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 acquired a 3D Seismic 350-acre leasehold in King County, Texas.
This acquisition primarily includes 350-acre leasehold in King County, Texas with additional options to lease up to 800 acres of adjoining acreage with complete 3D seismic data. The 350-acre leasehold comes with an existing tank facility for the production of oil, natural gas, and water. There is also a full injection wellbore set in place that is fully equipped. There have been five (5) wellbores drilled on this lease dating back to the 1970s, and these previous wellbores ranged from 4800ft - 6200ft in total depth, with three (3) different prolific hydrocarbon formations.
Historically, oil was discovered in King County, Texas in 1943. By January 1, 1991, almost 114,403,000 barrels of oil had been produced from King County since the first wells were drilled.
"This is an acquisition that now puts us in the Eastern Permian Basin. With in depth studying of the 3D seismic data, we believe there are up to eight (8) proven undeveloped locations ("PUDs") throughout the lease's acreage. We feel that the key is not how quickly we can drill on this lease, but how we can best take full advantage of the complete 3D Seismic data available. Therefore, we should be able to drill wellbores in extremely accurate locations. We plan to drill a 7,200ft pilot hole in order to obtain samples and access a full log review to determine if there is a window to drill a horizontal leg. We are prepared to proceed, but will do extremely in depth studying before doing so," commented CEO Ross Ramsey.