International Western Petroleum, Inc. has completed the acquisition of 39.5% of the working interests in the Bend Arch Lion 1A Joint Venture (the Pittard Bend Arch White property encompassing 160 acres) and 50% of the working interests in the Bend Arch Lion 1B Joint Venture (the Pittard Bend Arch Red property encompassing 160 acres) from its operating partner International Western Oil Corporation (IWO). This acquisition allows the Company to have full access to new exploration and production opportunities in the Central/West Texas region of the U.S.
With 100% success rate from designated drilling programs totaling 7 for 7 drilling entries to date, the Bend Arch Lion 1A currently has 4 producing oil and gas wells and the Bend Arch Lion 1B currently has 3 producing oil and gas wells. The Company plans to drill 3 additional wells of approximately 4,700 feet in total depth starting June 2015. The Company has also prospected and secured several lucrative acquisition and exploration projects in the prolific Bend Arch/ Fort Worth Basin region, which is approximately 120 miles long and 40 miles wide running from Archer County, Texas to the north to Brown Country to the south.