International Western Petroleum Announces US$5 Million Funding Offer
(Thomson Reuters ONE) -
International Western Petroleum
("IWPO" or "The Company")
International Western Petroleum Announces US$5 Million Funding Offer
3(rd) December 2013, London, UK - International Western Petroleum Corporation
(Ticker: IWPO), the GXG-listed oil & gas exploration and production company with
operations in Texas, is pleased to announce a US$5 million offer to fund a
portion of the Bend Arch Lion Project.
International Western Oil (IWO), the wholly owned subsidiary of IWPO, has been
offered by a New York-based private equity fund to provide US$5 million in
project financing to fund the next 10 wells of the Bend Arch Lion Project. This
offer was made after the final examination on the term offering from IWO and the
commercial proven reserves of the Bend Arch target reservoir, which have been
computed using the standard field formulation and resulted with approximately
4.9 million barrels (bbls) of recoverable hydrocarbons via state-of-the-art
georadiometry, a cutting edge identification technology for oil and gas
exploration.
CEO Ross Ramsey stated, "Since we are closing the fund raise on the first four
well programme of the Bend Arch Lion in Coleman County very soon, we intend to
take it as reserved funding for the next 10-well programme of the Bend Arch Lion
project. Our management team will have to finalise the usage of this funding
with the private equity firm during the next few weeks before signing off the
offer acceptance."
IWPO's Chairman Dr. Benjamin Tran added, "This funding approval is tailor made
for our core exploration project that plans to capitalize a small portion of the
proven reserve in our Bend Arch Lion lease. This reservoir has a potential to
produce for 40 to 60 years at an attractive commercial rate in primary
production mode, secondary recovery mode, and even tertiary recovery mode with
time on our side, which means modern technology will become more advanced in the
future."
About International Western Petroleum Corporation:
International Western Petroleum Corporation (GXG: IWPO) is a global oil & gas
company specializing in exploration and lease acquisitions with a focus on North
America. IWPO boasts a world-class team of petroleum engineers, scientists,
geologists, and global marketers serving major oil & gas companies worldwide.
For more information, please visit the corporate website: www.iwpetro.com
For further information contact:
Lionsgate Communications
Jonathan Charles / Jessica Johnson
info(at)lionsgatecomms.com
T: +44 (0) 20 3697 1209
This announcement is distributed by GlobeNewswire on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: International Western Petroleum Corporation via GlobeNewswire
[HUG#1747187]
Unternehmensinformation / Kurzprofil:
Datum: 03.12.2013 - 09:00 Uhr
Sprache: Deutsch
News-ID 322010
Anzahl Zeichen: 3450
contact information:
Town:
Moncton
Kategorie:
Business News
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