Ward Lease
The Ward Lease was acquired by New Western in September 2009, a joint venture with RC Oil. The Company owns a 75 percent net working interest in the 80-acre property. New Western has also been extended the option for an additional 500 acres for another drilling program, which may offer opportunities for drilling between 20 and 30 wells in the future. The lease is situated in an area surrounded by proven and long-lasting production. Each re-work well on the Ward Lease has the potential for producing more than two barrels per-day. In addition, New Western received a right of first refusal to purchase an additional 75 percent in all future wells developed by RC Oil, which RC Oil presently owns.