Aroway Energy Inc. Surpasses 2011 Production Target
14.12.2011 | Marketwired
CALGARY, ALBERTA -- (Marketwire - Dec. 14, 2011) - Aroway Energy Inc. (TSX VENTURE:ARW) (PINKSHEETS:ARWJF) (www.arowayenergy.com) (the "Company") is pleased to announce that the Company has met and surpassed its 2011 year end production target of 600 boe/day. Aroway will exit 2011 with net production of 669 boe/day, which consists of approximately 72% oil, 25% gas and 3% natural gas liquids, from the Company's Peace River Arch core area.Chris Cooper, President & CEO commented, "This is another impressive accomplishment for Aroway Energy and our joint venture partner. Meeting and surpassing our year end production target is further proof that we consistently execute on attaining our goals to the benefit of the Company and our shareholders. Aroway Energy looks forward to continued growth in 2012 with a strategic drill program and the addition of new production."
The Company and its joint venture partner have also recently completed 2 acquisitions in the partnership's core area consisting of varying working interests in 5.5 net sections of land. As part of the acquisitions, the partnership acquired one producing well and four existing well bores which will be included in the 2012 recompletion program.
Furthermore, Aroway reports that the first three wells of the Company's winter drill program have been drilled and cased, with testing operations expected to commence in the coming weeks with results expected by mid to late January 2012.
About Aroway Energy Inc.
Aroway Energy Inc. is a Western Canadian junior oil and gas production and exploration company participating in "non-operated" Peace River Arch oil and gas exploration prospects, through a joint venture partnership. The joint venture partnership gives Aroway a rolling option on 101 sections of land.
ON BEHALF OF AROWAY ENERGY INC.
Chris Cooper
President & CEO
BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Aroway Energy Inc.
Chris Cooper, President & CEO
Toll Free: 1-855-427-6929
cooper@arowayenergy.com
Aroway Energy Inc.
Judy-Ann Pottinger
Toll Free: 1-855-427-6929
jpottinger@arowayenergy.com
www.arowayenergy.com
Investor Cubed Inc.
Toll Free: (888) 258-3323
info@investor3.ca
