International Western Petroleum Withdraws from Texas Gulf Coast Acquisitions
IRVING, Texas, Sept. 13, 2016 (GLOBE NEWSWIRE) -- International Western Petroleum, Inc. (OTCQB:INWP) announced today that it has cancelled the Purchase and Sale Agreement (the “Agreement”) with Texas Gulf Coast Acquisitions and will no longer be pursuing the asset acquisition of the Houston-based privately held company as mentioned in its press release on July 14, 2016.
The withdrawal was decided upon by International Western Petroleum’s management team after the completion of due diligence.
Dr. Benjamin Tran, Chairman of International Western Petroleum commented, “Based upon our final due diligence review of this acquisition candidate to date, we conclude that this transaction is not a good fit for our company.”
“At INWP, our management team always puts priority on the protection of our investors’ capital and we must act in the best interest of all shareholders. As our investment thesis is production longevity with low decline curves and less operational issues, we are now looking for better opportunities of the hard rock reservoirs,” added CEO Ross Ramsey.
As oil could be heading higher in the near future, International Western Petroleum is actively looking for more attractive and credible acquisition candidates.
About International Western Petroleum, Inc.: International Western Petroleum is a Texas-based E&P company that focuses on the acquisition, development, and exploration of crude oil and natural gas properties in Texas. The company is actively looking to acquire oil and gas properties and apply the latest technologies and production know-how to increase acreage, productions and reserves with a focus in the Central West Texas region. For more information, please visit its corporate website: www.iwpetroleum.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. MacArthur Blvd, Suite 280
Irving, TX 75038
(855) 809-6900
ir@iwpetroleum.com
