By Ian Gilson, PhD, CFA SUBSCRIBE TO ZACKS SMALL CAP RESEARCH to receive our articles and reports emailed directly to you each morning.
New Western Energy (NWTR) intends to expand the enhanced oil recovery from the current five spot well program to eight wells in the Winchester/Thomas lease located on the Burgess Formation. There are a number of shut in gas wells on the property. Production is expected to be triple the current 5 BOPD rate.
The company will start drilling (spud) the first well in mid July 2014 and the wells should be complete and in production by the end of the month. The two leases extend over 1200 acres and the production infrastructure is already in place, for both oil and natural gas.
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