SOURCE: International Western Petroleum, Inc.

International Western Petroleum, Inc.

December 07, 2016 09:00 ET

International Western Petroleum Acquires 3D Seismic Acreage in the Prolific King County of Texas

IRVING, TX--(Marketwired - Dec 7, 2016) - International Western Petroleum, Inc. (OTCQB: INWP), a Texas-based E&P company specializing in the acquisition, development, and exploration of crude oil and natural gas properties, announced today that it has acquired a 3D Seismic 350-acre leasehold in King County, Texas. 

This acquisition primarily includes 350-acre leasehold in King County, Texas with additional options to lease up to 800 acres of adjoining acreage with complete 3D seismic data. The 350-acre leasehold comes with an existing tank facility for the production of oil, natural gas, and water. There is also a full injection wellbore set in place that is fully equipped. There have been five (5) wellbores drilled on this lease dating back to the 1970s, and these previous wellbores ranged from 4800ft - 6200ft in total depth, with three (3) different prolific hydrocarbon formations.

Historically, oil was discovered in King County, Texas in 1943. By January 1, 1991, almost 114,403,000 barrels of oil had been produced from King County since the first wells were drilled.

"This is an acquisition that now puts us in the Eastern Permian Basin. With in depth studying of the 3D seismic data, we believe there are up to eight (8) proven undeveloped locations ("PUDs") throughout the lease's acreage. We feel that the key is not how quickly we can drill on this lease, but how we can best take full advantage of the complete 3D Seismic data available. Therefore, we should be able to drill wellbores in extremely accurate locations. We plan to drill a 7,200ft pilot hole in order to obtain samples and access a full log review to determine if there is a window to drill a horizontal leg. We are prepared to proceed, but will do extremely in depth studying before doing so," commented CEO Ross Ramsey.

About International Western Petroleum, Inc.

International Western Petroleum is a Texas-based E&P company that focuses on the acquisition, development, and exploration of crude oil and natural gas properties in Texas. The company is actively looking to acquire oil and gas properties and apply the latest technologies and production techniques to increase acreage, productions, and reserves with a focus in the Central West Texas region. For more information, please visit its corporate website: http://www.iwpetroleum.com/

FORWARD-LOOKING STATEMENTS

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.

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Contact Information

  • Contact:

    Investor Relations Department
    International Western Petroleum, Inc.
    5525 N. McArthur Blvd, Suite 280
    Irving, TX 75038
    Tel: 855-809-6900
    Email: ir@iwpetroleum.com