New Western Energy establishes NWE Technologies to develop, EOR technologies
IRVINE, California -- New Western Energy Corp. announced it has established NWE Technologies Inc., a wholly owned subsidiary, to develop, acquire, and license the next generation technologies for Enhanced Oil Recovery (EOR).
Advanced Resources International (ARI, 2011 Report) estimates that an additional 26-61 Bbbl of oil could economically be recovered with today' s EOR technologies, potentially more than doubling current U.S. proven reserves. Moreover, "next generation" EOR technology could yield substantially greater gains, possibly increasing recoverable domestic oil from EOR to 67-137 Bbbl, and storing 20-45 Bmt of CO2 that would otherwise be released into the atmosphere.
The Company immediately intends to deploy and use EOR on its existing 120 wells in Rogers County, Oklahoma and 25 wells in Texas. In addition, the Company plans to market and license its EOR technologies to operators and owners of "stripper or marginal" wells, which are classified as an oil well or gas well that produces less than 10 bopd or 60cfCF of gas per day respectively. According to the US Department of Energy (DOE), there are over 700,000 of stripper wells in the United States and one out of every seven barrels of oil produced in the United States comes from a stripper well. EOR can significantly extend the lifespan and revitalize production of mature oil fields in the United States.