Mr. Nick DeMare reports

EAST WEST PETROLEUM SHAREHOLDERS APPROVE CAPITAL REDUCTION AND ALL OTHER MATTERS AT THE ANNUAL AND SPECIAL MEETING

At East West Petroleum Corp.'s annual and special meeting of shareholders held on Sept. 5, 2025, the shareholders re-elected Nick DeMare, Mark T. Brown and Kevin William Haney to the board of directors. Giacomo Grassi did not stand for re-election at the meeting.

The shareholders passed all resolutions including (i) an ordinary resolution to ratify the company's existing stock option plan, pursuant to which the company may grant stock options up to 10 per cent of its issued and outstanding common shares at the time of the grant; and (ii) a special resolution to approve the return of capital by way of a reduction in stated capital of the company. In accordance with the special resolution passed by the shareholders, the board has determined that the stated capital of the company, which is currently $37,224,841, will be reduced by up to $3-million, pursuant to the Business Corporations Act (British Columbia), for the purposes of distributing to the holders of common shares of the company a portion of the company's cash in the amount of three cents per common share.

The company will issue a further news release once the effective date for the capital reduction and the distribution is finalized.

Further details in respect of the capital reduction and distribution are available in the management information circular of the company in respect of the meeting held on Sept. 5, 2025, a copy of which is available free of charge under the company's profile at the Canadian Securities Administrators' website.

Following the meeting, the board appointed Nick DeMare as interim chief executive officer and corporate secretary of the company, and Harvey Lim as interim chief financial officer. Mr. DeMare, Mr. Brown and Mr. Haney were appointed to the audit committee.