IRVINE, Calif., Sept. 4, 2012 (GLOBE NEWSWIRE) -- New Western Energy Corp. (OTCBB:NWTR), an independent energy company engaged in the development, production and exploration of oil, gas and other minerals in North America today announced that it has commenced a new drilling program on its Swenson Lease in Jones County.
The goal of this program is to deepen Swenson #1 to 2,050 ft. and treat the well to allow more entry from the pay zone. It is anticipated that this work over program will take one week to complete by the Company's wholly owned subsidiary, Royal Texan Energy Co.
The Company discovered a new Swastika Sand field at Swenson #1 in mid-2011. Since then, Swenson #1 has produced approximately 2,600 bbls from the Swastika Sand formation .The Company currently owns the Swenson Lease, and its adjacent properties, which include the Reves Lease and the McLennan Lease.
These three leases comprise 405-acres in Jones County, Texas. Estimated reserves from the Swenson, Reves and McLellan leases is 744,768 barrels of oil, according to a 2011 independent geologist's report. At a recovery efficiency rate of 35 percent, the three properties have target reserves of 223,290 barrels of oil.
"Over the past year, New Western Energy has expanded its footprint in Texas by acquiring the Swenson Lease and adjacent leases," said Javan Khazali, President of New Western Energy Corp. "We believe the sand and rock formations of these leases have shown favorable characteristics for the discovery of oil, and we are enhancing our recovery efforts to maximize production."
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.