IRVINE, Calif., Jan. 28, 2014 (GLOBE NEWSWIRE) -- Today New Western Gas Corporation, a wholly owned subsidiary of New Western Energy Corp. (OTCQB:NWTR), an independent energy company engaged in the acquisition, exploration, development, and production of oil, gas and other minerals in North America, announced its authorization to proceed with the drilling and completion of the Farwell 34-D4 well, the first well of a planned three well development program on its Fredonia Gas Prospect. The Fredonia Gas Prospect is located in the central portion of the Cherokee Basin Structural Province, which extends over much of southeastern Kansas. This maturely explored basin is best known for its oil and gas production from shallow Pennsylvanian aged Coal and Sandstone reservoirs.
This announced drilling of the first off-set Proved Undeveloped well site location ("PUD" location), is part of New Western Energy's continuing development of its coal gas program known as the "Fredonia Gas Prospect". The Fredonia Gas Prospect contains in total 9 existing coal gas producing wells (four of which have multiple potential undeveloped coal gas reservoirs behind pipe) and 9 undeveloped coal gas direct off-set PUD drilling locations. New Western Gas Corporation will continue with the development of these direct off-set PUD drilling locations through this announced three well drilling program, as well as continuing with its previously announced recompletions of existing behind pipe undeveloped coal gas reservoirs over the next several months in order to quickly bring additional natural gas production online.
Javan Khazali, President and CEO of New Western Energy Corporation, stated, "We are encouraged by the success of the recompletion operations we have performed on the Fredonia Gas Prospect to date and we are even more excited about starting this direct off-set drilling program. The Farwell 34-D4 well will be the first of a planned three well drilling program that will not only allow us to bring on new gas production from this direct offset well location, but will allow us to gather additional information about the coal gas potential of our existing behind pipe coal gas reservoirs as we gather and analyze further information that will be gained through the drilling and completion of this well."
Based upon the recently prepared Estimate of Reserves prepared by Lee Keeling And Associates Inc., the Fredonia Gas Prospect contains approximately 1,185,530 MCF of proven remaining recoverable gas reserves.
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.