San Joaquin basin exploratory venture formed

East West Petroleum Corp., Vancouver, BC, and Lani LLC, private Ventura, Calif., concern, will launch a joint exploratory program in the San Joaquin basin in California. East West also will contribute $500,000 as part of Lani's planned restructuring as a public US company. Lani has amassed an exploratory acreage position in the southern part of the basin and identified a number of oil prospects and leads. East West will assume a 21.25-25% net participation interest in Lani's acreage position, contributing $2.5 million to drill two prospects and acquire more leases. Drilling is expected to begin by the end of 2012 Lani as operator. East West noted that Occidental Petroleum Corp.'s 2009 dis...

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