International Western Petroleum, Inc. announced 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. 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. 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.