International Western Petroleum Starts 2017 with New Corporate Strategy Update
30 Janeiro 2017 - 11:30AM
Marketwired
International Western Petroleum Starts 2017 with New Corporate
Strategy Update
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/
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.
Contact: Investor Relations Department International Western
Petroleum, Inc. 5525 N. McArthur Blvd, Suite 280 Irving, TX 75038
Tel: 855-809-6900 Email: ir@iwpetroleum.com
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