IRVINE, Calif., Dec. 20, 2013 (GLOBE NEWSWIRE) -- New Western Energy Corporation (OTCQB:NWTR) an independent energy company engaged in the acquisition, exploration, development, and production of oil, gas and other minerals in North America, is pleased to announce an increase in the oil production rates on its recently acquired Winchester II Lease in Rogers County, Oklahoma and its Volunteer and Landers Leases in Wilson County, Kansas.
On the Winchester II Lease, the production has increased from 4 barrels of oil per day (BOPD) to 6 BOPD. We have achieved this increase by the reworking of existing wells.
On Volunteer and Landers Leases, the Company is currently in the process of upgrading field monitoring equipment and changing certain downhole pumps on several of the existing producing wells. These simple changes in day to day operations should result in increasing daily oil production form approximately 5 BOPD to 10 BOPD. The Company also plans to change part of the downhole tubing in all of the producing wells with fiberglass, thereby extending the life of the downhole tubing and lowering overall operating costs.
As reported earlier, there are several behind pipe recompletion and new drilling opportunities on all of these newly acquired leases from multiple oil and gas formations with proven histories of oil and gas production. The Company will continue with its planned rework and development program on these recently acquired leases with an eye towards improving existing production rates while reducing oilfield operating costs.
"We are encouraged by these preliminary results that underscore our strategy to acquire underdeveloped properties, make significant improvements in capacity and utilization thereby realizing immediate upside increases in the existing production rates. These initial results have given us great confidence in our planned rework program and the continued implementation of our overall operational strategy" said Javan Khazali, President and CEO.
About New Western Energy Corporation.
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.
CONTACT: Javan Khazali (949) 435-0977 firstname.lastname@example.orgSource:New Western Energy Corp.