International Western Petroleum Reports New Strategic Investors
IRVING, Texas, August 8, 2017 (MARKETWIRED) –International Western Petroleum, Inc. (OTCQB: INWP), a Texas-based E&P company (“the Company”) involved in the acquisition, development, and exploration of crude oil and natural gas properties, announced today that it sold in a private placement 34,500,000 shares of common stock to several investors, including Mr. Patrick Norris and a company controlled by him, JBB Partners, Inc.. The Company received $345,000 from the sale of these shares. JBB Partners, Inc. also lent the Company an additional $550,000, modifying its current loan originally made in April 2017. Together the Company has obtained, before expenses, $895,000 in working capital.
The Company expects to use the new funding for production improvement projects. The Company’s goal is to execute its acquisition model with EOR (Enhanced Oil Recovery) methods applied to oil and gas properties in order to accelerate its production revenues and increase assets. The Company plans to expand the E&P business outside of the Central West Texas and East Texas region while looking for income-producing assets with high reserves and great upside potential in several of the overlooked assets and oil field businesses in various areas of Texas, and surrounding states.
In the sale of shares by the Company, Mr. Norris and JBB Partners, Inc. acquired 21,000,000 of the shares. Separately, Mr. Norris and JBB Partners, Inc. also bought from the current management team, Mr. Ross Ramsey and Dr. Benjamin Tran, and a related party to the Company named International Western Oil Corp., an additional aggregate of 30,420,000 shares of common stock. The combined direct and indirect acquisitions by Mr. Norris results in his holding approximately 57% of the outstanding shares of common stock of the Company at this time. The Company also eliminated its debt of $379,428 via the issuance of 5,900,000 shares of common stocks to Riggs Capital, Inc. and its owner.
Mr. Norris has become Chairman of the Company and Dr. Tran and Mr. Ramsey remain members of the Company’s Board. Mr. Norris has also been appointed the Chief Executive Officer, President, Chief Financial Officer, Treasurer and Secretary of the Company, until other suitable executive officers may be engaged. Dr. Tran has tendered his resignation as an executive officer, but he will continue as a consultant with the Company to provide capital markets advice on a number of fronts. Mr. Ramsey also will continue with the Company under a consulting agreement to head up the E&P operations. The two consulting agreements are for an initial period of two years, and provide for cash and stock incentive compensation.
“We are very delighted to becoming a strategic investor and majority stakeholder of Norris Industries to expand our interest in the oil and gas E&P sector,” commented Mr. Norris, founder of Norris International Services. Norris International Services manufactures and provides premium threaded pipe and other components for the oil and gas industry and the horizontal directional drilling trenchless industry. Mr. Norris continued, “I am pleased to have the continued support and experience of the current management while the Company pursues its expansion efforts for new assets, related businesses for its production acceleration, and overall business growth.”
“This is a very exciting time for International Western Petroleum. As we join forces with the founder of Norris International Services, a recognized leader in the oil and gas services and utility industries, we believe the Company will be able to accelerate its growth for the longer term” stated Dr. Tran, a Director of the Company. Mr. Ramsey, a Director of the Company, commented, “we believe this is a turning point for the Company that will greatly enhance our shareholders’ value.”
AboutInternational Western Petroleum, Inc.
International Western Petroleum is a Texas-based E&P company that currently focuses on the acquisition, development, and exploration of crude oil and natural gas properties in Texas. For more information, please visit its corporate website: iwpetroleum.com
About Patrick Norris, Norris International Services, LLC
Patrick Norris is owner/founder of Norris International Services (NIS) a manufacturing and premium threading company for both the Utility and Oil and Gas industries with a recognized name in the Horizontal Directional Drilling (HDD) trenchless sector. NIS applies the best-of-class Trenchless technology in the rapidly growing sector of the construction and civil engineering industry and provides its products to several of the most recognized oilfield players. Established in 2004 in New Iberia, Louisiana, NIS has over 100 employees with a strategically-located 100,000 gsf manufacturing facility with 24-hour service, and operations. For more information, please visit its corporate website: http://www.norrisintl.com
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission.
Our public filings with the SEC are available from commercial document retrieval services and at the website maintained by the SEC at http://www.sec.gov
Investor Relations Department
International Western Petroleum, Inc.
5525 N. McArthur Blvd, Suite 280 Irving, TX 75038