International Western Petroleum Corporation 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.”