International Western Petroleum Inc. (IWP) completed the acquisition of 39.5% of the working interests in the Bend Arch joint venture (JV) areas in Texas from operating partner International Western Oil Corp. (IWO), IWP said May 27.
The Lion 1A JV--the 160-acre Pittard Bend Arch White property -- and 50% of the working interests in the Bend Arch Lion 1B JV--the 160-acre Pittard Bend Arch Red property—were acquired from IWO.
Bend Arch Lion 1A currently has four producing oil and natural gas wells. Bend Arch Lion 1B currently has three producing wells. IWP plans to drill three more wells, about 4,700 feet total depth, in June.
The company also said it secured several acquisition and exploration projects in the Bend Arch/ Fort Worth Basin region of the Barnett Shale. Roughly 120 miles long and 40 miles wide, this region runs from Archer County to Brown County.
The Bend Arch/Fort Worth Basin is an active drilling area. The existing leaseholds from the acquisition could support a 20-plus-well drilling program, and there could be about 5.3 million barrels of oil in proven reserves, said Benjamin Tran, IWP’s chairman.
International Western Petroleum Inc. is based in Irving, Texas.
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