New Western Energy Corp. Completes Acquisition Of 500-Acre Contiguous To B & W Ranch, Smith And Its Fields Oil And Gas Leases In Kansas
IRVINE, Calif., March 28, 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 completed the acquisition of 500-acre Rinck Lease in Chautauqua County, Kansas. Subsequent to this strategic acquisition, the Company's combined leasehold area in Kansas is currently over 3050 acres.
The Rinck Lease is contiguous to the Company's existing B & W, Smith and Fields Leases, which are located in the Chautauqua Arch. To the south, the Central Oklahoma platform merges with the Cherokee basin of southeastern Kansas, in which some of the first commercial oil and gas discoveries for the mid-continent region were made. In the northern part of this district, as in the Cherokee basin, the emphasis is on Cherokee (Pennsylvanian) sand reservoirs. Here the strata are dipping westward so that the depths to these reservoirs become greater from east to west. In the southern part of the Chautauqua Arch, the greater part of the production comes from pre-Pennsylvanian reservoirs.
The reservoir rock is the Weiser Sands and some Wayside Sands, which also lies within the Pennsylvanian Cherokee shale. Among the famous producing sands with the Cherokee Shale are the Iola Sands, Layton Sands, Redd Sands, Wayside Sands, Weiser Sands, Oswego Lime, Mississippi Chat, Mulky Shale and the well-known Arbuckle. The production strategy of current oil & gas companies in the region has been the production of Mulky Shale gas and some Weiser oil."This acquisition enhances the Company's already established footprint in the Chautauqua Arch and we are aggressively pursuing a strategy to acquire additional leaseholds with proven oil & gas reserves," said Javan Khazali, President and CEO of New Western Energy Corp. "Furthermore, our close proximity to our existing B & W, Smith and Fields Lease will allow us to capture synergies in both cost savings and production growth during the exploration and development phase of these Oil & Gas Leases."
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