[b]$NWTR[/b] $1.04 New Western Energy Corp. Completes Acquisition of 8 Leases Totaling 1,520 Acres and 106 Oil Wells in Rogers County, OK, From Pioneer Oil Development LLC
IRVINE, Calif.,[b] [color=blue]Jan 03, 2013[/color][/b] (GLOBE NEWSWIRE via COMTEX) -- New Western Energy Corp. (OTCBB:NWTR), an independent energy company engaged in the acquisition, exploration, development and production of oil, gas and minerals primarily in North America, today announced it has completed the acquisition of 8 Oil and Gas Leases totaling 1,520 acres, with 106 Oil Wells and 8 Disposal Wells in Rogers County, OK, from Pioneer Oil Development LLC. New Western intends to provide the development funds necessary to bring in to production the existing wells, as well as the drilling of additional wells upon completion of the work overs. Within the acquired leases is 950 contiguous acres of which a full 640 acre section has open drilling opportunities of multiple proven oil and gas formations. Within this acreage a complete gas gathering infra-structure is in place which will serve our gas production plans of the future.
"Completing these lease acquisitions furthers our strategic footprint in the highly productive region of Rogers County, OK, adding to our existing 80 acre Glass Lease and our 180 acre Phillips Lease," said Javan Khazali, President and CEO of New Western Energy Corp. "We are continuing to execute on our strategy of aggressively acquiring performing assets that are underdeveloped and will drive our growth in production," he continued.
The initial target formation of this acquisition is the Bartlesville Sands which matches our current efforts in the area. Our development plan has three phases: first, we will develop and implement a well refurbishment plan for the newly acquired wells; second, we will expand our geology work and structure mapping of the area so we can maximize our reservoir pressure maintenance program, which would consist of basic water flood programs; third, we will lay out a strategic drilling program that follows our structure mapping and formation development program.
Rogers County is located in the Central Oklahoma platform. To the north, the Central Oklahoma platform merges with the Cherokee basin of southeastern Kansas, in which some of the first commercial oil discoveries for the mid-continent region were made. In the northern part of this district, as in the Cherokee basin, the emphasis is on Cherokee (Pennsylvanian) sand reservoirs. Here the strata are dipping westward so that the depths to these reservoirs become greater from east to west. In the southern part of the Central Oklahoma platform, the greater part of the production comes from pre-Pennsylvanian reservoirs. These reservoirs are located in our leased area.
About New Western Energy Corp.
New Western Energy Corp. is an independent energy company engaged in the acquisition, development, production, and exploration of oil, gas and minerals primarily in North America. To learn more about the Company, visit: www.newwesternenergy.com.
