International Western Petroleum Reports New Strategic
Investors
IRVING, TX-(Marketwired - Aug 8, 2017) - International Western
Petroleum, Inc. (OTCQB: INWP), a Texas-based E&P company ("the
Company") involved in the acquisition, development, and exploration
of crude oil and natural gas properties, announced today that it
sold in a private placement 34,500,000 shares of common stock to
several investors, including Mr. Patrick Norris and a company
controlled by him, JBB Partners, Inc.. The Company received
$345,000 from the sale of these shares. JBB Partners, Inc. also
lent the Company an additional $550,000, modifying its current loan
originally made in April 2017. Together the Company has obtained,
before expenses, $895,000 in working capital.
The Company expects to use the new funding for production
improvement projects. The Company's goal is to execute its
acquisition model with EOR (Enhanced Oil Recovery) methods applied
to oil and gas properties in order to accelerate its production
revenues and increase assets. The Company plans to expand the
E&P business outside of the Central West Texas and East Texas
region while looking for income-producing assets with high reserves
and great upside potential in several of the overlooked assets and
oil field businesses in various areas of Texas, and surrounding
states.
In the sale of shares by the Company, Mr. Norris and JBB
Partners, Inc. acquired 21,000,000 of the shares. Separately, Mr.
Norris and JBB Partners, Inc. also bought from the current
management team, Mr. Ross Ramsey and Dr. Benjamin Tran, and a
related party to the Company named International Western Oil Corp.,
an additional aggregate of 30,420,000 shares of common stock. The
combined direct and indirect acquisitions by Mr. Norris results in
his holding approximately 57% of the outstanding shares of common
stock of the Company at this time. The Company also eliminated its
debt of $379,428 via the issuance of 5,900,000 shares of common
stocks to Riggs Capital, Inc. and its owner.
Mr. Norris has become Chairman of the Company and Dr. Tran and
Mr. Ramsey remain members of the Company's Board. Mr. Norris has
also been appointed the Chief Executive Officer, President, Chief
Financial Officer, Treasurer and Secretary of the Company, until
other suitable executive officers may be engaged. Dr. Tran has
tendered his resignation as an executive officer, but he will
continue as a consultant with the Company to provide capital
markets advice on a number of fronts. Mr. Ramsey also will continue
with the Company under a consulting agreement to head up the
E&P operations. The two consulting agreements are for an
initial period of two years, and provide for cash and stock
incentive compensation.
"We are very delighted to becoming a strategic investor and
majority stakeholder of International Western Petroleum to expand
our interest in the oil and gas E&P sector," commented Mr.
Norris, founder of Norris International Services. Norris
International Services manufactures and provides premium threaded
pipe and other components for the oil and gas industry and the
horizontal directional drilling trenchless industry. Mr. Norris
continued, "I am pleased to have the continued support and
experience of the current management while the Company pursues its
expansion efforts for new assets, related businesses for its
production acceleration, and overall business growth."
"This is a very exciting time for International Western
Petroleum. As we join forces with the founder of Norris
International Services, a recognized leader in the oil and gas
services and utility industries, we believe the Company will be
able to accelerate its growth for the longer term" stated Dr. Tran,
a Director of the Company. Mr. Ramsey, a Director of the Company,
commented, "we believe this is a turning point for the Company that
will greatly enhance our shareholders' value."
About International Western Petroleum, Inc.
International Western Petroleum is a Texas-based E&P company
that currently focuses on the acquisition, development, and
exploration of crude oil and natural gas properties in Texas. For
more information, please visit its corporate website:
http://www.iwpetroleum.com/
About Patrick Norris, Norris International Services, LLC
Patrick Norris is owner/founder of Norris International Services
(NIS) a manufacturing and premium threading company for both the
Utility and Oil and Gas industries with a recognized name in the
Horizontal Directional Drilling (HDD) trenchless sector. NIS
applies the best-of-class Trenchless technology in the rapidly
growing sector of the construction and civil engineering industry
and provides its products to several of the most recognized
oilfield players. Established in 2004 in New Iberia, Louisiana, NIS
has over 100 employees with a strategically-located 100,000 gsf
manufacturing facility with 24-hour service, and operations. For
more information, please visit its corporate website:
http://www.norrisintl.com
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements as
defined within Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements relate to future events, including our
ability to raise capital, or to our future financial performance,
and involve known and unknown risks, uncertainties and other
factors that may cause our actual results, levels of activity,
performance, or achievements to be materially different from any
future results, levels of activity, performance or achievements
expressed or implied by these forward-looking statements. You
should not place undue reliance on forward-looking statements since
they involve known and unknown risks, uncertainties and other
factors which are, in some cases, beyond our control and which
could, and likely will, materially affect actual results, levels of
activity, performance or achievements. Any forward-looking
statement reflects our current views with respect to future events
and is subject to these and other risks, uncertainties and
assumptions relating to our operations, results of operations,
growth strategy and liquidity. We assume no obligation to publicly
update or revise these forward-looking statements for any reason,
or to update the reasons actual results could differ materially
from those anticipated in these forward-looking statements, even if
new information becomes available in the future. For a discussion
of these risks and uncertainties, please see our filings with the
Securities and Exchange Commission.
Our public filings with the SEC are available from commercial
document retrieval services and at the website maintained by the
SEC at http://www.sec.gov
Contact: Investor Relations Department International Western
Petroleum, Inc. 5525 N. McArthur Blvd, Suite 280 Irving, TX 75038
Tel: 855-809-6900 Email: ir@iwpetroleum.com
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