NWTR other acquisitions in Oklahoma ???
Avant Field (Oil & Gas) in Osage County was cancelled in May . . .
IRVINE, Calif., May 29, 2015 (GLOBE NEWSWIRE) -- New Western Energy Corporation (OTCQB:NWTR), an independent energy company engaged in the acquisition, exploration, development and production of oil and gas in North America, today announced the termination of its April 22, 2015 Letter of Intent to acquire oil and gas leases in Osage County, Oklahoma. The Company stated that after further due diligence certain information was revealed that was not known when the Letter of Intent was initially entered into on April 22, 2015, that made the risks in going forward far greater than the proposed rewards.
New Western remains committed to continue seeking and assessing oil and gas leases to acquire in Oklahoma.
IRVINE, Calif., Aug. 04, 2015 (GLOBE NEWSWIRE) -- New Western Energy Corporation (OTCMARKETS:NWTR), an independent energy company engaged in the acquisition, exploration, development and production of oil and gas in North America, today announced it has completed the acquisition of oil and gas leases in the Avant Field, in Osage County, Oklahoma with 17-quarter sections consisting of 2,720 contiguous acres.
“We are delighted to acquire this fertile and historically strong producing leasehold acreage,” said Javan Khazali, CEO of New Western Energy. “Our initial work plan is to pump the existing producing wells and pull and repair wells we have targeted. During this preliminary production time our geology team will analyze the logs and structure maps as well as the production performance of the initial wells to determine the location of our first drilling program. We plan to drill our first test wells to the Mississippi Lime formation, which we believe will be a major zone of production and which will provide perspective on the upper formations. New Western remains committed to continue seeking and assessing oil and gas leases to acquire in Oklahoma,” he added.
The Avant Field is a strong Bartlesville production zone and has a proven section for water flood applications. The leasehold will also be developed for Mississippi production. The Burgess, Cleveland, and Simpson are also formations of interest. Much of the historical production on the leasehold has been in the Bartlesville formation with a 30bpd production level during the water flood operation. There still remain vast areas for development as well as a gas program that has been shut in for the past few years.
AI
