Another Promo hits the dust!
Update: Since trading over $1 at the beginning of this year NWTR dropped significantly hitting an all-time low of $0.115
NWTR has exploded in recent days on massive accumulation and volume over the $25 mark. The move comes after the news the Company announced on July 15
On July 15 NWTR announced that it has completed drilling operations at its Anna #1 well site on its B&W Ranch Lease located in Chautauqua County, Kansas.
The Anna #1 well was drilled to a total depth of 1,793 ft., a depth sufficient to test oil and gas bearing structures through the Mississippi Dolomite formation. Through open hole log analysis, the well shows that it encountered several coal gas bearing formations which are known to be commercially producible in the area. This is the second well of a 3 well exploration and development program.
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New Western Energy Corp (OTC: NWTR) made an explosive move up in December from a start point of around $0.50 the stock saw recent highs of $1.13 Since then NWTR has dropped significantly and currently trades well under the $0.75 mark. The stock made an explosive move up on massive volume due to an aggressive multi-million dollar stock promotion by pennytrackers and many others.
New Western Energy Corporation is engaged in the acquisition, exploration, development, and production of oil, gas, and mineral properties. The company’s projects are located in Oklahoma, Kansas, and Texas.
NWTR has an agreement to acquire the Glass Lease with RC Oil Co., Inc. The Glass Lease is located in Roger County, Oklahoma and contains about 120 acres. Under the terms of the Agreement, the company agreed to provide incremental funding to the Operator for operations in return for a 75% of the working interest (60.94% net revenue interest) owned by RC Oil in certain leaseholds in Rogers County, Oklahoma.
On January 3 NWTR announced that it has completed the acquisition of 8 Oil and Gas Leases totaling 1,520 acres, with 106 Oil Wells and 8 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 our gas production plans of the future.
Javan Khazali, President and CEO of New Western Energy Corp said that "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."
Conclusion: Currently trading at a market valuation of $70 million NWTR has little fundamentals to back up the hype. Once the aggressive stock promotion is over the stock cannot maintain anywhere near its current market valuation and will wall significantly.
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