Western Energy


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oil wells

Western Energy Development II, LLC is raising EB-5 capital to fund to drill and operate 26 oil and natural gas wells in rural Oklahoma (the "Project").

The Project is located in Oklahoma, and qualifies as a rural area.

The estimated cost of drilling and operating an oil well in Oklahoma is approximately $30 per barrel. Crude oil prices are currently at their highest levels since the early 2000s, with the West Texas Intermediate (WTI) spot price projected to average $98 per barrel in 2022 and $89 per barrel in 2023.

The global dependence on fossil fuels for energy is expected to persist in the foreseeable future, and the supply of oil from the United States plays a critical role in meeting this demand. By 2025, oil demand is projected to reach 101 million barrels per day. While oil supply from OPEC and other non-OPEC countries is projected to decline, the United States oil supply is expected to grow annually until 2030.

The Project is expected to create 1,433 jobs, resulting in an excess of 443 jobs or approximately a 45% job cushion.

The total cost of the Project is $176,804,746. The Project is raising up to $79,200,000 from 99 EB-5 investors, through a Private Placement Memorandum dated September 20, 2022.

The Project is sponsored by Western Energy Regional Center, LLC.