New Western Energy Satisfies $1,040,000 of Its Outstanding Debt
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 it has fully satisfied all of its outstanding obligations owed to Hillair Capital Investments, LP (“Hillair”), for a total sum of $1,040,000. Pursuant to the terms of the transactions agreements the payment of $1,040,000 represents a full extinguishment of all outstanding debt obligations owed to Hillair and cancels Hillair’s first priority security interest in all of the Company’s and its subsidiaries assets.
New Western sold two of its oil and gas leases in Wilson County, Kansas that it had previously purchased in December 2013 for $470,000 for $1,040,000, in order to effect the debt repayment to Hillair.
Javan Khazali, President and CEO of New Western, stated, “We are very pleased to satisfy our financial obligations to Hillair and have a meaningful gain on the sale of our leases. Our strategy to continue our drilling efforts and rework of our oil and gas wells remains our core directive and we look forward to exciting developments on multiple projects in due course.”
About New Western Energy Corp.
New Western Energy Corp. is an independent energy company engaged in the acquisition, development, production, and exploration of oil, gas and minerals primarily in North America.
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