Aroway Energy Inc. Begins Drilling Oil Wells at Kirkpatrick Lake
CALGARY, ALBERTA -- (Marketwire) -- 12/12/12 -- AROWAY ENERGY INC. (TSX VENTURE: ARW)(OTCQX: ARWJF) (www.arowayenergy.com) (the "Company") is pleased to announce it has commenced drilling on its 100% owned and operated Kirkpatrick Lake property in Central, Alberta. Aroway will be drilling two (2) Ellerslie oil prospects which have been selected from 3D seismic data interpretation, and are in a very prospective oil fairway with an offsetting pool having produced in excess of 1.39 million barrels of light 38 degree API oil. Both wells will be drilled to an approximate depth of 1,130 meters and will be tied-in to existing nearby infrastructure immediately upon completion and a short term production test. Aroway believes there may be three additional wells to be drilled upon the success of the initial test wells.
Chris Cooper, President & CEO of Aroway Energy commented, "We are confident that our initial two wells at Kirkpatrick Lake will add immediate and significant oil production as we close in on our year end production target."
ABOUT AROWAY ENERGY INC.
Aroway Energy Inc. is a Western Canadian junior oil focused production and exploration company participating in oil development & exploration prospects in Alberta and Saskatchewan, Canada. Through a joint venture partnership in the Peace River Arch of Northern, Alberta, Aroway and its Partner have assembled a land package of 123 sections (78,720 acres) with 3D seismic coverage over 75% of its lands. All exploration and development targets are in close proximity to tie-in, gathering and plant infrastructure, controlled and owned by Aroway's Joint Venture Partner. Aroway also has 100% operated working interest on a 3D seismically defined exploration property in Central Alberta and a highly economic heavy oil producing property in West Hazel Saskatchewan.
Aroway plans to exit 2012 with total production of approximately 1200 boe/day.
ON BEHALF OF AROWAY ENERGY INC.
Chris Cooper, President & CEO
A conversion ratio of 1 barrel of oil equivalent ("boe"); 6 Mcf has been used, which is based on an energy equivalency conversion method primarily applicable at the burner tip and does not necessarily represent a value equivalency at the wellhead. Boes may be misleading, particularly if used in isolation.
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.
Contacts:
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
