IRVING, TX--(Marketwired - Nov 1, 2016) - International Western Petroleum, Inc. (
International Western Petroleum has commenced initial field works in its own productions while exploring this new technology starting with the East Texas and Central West Texas regions. The Company plans to optimize its acquisition model by adding this technology to increase existing mature productions without additional drilling or fracking. Preliminary assessments from this technology company indicates that this OOR process, in general, may increase current production at targeted production wells by approximately 50% to 300% and may increase ultimate recovery of the original-oil-in-place by 5% to 20%.
Applied through existing water-flood operations, this new oil recovery process works entirely within the natural ecology of the oil reservoir by selectively stimulating particular species of the oil reservoir formation's resident microbes with custom-formulated, biodegradable and organic nutrients. To date, with over 300 well applications on 48 commercial oil fields and 4 continents, onshore and offshore, this process has an impressive record with very fast results and an average production increase of 92% on in-situ test wells, producer wells and injector wells that have met its screening criteria. Further, this OOR process has never reduced production or in any way damaged a reservoir or a well.
"With 65% oil being trapped underground in the world today, our management team believes that this proprietary technology is one of the most important oil recovery breakthroughs in decades. Its performance records show extraordinary results in production increase and the super low cost of this process is a major benefit for us in this low oil price environment," commented Dr. Benjamin Tran, INWP Chairman.
"As this cutting edge OOR process has been endorsed and involved by world class oil professionals and executives, INWP management expects to commercialize its immeasurable advantages first to our existing productions then to apply this technology to our future acquired oil properties, aiming to proliferate our productions and increase our reserves, " added INWP Chief Executive Officer Ross Ramsey.
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/
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.
Investor Relations Department
International Western Petroleum, Inc.
5525 N. McArthur Blvd, Suite 280
Irving, TX 75038