IRVING, Texas,, Feb. 06, 2018 (GLOBE NEWSWIRE) -- International Western Petroleum, Inc. (OTCQB: INWP), a Texas-based E&P company (“the Company”) in the acquisition, development, and exploration of crude oil and natural gas properties, announced today that it has acquired a new oil and gas producing properties in Jack County and Palo Pinto County in Texas. The Company paid $1.6 million in cash for 11 oil and gas leases totaling 18 wells, with combined acreage of 2,790.9 acres. These Oil and Gas Lease’s have existing production and the Company plans to invest additional funds into oil and gas production.
With these wells ranging from 4,000ft up to 5,000ft in depth, the Company’s studies show a strong reserve of both oil and gas. The locations are in the prolific Fort Worth Basin encompassing 2 counties Jack and Palo Pinto which are 37 miles apart from each other. The current production rate is very positive; in addition, there is great upside potential upon performing completion methods in the existing formations and also other hydrocarbon formations that have not yet been produced.
The Fort Worth Basin of Texas sits atop a geological formation called the Barnett Shale which contains a large amount of natural gas. The Barnet shale is a valuable asset for America’s energy future because of natural gas. Historically, the Bend Arch–Fort Worth Basin Province is a major petroleum producing geological system which is primarily located in North Central Texas and southwestern Oklahoma. It is officially designated by the United States Geological Survey (USGS) as Province 045 and classified as the Barnett-Paleozoic Total Petroleum System (TPS). The USGS assessment of undiscovered conventional oil and gas and undiscovered continuous (unconventional) gas within Province 045 resulted in estimated means of 26.7 trillion cubic feet (760×109 m3) (Tcf) of undiscovered natural gas, 98.5 million barrels (15.66×106 m3) of undiscovered oil, and a mean of 1.1 billion barrels (170×106 m3) of undiscovered natural gas liquids.
"I'm happy to see this acquisition get completed while the oil market is trending up in the past couple months. We‘ve put in a lot of time and effort into studying the geology, completion methods, and open hole logs of this existing production. We’re happy with the current production rate and we’re confident these well bores are showing multiple hydrocarbon formations, thus giving us the security to know these wells have a potentially long life span ahead of them, " commented Ross Ramsey, President of the Exploration and Production Division.
“As a long term player in the energy market, we look forward to continuing to be active in oil and gas acquisition by executing the right transactions in order to create more shareholder value with new assets and revenues,” added Patrick Norris, Chairman and CEO of International Western Petroleum.
About International 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: http://www.iwpetroleum.com/
