US based International Western Petroleum (IWP) has completed acquisition of working interests in two multi-well production assets in the Bend Arch region of Texas from its partner International Western Oil.
Under the agreement , IWP will obtain 39.5% stake in the Bend Arch Lion 1A Joint Venture, which is a 160 acre Pittard Bend Arch white property, along with 50% interest in the Bend Arch Lion 1B Joint Venture, a Pittard Bend Arch red property.
International Western Petroleum chairman said Dr Benjamin Tran said: "This area has been one of the most active drilling areas of recent times and the existing leaseholds from this acquisition have the potential of over 20-well drilling programme with approximately 5.3 million barrels of oil in place in proven reserves."
Seven oil and gas wells have been successfully drilled in the region, four of which are in Bend Arch Lion 1A and three in Bend Arch Lion 1B.
The firm plans to drill 3 additional wells in the region starting from June 2015 to a depth of around 4,700ft.
IWP CEO Ross Ramsey said: "While awaiting new drilling permits to work toward completing the 6-well programme of the Bend Arch Lion 1B, we consider ourselves very fortunate to own a significant amount of working interests of very important leaseholds which show significant hydrocarbon anomalies, according to our recent geology studies."