IRVINE, Calif., Jan. 23, 2013 (GLOBE NEWSWIRE) -- 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 engaged Carroll Energy to conduct engineering, reserves and geological reports on the Company's newly acquired Winchester and Thomas Leases in Rogers County, Oklahoma. The two leases are contiguous and total 950+ acres with 20 wells and 2 water injection wells and have the potential for numerous oil and gas discoveries. The studies will include but are not limited to: recovery and reserves analysis, geological evaluations, reservoir mapping, historical production analysis, and log interpretations. Further, the studies will give recommendations on the proposed budgets, address environmental considerations, provide safety guidelines, lay out preliminary drilling programs and prepare production schedules.
A full 640-acre section within the acquired 950 contiguous acres has open drilling opportunities of multiple proven oil and gas formations and contains a complete gas gathering infrastructure which will serve our New Western's gas production plans of the future. Historic oil productions has occurred in the Bartlesville and Burgess formations which are contained in these leases.
"We are very pleased to continue moving forward on our strategic development plans and we are confident of a prolific outcome from these studies and their implications for our future production capabilities," said Javan Khazali, President and CEO of New Western Energy Corp.
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.
Javan Khazali (949) 435-0977
New Western Energy Corp.
Irvine, California, UNITED STATES
Javan Khazali (949) 435-0977
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