IRVINE, Calif., Sept. 19, 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, is pleased to announce that it has completed its recent drilling program on Swenson #1 on the Company's Swenson Lease in Jones County, Texas. Swenson #1 has produced approximately 2,600 bbls from the Swastika Sand formation since the pay zone was discovered by the Company in 2011.
The 160-acre Swenson Lease is located in an area surrounded by wells with a history of oil production. Productive oil fields in the surrounding areas include the Griffin Field (approx. 3/4 miles west of the property area), and the Iron Mountain - Avoca Pool field (located 1/2 mile northeast of the property), which have produced approximately 19.6 million barrels of oil combined; and the Jones County Regular Field (located approx. 1000 feet southeast of the prospect area), which has produced 40,578 barrels of oil.
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.
"This recently completed drilling program has enabled us to increase our rate of production and reach a maximum depth on Swenson #1," said Javan Khazali, President of New Western Energy Corp. "We believe our current assets in Jones County have all shown favorable characteristics for the discovery of oil, and we anticipate additional announcements regarding our drilling programs on all three of our properties in the region."
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.
Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as "probable," "possible," "recoverable" or "potential" reserves among others, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Investors are urged to consider closely the disclosure in our Annual Report on Form 10-K and our other filings with the SEC at www.sec.gov or from us at New Western Energy Corp., 20 Truman, Suite 204 Irvine, CA 92620.