Mr. Nick Demare reports

EAST WEST PETROLEUM TO MOVE TO TIER 2 FROM TIER 1

Effective June 22, East West Petroleum Corp.'s listing on the TSX Venture Exchange will be reclassified as a Tier 2 oil and gas issuer.

The company was previously a Tier 1 oil and gas issuer, but it no longer meets the requirements for listing as Tier 1 issuer in regard to the value of its proven reserves, specifically having $2-million of proven developed reserves.

The transfer to Tier 2 will have no material impact on the company. The company is well financed, and its operations continue to generate positive cash flow.