IRVING, Texas, Sept. 14, 2016 (GLOBE NEWSWIRE) -- 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 completed an acquisition of a producing oil field in Kilgore, Texas via the Marshall Walden Joint Venture, a partnership with Odyssey Enterprises, LLC.
International Western Petroleum is the managing venturer in this joint venture with Odyssey which has financed the joint venture for the lease purchase and optimization of wells located in Kilgore, Texas, in the heart of the famous Woodbine formation. There are 8 wellbores in the acquisition, with 4 currently in production and 4 inactive. Over the next 90 days, our operation team will re-work all 8 wellbores to enhance oil production levels.
The Woodbine Sand formation exists 120 miles east of downtown Dallas in the heart of East Texas. In that area, the Woodbine Sand is typically found at a depth of approximately 6,000 feet. Further, in East Texas, the Woodbine Sand is frequently oil bearing. The most famous oil field which depended upon the Woodbine Sand as its primary reservoir was the fabled East Texas oil field. Prior to the discovery of oil in the Middle East, it was the largest oil field in the world with estimated initial recoverable oil reserves of 5.5 billion barrels.
“This is an acquisition that now puts a solid foundation in place for International Western Petroleum in the East Texas region. This area has wellbores that have been producing since the late 1920s. I am honored to have Odyssey teamed up with us for acquisition opportunities with such a deep route of Texas oil history," commented INWP CEO Ross Ramsey.
“This first partnership with International Western Petroleum shall open some exciting new doors for both parties in the East Texas region where Odyssey will serve as financial consultant and negotiator while continuing our long term partnership with them for additional acquisitions in Texas in the near future,” stated Odyssey president Joseph Rogers.
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/
About Odyssey Enterprises, LLC
Odyssey Enterprises, LLC is a Florida-based capital markets advisory firm and family office. The company looks for good investment opportunities with emerging growth publicly traded companies with an industry focus in oil and gas exploration.
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.
Our public filings with the SEC are available from commercial document retrieval services and at the website maintained by the SEC at http://www.sec.gov.