New Western Energy Corp. Reports Financial Results for 2011
IRVINE, Calif., April 4, 2012 /PRNewswire/ — New Western Energy Corp. (OTCBB: NWTR), an independent energy company engaged in the development, production and exploration of oil, gas and other minerals in North America, today announced financial results for 2011.
“Last year was characterized by growth, cost-cutting and expansion,” said Javan Khazali, President of New Western Energy Corp. “In addition to increasing production, the Company was successful in reducing its expenses, and acquiring new leases in areas known for oil and gas production.”
Net revenues for 2011 increased 710 percent to $78,544, compared to $9,687 in net revenues for the previous year. Operating expenses for 2011 decreased 59 percent to $332,418, compared to $815,716 for the comparable period in 2010. As a result of the increase in revenue and decrease in operating expenses, the Company’s net loss for 2011 decreased 53 percent to $378,453, compared to a net loss of $809,846 in 2010.
The Company also achieved several key operational milestones in 2011 including: the signing of an operating agreement with Petroleum Energy Management Co. to oversee operations at the Phillips and Glass leaseholds in Rogers County, Oklahoma; and the acquisition of three new oil and gas leases in Texas, and one new oil and gas lease in Kansas.
“We are optimistic that 2012 will be another year of growth for the Company,” Khazali said. “In addition to making progress on our existing leaseholds and expanding our land position, we recently completed the acquisition of Royal Texan Energy Co., which is now a wholly-owned subsidiary of New Western Energy. Royal Texan owns oil and gas leases covering approximately 1,280 acres in Shackelford and Stephens County, Texas, and has served as our operator and joint venture partner on the Swenson Lease in Jones County, Texas, since we acquired the project in January 2011. The acquisition of Royal Texan provides New Western with additional equipment, expertise and manpower to maximize the value of our projects in Texas, while decreasing operational costs and strengthening our exploration program. We are also in the process of evaluating several engineering firms to determine the best pay zones to drill on our newly acquired, 1,700-acre oil and gas lease in Kansas.”
A detailed report of the Company’s financial results is available on the Company’s Web site and on www.sec.gov.
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. To learn more about the company, visit www.newwesternenergy.com.
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.
SOURCE New Western Energy Corp.