Las Vegas, NV -- (SBWIRE) -- 08/19/2013 -- New Western Energy Corp (OTCMKTS:NWTR) released its financial results for the quarter that ended 30TH June, 2013.
New Western Energy Corp reported net loss of $713,826 for three months and $894,479 for six months that ended on 30th June, 2013. The net loss was applicable to the common stockholders of the company. The loss increased due to an increase in the general and administrative expenses that are related to payroll costs, legal, professional and consulting fees, change in the fair value of embedded conversion option liability of convertible promissory note, production costs of oil and gas, amortization, depreciation and depletion costs incurred by the Company and higher interest costs due to additional loans and amortization of debt discounts.
The revenue for three months that ended 30th June, 2013 was $11,798 and for six months ending 30th June, 2013 was $30,994. Production expenses of oil and gas for the three months and six months that ended 30th June, 2013 were $313,416 and $329,844. Cash and cash equivalents were $212,162 on 30th June, 2013 as compared to $5,092 on 31st December, 2012. Net cash used in operating activities of New Western Energy Corp for the six months ended 30th June, 2013 was $710,835.
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