Irvine, Calif., Â May 21, 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 a joint venture agreement with RC Oil Company, Inc. to acquire a 75 percent net working interest (NRI) 14 wells in Rogers County, Okla., in an area that spans 120-acres.
“New Western is aggressively seeking new opportunities to acquire or joint venture to acquire properties that have shown favorable characteristics for the discovery of oil, natural gas and other minerals,” said Javan Khazali, President of New Western Energy Corp. “The Glass Lease is a low-risk property located in an area known for production.”
Under the terms of the joint venture, New Western agreed to provide funding to RC Oil for operations in return for 75 percent of the NRI owned by RC Oil in the Glass leaseholds. New Western also received a right of first refusal to purchase an additional 75 percent NRI in all future wells developed by RC Oil, which RC Oil presently owns.
Opportunities for casing-head gasoline from the gas that is given off from the oil exist, as well. This is potentially an additional source of revenue, as formerly this gas was allowed to escape through the atmosphere.
Further development and production of the lease will consist of a combination of primary and secondary recovery. Secondary recovery efforts will include water flood and the use of an NCO2 machine to re-pressure existing formations, and increase production.
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.
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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| Date Filed | Filing | Files |
|---|---|---|
| 11/14/2011 | 10-Q | |
| 11/2/2011 | 10-Q/A | |
| 8/15/2011 | 10-Q |
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