International Western Petroleum, Inc. a Texas-based E&P company specializing in the acquisition, development, and exploration of crude oil and natural gas properties, announced today that it has decided to work with a technology company providing a state-of-the-art Organic Oil Recovery (OOR) process which can release trapped oil without exploration risks.
International Western Petroleum has commenced initial field works in its own productions while exploring this new technology starting with the East Texas and Central West Texas regions. The Company plans to optimize its acquisition model by adding this technology to increase existing mature productions without additional drilling or fracking. Preliminary assessments from this technology company indicates that this OOR process, in general, may increase current production at targeted production wells by approximately 50% to 300% and may increase ultimate recovery of the original-oil-in-place by 5% to 20%.
Applied through existing water-flood operations, this new oil recovery process works entirely within the natural ecology of the oil reservoir by selectively stimulating particular species of the oil reservoir formation's resident microbes with custom-formulated, biodegradable and organic nutrients. To date, with over 300 well applications on 48 commercial oil fields and 4 continents, onshore and offshore, this process has an impressive record with very fast results and an average production increase of 92% on in-situ test wells, producer wells and injector wells that have met its screening criteria. Further, this OOR process has never reduced production or in any way damaged a reservoir or a well.
"With 65% oil being trapped underground in the world today, our management team believes that this proprietary technology is one of the most important oil recovery breakthroughs in decades. Its performance records show extraordinary results in production increase and the super low cost of this process is a major benefit for us in this low oil price environment," commented Dr. Benjamin Tran, INWP Chairman.
"As this cutting edge OOR process has been endorsed and involved by world class oil professionals and executives, INWP management expects to commercialize its immeasurable advantages first to our existing productions then to apply this technology to our future acquired oil properties, aiming to proliferate our productions and increase our reserves, " added INWP Chief Executive Officer Ross Ramsey.
Source: International Western Petroleum, Inc.
Date: Nov 1, 2016