New Western Energy Corp. has signed an LOI to acquire majority control of Island Energy Partners, LLC (IEP). IEP owns oil and gas wells, leases, and completion tools and equipment. The properties, wells and completion equipment are located in the Rio Vista Gas Field in California. There are 15 producing wells of interest on leases comprising 1300 acres. New Western will be conducting due diligence which it expects to complete within the next 45 to 60 days.
The Rio Vista Gas Field is a large natural gas field in the Sacramento-San Joaquin River Delta in northern California, adjacent to Rio Vista, California. Discovered in 1936, and in continuous operation since, it has produced over 3.6 trillion cubic feet (100 km3) of gas in its lifetime, and retains an estimated reserve of approximately 7 trillion cubic feet by the USGS.