Proposed 2016 US Federal Budget Would Bolster Job Growth Within Renewable Sectors by Stabilizing Federal Tax Credits
ALISO VIEJO, CA-- XsunX, Inc. a leading solar power solutions provider, commented today on a recent report published by the Solar Foundation indicating 22% job growth in the solar sector for 2014, a number that could continue growing with the possibility of stabilized renewable energy tax credits.
While the report cautions that the growth may slow in 2017 due to planned reductions to current federal tax credits, there is reason for optimism in part due to proposals within the federal budget making permanent these federal tax credits utilized for solar energies. The credits would apply to both production and investments in solar, facilitating companies to invest in renewables and providing profit-saving credits to further drive the adoption of solar power.
IRVINE, Calif. (GLOBE NEWSWIRE) -- New Western Energy Corp. (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 signed an LOI to acquire one hundred percent (100%) interest in Osage County Oil & Gas Project. The Project consists of approximately 2,650 acres with fourteen (14) producing wells and eight (8) salt water disposal wells. Six (6) of the producing wells are horizontal and eight (8) wells are vertical. These wells produce from the Mississippi lime zone, Chattanooga shale, Layton sand, and Bartlesville sand formations.
Based on recent data, production from the Project was approximately 82 bbl per day and 200 mcf per day. New Western strongly believes that it can enhance existing production by cleaning out the horizontal laterals, making significant improvement in well maintenance, and by identifying numerous offsetting drilling locations.
New Western will be conducting due diligence which it expects to complete within the next 30 to 45 days. The tentative date of closing is May 30, 2015 subject to and conditioned upon availability of favorable financing.
"Our preliminary review on Osage County Oil & Gas Project is extremely positive as there is significant upside to increase current production and several additional opportunities to bring other existing wells to production," said Javan Khazali, President and CEO of New Western Energy Corporation.