IRVING, TX–(Marketwired – Jan 30, 2017) – International Western Petroleum, Inc. (OTCQB: INWP), (the “Company”), a Texas-based E&P company specializing in the acquisition, development, and exploration of crude oil and natural gas properties, today released an update on corporate development and strategy.
The Company will be focusing on regional acquisition(s) with a focus in the Permian Basin region. This region has been producing oil continuously for nearly 100 years and the U.S. Geological Survey (USGS) has recently announced that this region is the largest estimate of continuous oil that it has ever assessed. Our area of interest is production locations within the Wolfcamp shale in the Midland Basin portion of the Texas Permian Basin where the USGS estimates that there are 20 billion barrels of undiscovered, technically recoverable oil.
In addition, the Company’s management team recently concluded a trip to Asia to visit several national oil and gas power houses, including PetroVietnam, Petronas, and Philippine National Oil in search of viable oversea partners for acquisitions targets.
The Company has instigated a new acquisition model which is based on:
(1) the financed acquisition of mature oil fields that have great potential for the application of an Advanced Enhanced Oil Recovery (EOR) process. This highly cost effective EOR process has been technologically proven with great success in over 40 oil fields around the world, where the average production increase of producing wells, onshore and offshore, has been recorded with over 130% upside; and
(2) strategic partnership with existing operators to share production increases garnered through the implementation of this EOR process
The Company’s management believes that it is well positioned to exploit a highly effective and developed EOR technology which uniquely addresses a global market of “trapped oil” estimated at $250 trillion U.S. dollars. The Company aims to execute its mission in this new direction to create high value for the benefit of its shareholders and strategic partners.
CEO Ross Ramsey stated, “We expect to achieve the balance of significant short term revenue and cash flow from implementing this EOR process specifically formulated for each oil reservoir without harsh chemicals or high lifting cost from explorations. We believe by utilizing this proprietary EOR process, the cost per incremental barrel of oil is between $6 and $10 U.S. dollars, thus bringing significant benefit to participating oil producers.”
Dr. Benjamin Tran, Chairman, added, “This streamlined and efficient EOR process will transform the declining oil assets into significant profit centers. As a result, we anticipate exceptionally low operating overhead as we deploy this EOR process throughout the United States and beyond for better revenue creation through sales and strategic partnerships.”
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/