IRVINE, Calif., March 6, 2014 (GLOBE NEWSWIRE) -- 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, today announced it has completed its acquisition of the Moab Oil and Gas Project, consisting of 217 acres located in Nowata County, Oklahoma which is comprised of four leases; the Taylor, Roberts, Roebuck, and Walker.
The Moab Project currently produces gas from the Mulky and Mississippi formations with Arbuckle potential in the area. With 20 production wells and three saltwater disposal wells, the project is underdeveloped, with a large contiguous acreage position for potential additional drilling locations. There have been several wells tested and produced in the prolific Bartlesville oil zone and the Company plans to open up several of these wells to exploit the Bartlesville as well as the coal bed methane (CBM) gas zones in order to develop the oil potential on the leases as well as increase the current gas production. The surface is flat farmland which presents a simple operational setting, with all production infrastructure already in place such as roads, electric, tank batteries, flow lines, etc. The existing wells drilled on the Taylor lease have been drilled in a pattern which is optimum for an enhanced oil recovery (EOR) scheme through a water flood program.
The geology is part of the Central Oklahoma platform that merges with the Cherokee basin of southeastern Kansas, in which some of the first commercial oil discoveries for the mid-continent region were made. In both the areas, the emphasis is on the Pennsylvanian aged sand and coal reservoirs. The Moab Project which has been largely exploited for its CBM gas will be primarily focused on development of the historic Bartlesville Sand (Pennsylvanian). The Bartlesville is one of the most prolific and wide spread sand reservoirs in the southern part of Kansas and northern Oklahoma. With a thickness of between 40 and 120 feet, the sand contains significant reserves of oil where the sand is trapped by gradation to shales laterally or in closed structural traps. New Western believes that the large scale presence of Bartlesville sand throughout the Moab project will provide significant development of oil as well as the CBM gas.
Javan Khazali, President and CEO of New Western Energy Corporation, stated, "This Moab Project acquisition adds to our growing footprint of oil and gas leases and is consistent with our continued strategic execution in growing our capabilities to develop and produce in this exciting and rewarding region. We are especially excited about the potential opportunities that these lease acquisitions represent."
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., 1140 Spectrum, Irvine, CA 92618.