International Western Petroleum Acquired Working Interests Of Two Multi-Well Productions Of The Bend Arch Region To Gain Access To New E&P Opportunities In Texas
GlobeNewswire, May 27, 2015 – International Western Petroleum, Inc. (IWP) is pleased to announce that the Company has completed the acquisition of 39.5% of the working interests in the Bend Arch Lion 1A Joint Venture (the Pittard Bend Arch White property encompassing 160 acres) and 50% of the working interests in the Bend Arch Lion 1B Joint Venture (the Pittard Bend Arch Red property encompassing 220 acres) from its operating partner International Western Oil Corporation (IWO).
This acquisition allows the Company to have full access to new exploration and production opportunities in the Central/West Texas region of the U.S. With 100% success rate from designated drilling programs totaling 7 for 7 drilling entries to date, the Bend Arch Lion 1A currently has 4 producing oil and gas wells and the Bend Arch Lion 1B currently has 3 producing oil and gas wells. The Company plans to drill 3 additional wells of approximately 4,700 feet in total depth starting June 2015. The Company has also prospected and secured several lucrative acquisition and exploration projects in the prolific Bend Arch/ Fort Worth Basin region, which is approximately 120 miles long and 40 miles wide running from Archer County, Texas to the north to Brown Country to the south.
Dr. Benjamin Tran, International Western Petroleum’s Chairman, said, “This area has been one of the most active drilling areas of recent times and the existing leaseholds from this acquisition have the potential of over 20-well drilling program with approximately 5.3 million barrels of oil in place in proven reserves. Applying our proprietary drilling and completion techniques using state-of-the-art hydrocarbon identification technology while aggressively pursuing new E&P opportunities to expand our reserves, we believe we can grow fast from this point.”
IWP’s CEO Ross Ramsey added, “While awaiting new drilling permits to work toward completing the 6-well program of the Bend Arch Lion 1B, we consider ourselves very fortunate to own a significant amount of working interests of very important leaseholds which show significant hydrocarbon anomalies, according to our recent geology studies.”
The Company filed an 8-K on May 20, 2015 and its management team believes that IWP is currently a very active explorer in the most productive area of the prolific Bend Arch region and is seeking to acquire larger positions in this region. For more detail information on the 8-K filing: http://www.sec.gov/Archives/edgar/data/1603793/000149315215002153/form8k.htm
ABOUT INTERNATIONAL WESTERN PETROLEUM, INC.:
International Western Petroleum, Inc. is an early-stage oil and gas company that focuses on the acquisition, development, and exploration of crude oil and natural gas properties. The Company boasts a world-class team of petroleum engineers, scientists, and geologists specializing in the Central/West Texas region. For more information, please visit its corporate website: www.iwpetroleum.com