International Western Petroleum Announces the Completion of a 6-Well Drilling Program With 100% Success Rate
(firmenpresse) - IRVING, TX -- (Marketwired) -- 03/03/16 -- International Western Petroleum, Inc. (IWP) is pleased to announce that the Company has completed the 6-well drilling program of the Bend Arch Lion 1B project (Pittard Bend Arch Red concession) which encompasses 220 acres in Coleman County, Texas.
With a 100% success rate from this designated drilling program, i.e., 6 new oil and gas wells out of 6 drilling entries, the Bend Arch Lion 1B Joint Venture expects to start the full production of all 6 new producing oil and gas wells in mid-March. We have encountered high quality proven reserves encompassing several pay zones highlighted by the Gray Sand pay zone and the Ellenburger formation. With the completion of this drilling program, the Company now owns working interests in 10 wells (6 in the Bend Arch Lion 1B exploration project and 4 in the Bend Arch Lion 1A exploration project).
Dr. Benjamin Tran, International Western Petroleum''s Chairman, said, "We believe this is a strong achievement for our company to gain a new foothold in the Central West Texas region, thus strengthening our position in the sub 5,000 ft exploration capability which is our niche in the region."
CEO Ross Ramsey also commented, "Our next practical step for this new production field is to apply cutting edge intelligent fields technologies to increase productivity and longevity to ensure our continual growth. We also plan an Enhanced Oil Recovery program to improve the production of the Bend Arch Lion 1A concession starting this month with additional fracking into its highly producible pay zones."
International Western Petroleum, Inc. is an early stage E&P company that focuses on the acquisition, development, and exploration of crude oil and natural gas properties. The Company boasts a world-class team of petroleum engineers, scientists, and geologists specializing in the Central West Texas region. For more information, please visit its corporate website:
Contact:
Investor Relations Department
International Western Petroleum, Inc.
5525 N. McArthur Blvd, Suite 280
Irving, TX 75038
Tel: 855-809-6900
Email:
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Datum: 03.03.2016 - 07:00 Uhr
Sprache: Deutsch
News-ID 1419323
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