New Western Energy Corp. an independent energy company engaged in the exploration, development, and production of oil, gas and other minerals in North America, today announced that it has signed an agreement with Carroll Energy, LLC (Carroll Energy), a Kansas based company with over 30 years of experience in the Oil & Gas sector.
Carroll Energy’s initial focus will be to prepare engineering, reserves and geological reports on the Company’s 1,700-acre B&W Ranch Oil & Gas lease, which is the Company’s largest leasehold to date, and has the potential for numerous oil and gas discoveries. The studies will include but are not limited to: recovery and reserves analysis, geological evaluations, reservoir mapping, historical production analysis, and log interpretations. Further, the studies will give recommendations on the proposed budgets, address environmental concerns, provide safety guidelines and layout preliminary drilling programs and prepare production schedule.
As previously announced, the B&W Ranch Oil & Gas lease is 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. The reservoir rock on the Lease is comprised of the Weiser Sands and some Wayside. Prospect formations are at depths of less than 2,000 ft. with most located between 600ft. and 1,400ft. Among the famous producing sands in this region are Iola Sands, Layton Sands, Redd Sands, Wayside, Weiser Sands, Oswego Lime, Mississippi Chat, Mulky Shale, and Arbuckle. The objective of this project has been to exploit the Mulky Shale gas and Weiser oil. The depositional environment on the leasehold is considered as fluvial-dominated deltaic system.
“The Company is quite confident on the positive outcome of this study as there is potential for discovery of three to four oil formations, as well as three to four gas formations throughout the lease,” said Javan Khazali, President. “Both of the production zones are between 600 ft. and 1,400 feet, which provides economical drilling costs to the Company.