Irvine, Calif., June 29, 2009
New Western Energy Corp., an independent energy company engaged in the acquisition, development, production, and exploration of oil, gas and minerals in North America, today announced that it has negotiated the rights to acquire a land lease for a property near Middlebury Township in Tioga County, Penn.
“The Wellsboro Lease is a world-class property with several potential revenue streams,” said Javan Khazali, President of New Western Energy Corp.
The lease includes approximately 23-acres located on a glacial aged kame terrace. According to a 1985 study, the property was inferred to contain roughly 900,000 cubic yards of borrow material. The terrace sands, gravels and finer sediments were deposited in response to blockage by glacial ice. The potential usable deposit conceivably may be significantly larger. However, detailed closely spaced drilling and testing would be required to determine the bottom configuration to prove reserves. The study also corroborated the field observation that the deposit is well-graded, without dominance of any size fraction.
This property is also believed to be part of the Marcellus Shale formation that has shown favorable characteristics for the discovery of a large reserve of natural gas. Pennsylvania’s Marcellus shale natural gas producers operate approximately 50,000 wells to deliver more than 158 billion cubic feet of gas to the market.
Pennsylvania independents produce enough natural gas to satisfy approximately 25 percent of the state’s annual demand. Pennsylvania consumes more than 660billion cubic feet of natural gas every year, and has an estimated 2.8 trillion cubic feet of proved natural gas reserves in the ground awaiting development. Natural gas is produced in all 31 counties in Pennsylvania.
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.
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.
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