIS"); a joint venture
exploration program covering 8,000 gross acres in the San Joaquin Basin of
California; 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; and a 100% interest in a 500,000 acre exploration block
onshore Morocco. The Company has now entered operational phases in Romania,
where it will be fully carried by its partner NIS in a seismic and 12-well
drilling program which is underway.


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. 


Prospective Resources are those quantities of petroleum estimated, as of a given
date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective resources have both an
associated chance of discovery and a chance of development. Prospective
Resources are further subdivided in accordance with the level of certainty
associated with recoverable estimates assuming their discovery and development
and may be subclassified based on project maturity. Best estimate resources are
considered to be the best estimate of the quantity that will actually be
recovered from the accumulation. If probabilistic methods are used, this term is
a measure of central tendency of the uncertainty distribution (most likely/mode,
P50/median, or arithmetic average/mean). As estimates, there is no certainty
that any portion of the resources will be discovered. If discovered, there is no
certainty that it will be commercially viable to produce any portion of the
resources that the estimated reserves or resources will be recovered or
produced. 


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.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
East West Petroleum Corp.
Chris Beltgens
Corporate Development Manager
[phone]
[phone] (FAX)
www.eastwestpetroleum.ca