[b]$NWTR[/b] $1.04 New Western Energy Corp. Completes Acquisition of 300-Acre Fields Lease Contiguous to Its Smith Oil & Gas Lease and Its B&W Ranch Lease in Kansas
IRVINE, Calif., [b][color=blue]Dec 20, 2012[/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 that it has completed its acquisition of the 300-acre Fields Lease in Chautauqua County, Kansas. Subsequent to this strategic acquisition, the Company's combined leasehold area in Kansas is over 2,550 acres.
The Fields Lease is contiguous to Company's existing B & W Lease and Smith Lease, which is located in the Chautauqua Arch. To the south, the Central Oklahoma platform merges with the Cherokee basin of southeastern Kansas, in which some of the first commercial oil and gas 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 Chautauqua Arch, the greater part of the production comes from pre-Pennsylvanian reservoirs.
The reservoir rock is the Weiser Sands and some Wayside Sands, which also lies within the Pennsylvanian Cherokee shale. Among the famous producing sands with the Cherokee Shale are the Lola Sands, Layton Sands, Redd Sands, Wayside Sands, Weiser Sands, Oswego Lime, Mississippi Chat, Mulky Shale and the well-known Arbuckle. The production strategy of current oil & gas companies in the region has been the production of Mulky Shale gas and some Weiser oil.
"This acquisition enhances the Company's already established footprint in the Chautauqua Arch and we are aggressively pursuing a strategy to acquire additional leaseholds with proven oil and gas reserves," said Javan Khazali, President and CEO of New Western Energy Corp. "Our close proximity to our existing B & W Ranch Lease and our Smith Lease will allow us to capture synergies in both cost savings and production growth during the exploration and development phase of the Smith Lease."
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.
