Mr. David Sidoo reports

EAST WEST GRANTS NEW OPTIONS AND RE-PRICES EXISTING OPTIONS

East West Petroleum Corp. has granted stock options to a director and a consultant to purchase up to 300,000 common shares of the company at a price of 40 cents per share for a period of three years. In addition, subject to disinterested shareholder approval, the board of directors has agreed to amend the terms of 1.04 million stock options, previously granted to Marc Bustin, a director of the company, by reducing the exercise price from $1.16 per share to 40 cents per share. Other than the imposition of certain trading restrictions, all other terms of the options remain the same.