9/8/2015 news
New Western Energy Completes Acquisition of Oil and Gas Leases in Osage County, Oklahoma
Comprising 480 Acres, Consisting of 17 Wells
IRVINE, Calif., Sept. 08, 2015 (GLOBE NEWSWIRE) -- New Western Energy Corporation (OTC: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 located in Osage County, Oklahoma Comprising 480 contiguous acres, consisting of 17 Wells.
Combined, the three 160 contiguous acre oil and gas leases have averaged production of 12 to 15 barrels per day from 6 producing wells, over the past 12 months. The 480 acres are contiguous and produces both oil and gas. The primary oil production is from the Cleveland Sand at approximately 2900 ft. with a second formation of interest in the Bartlesville Sand. Gas production is from the Layton Sand at approximately 2400 ft. The oil production is generated from 7 Cleveland wells and the lease is powered from its own gas generated from 2 Layton wells. Salt water is disposal within the lease byway of a permitted disposal well. Each lease is equipped with its own tank battery. The project is underdeveloped and has many drilling location across the open grasslands. Future development will consist of re-working existing wells and drilling key off setting wells.
"We are very pleased to acquire additional leases with working production and strong potential for redevelopment work," said Javan Khazali, CEO of New Western Energy. "We are continuing to execute on our plan to acquire distressed assets and increase our portfolio of leases and production," he added.
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