QualityStocks would like to highlight New Western Energy Corporation (OTCBB: NWTR), focused on acquiring land leases for properties in the United States that have shown favorable characteristics for the discovery of oil, natural gas and other minerals, and entering into joint ventures to acquire assets in areas in the continental United States. The company seeks to add proven reserves and increase production through the use of advanced technologies, including detailed reservoir engineering analysis, drilling development wells utilizing sophisticated techniques, and selectively recompleting existing wells. They also focus on reducing the operating costs associated with their properties.
In the company’s news last week,
New Western Energy Corp. recently announced the completion of its acquisition of 8 oil and gas leases, which total 1,520 acres, with 106 oil wells and 8 disposal wells in Rogers County, OK. New Western purchased the leases from Pioneer Oil Development LLC.
In addition to providing the development funds necessary to bring in to production the existing wells, New Western has stated that it intends to begin drilling additional wells upon completion of the workovers. The leases provide New Western with 950 contiguous acres, of which a full 640 acre section has been shown to provide open drilling opportunities with proven oil and gas formations. The leased acreage provides an already completed infra-structure that the company plans to use to serve its future gas production plans.
Javan Khazali, President and CEO of New Western Energy Corp, stated, “Completing these lease acquisitions furthers our strategic footprint in the highly productive region of Rogers County, OK, adding to our existing 80 acre Glass Lease and our 180 acre Phillips Lease. We are continuing to execute on our strategy of aggressively acquiring performing assets that are underdeveloped and will drive our growth in production.”
Bartlesville Sands will act as the initial target formation for New Western’s acquisition, corresponding with the company’s current efforts in the area. New Western has stated that its development plan has three phases: developing and implementing a well refurbishment plan for the newly acquired wells; expanding its geology work and structure mapping of the area so as to maximize its reservoir pressure maintenance program, which would consist of basic water flood programs; and lastly, laying out a strategic drilling program that follows the company’s structure mapping and formation development program.
Rogers County rests in the Central Oklahoma platform. Located north of Rogers County, the Central Oklahoma platform merges with the Cherokee basin of southeastern Kansas, where some of the first commercial oil discoveries for the mid-continent region were made. Similar to the Cherokee basin, the northern part of this district places emphasis on Cherokee (Pennsylvanian) sand reservoirs. The strata in this region dip westward, providing deeper reservoirs from east to west. South of the Central Oklahoma platform, the majority of production comes from pre-Pennsylvanian reservoirs. All of these reservoirs are located in New Western’s leased area.
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