Waltersmith Petroman Oil Limited was incorporated in 1996 as a joint venture between Waltersmith and Associates Limited, a Nigerian company and Petroman Oil Limited of Calgary, Canada to operate as an oil exploration and production company. In 2001, Waltersmith Petroman Oil Limited became a wholly owned Nigerian company with the divestment of Petroman Oil Limited.

The company subsequently participated in the Marginal Oil field licensing round for indigenous companies and was awarded the Ibigwe field located in Oil Mining Lease 16 by the Federal Government of Nigeria in 2003.