IRVINE, Calif.--(B&W Oil & Gas Lease.)--New Western Energy Corp. (OTCBB: NWTR), an independent energy company engaged in the exploration, development and production of oil, gas and other minerals in North America, today announced that it has completed the acquisition of a 90 percent working interest in the 550-acre Smith Oil & Gas Lease in Chautauqua County, Kansas. Subsequent to this strategic acquisition, the Company’s combined leasehold area in Kansas is currently over 2,200 acres. The Company plans to appoint Carroll Energy, LLC (“Carroll Energy”), a Kansas based company with over 30 years of experience in the oil & gas sector to prepare engineering, reserves and geological reports on the Smith Oil & Gas Lease. Carroll Energy is currently conducting similar studies on the Company’s adjacent
“Furthermore, our close proximity to our existing B&W Oil & Gas Lease will allow us to capture synergies in both cost savings and production growth during the exploration and development phase of Smith Oil & Gas Lease.”
The Smith Oil & Gas Lease is contiguous to Company’s existing B&W Oil & Gas 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 Iola 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 & gas reserves,” said Javan Khazali, President and CEO of New Western Energy Corp. “Furthermore, our close proximity to our existing B&W Oil & Gas Lease will allow us to capture synergies in both cost savings and production growth during the exploration and development phase of Smith Oil & Gas 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.
Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated production. Actual results could differ from those projected in any forward-looking statements due to numerous factors including, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.