International Western Petroleum, Inc. (OTC: INWP) has announced today that is has completed an acquisition of an operational oil producing filed in Kilgore, Texas. The deal was made through a joint venture with Marshall Walden, partnering with , a partnership with Odyssey Enterprises, LLC.
International Western Petroleum a Texas-based E&P company specializing in the acquisition, development, and exploration of crude oil and natural gas properties. The company has financed the joint venture leasing purchases and optimization of wells, which are located in the area of Kilgore, right in the canter of the famous Woodbine formation.
The acquisition includes 8 wellbores, 4 of them are currently producing, the other 4 are inactive. All 8 are expected to be active in the near future to increase the levels of production.
The Woodbine Sand formation exists 120 miles east of downtown Dallas in the heart of East Texas. In that area, the Woodbine Sand is typically found at a depth of approximately 6,000 feet.