IRVINE, Calif., April 4, 2013 (GLOBE NEWSWIRE) -- New Western Energy Corp. (OTCBB:NWTR) an independent energy company engaged in the acquisition, exploration, development, and production of oil, gas and other minerals in North America, today announced that it has closed the 2013 NWE Drilling Program 1 LP. The 2013 NWE Drilling Program 1 LP, a limited partnership, of which New Western Energy Corp. is the General Partner and owns 51%, closed with a $650,000 funding. The partnership is primarily focused on drilling wells on its B&W Ranch lease in Chautauqua County Kansas, which is part of over 3000 contiguous acres leases owned by New Western and contains 5 possible payzones that its engineering report identified as the Wayside, Cattlemen, Weiser, Mississippian and Arbuckle zones. The NWE Drilling Program 1 LP will begin a 3 well drilling program.
"With the closing of the 2013 NWE Drilling Program 1 LP, we are encouraged by this form of financing and we intend to seek similar avenues of financing to develop our other leases and to acquire producing oil and gas wells. We are excited to close the NWE Drilling Program 1 LP and execute on our plan," said Javan Khazali, President and CEO of New Western Energy Corp.
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., 20 Truman, Suite 204 Irvine, CA 92620.
CONTACT: Javan Khazali (949) 435-0977 firstname.lastname@example.orgSource:New Western Energy Corp.