IRVING, Texas, Sept. 13, 2016 (GLOBE NEWSWIRE) -- International Western Petroleum, Inc. (OTCQB:INWP) announced today that it has cancelled the Purchase and Sale Agreement with Texas Gulf Coast Acquisitions and will no longer be pursuing the asset acquisition of the Houston-based privately held company as mentioned in its press release on July 14, 2016.

The withdrawal was decided upon by International Western Petroleum’s management team after the completion of due diligence.

Dr. Benjamin Tran, Chairman of International Western Petroleum commented, “Based upon our final due diligence review of this acquisition candidate to date, we conclude that this transaction is not a good fit for our company.”

“At INWP, our management team always puts priority on the protection of our investors’ capital and we must act in the best interest of all shareholders. As our investment thesis is production longevity with low decline curves and less operational issues, we are now looking for better opportunities of the hard rock reservoirs,” added CEO Ross Ramsey.

As oil could be heading higher in the near future, International Western Petroleum is actively looking for more attractive and credible acquisition candidates.

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 know-how to increase acreage, productions and reserves with a focus in the Central West Texas region. For more information, please visit its corporate website: www.iwpetroleum.com