With a 100% success rate from this designated drilling program, i.e., 6 new oil and gas wells out of 6 drilling entries, the Bend Arch Lion 1B Joint Venture expects to start the full production of all 6 new producing oil and gas wells in mid-March. We have encountered high quality proven reserves encompassing several pay zones highlighted by the Gray Sand pay zone and the Ellenburger formation. With the completion of this drilling program, the Company now owns working interests in 10 wells (6 in the Bend Arch Lion 1B exploration project and 4 in the Bend Arch Lion 1A exploration project).
Dr. Benjamin Tran, International Western Petroleum’s Chairman, said, "We believe this is a strong achievement for our company to gain a new foothold in the Central West Texas region, thus strengthening our position in the sub 5,000 ft exploration capability which is our niche in the region."
CEO Ross Ramsey also commented, "Our next practical step for this new production field is to apply cutting edge intelligent fields technologies to increase productivity and longevity to ensure our continual growth. We also plan an Enhanced Oil Recovery program to improve the production of the Bend Arch Lion 1A concession starting this month with additional fracking into its highly producible pay zones."
