New Western Energy Corp., an independent energy company engaged in the acquisition, exploration, development, and production of oil, gas and minerals primarily in North America, has completed the acquisition of eight oil and gas leases totaling 1,520 acres, with 106 oil wells and eight disposal wells in Rogers County, OK, from Pioneer Oil Development LLC.
New Western intends to provide the development funds necessary to bring in to production the existing wells, as well as the drilling of additional wells upon completion of the work overs. Within the acquired leases is 950 contiguous acres of which a full 640 acre section has open drilling opportunities of multiple proven oil and gas formations. Within this acreage a complete gas gathering infra-structure is in place which will serve the company's gas production plans of the future.
"Completing these lease acquisitions furthers our strategic footprint in the highly productive region of Rogers County, OK, adding to our existing 80 acre Glass Lease and our 180 acre Phillips Lease," says Javan Khazali, president and CEO of New Western Energy Corp. "We are continuing to execute on our strategy of aggressively acquiring performing assets that are underdeveloped and will drive our growth in production."
The initial target formation of this acquisition is the Bartlesville Sands which matches current efforts in the area. The company's development plan has three phases: First, develop and implement a well refurbishment plan for the newly acquired wells; second, expand our geology work and structure mapping of the area to maximize reservoir pressure maintenance program, which would consist of basic water flood programs; third, New Western will lay out a strategic drilling program that follows the company's structure mapping and formation development program.