Energy Stocks; Aroway Energy Inc. (TSX-V:ARW; PINK:ARWJF) Closes in on Year-End Production Target
CALGARY, ALBERTA - September 19, 2011 (Investorideas.com energy stocks newswire) � Aroway Minerals Inc. (TSX-V:ARW; PINK:ARWJF) (www.arowayenergy.com) (the "Company") is pleased to announce that the Company is ahead of schedule on its 2011 year end production target of 600 boe/day. Aroway's current net production is 530 boe/day which is made up of 76% oil, 22% gas and 2% natural gas liquids from the Company's Peace River Arch core area. Aroway expects to surpass its 2011 production target before year-end as the Company continues its recompletion program and the partnership's latest drilled wells are tested and brought online.
Chris Cooper, President & CEO commented, "This is a tremendous accomplishment for Aroway Energy and our joint venture partner. We have worked diligently to ensure we meet all of our targets and expectations that we communicate to our shareholders. The Company's growth over the past year from a small 4 section farm-in with no production, to almost surpassing our year-end target today coupled with our rolling option on 96 sections of land with 3 months remaining in 2011 is a formidable achievement."
During the remainder of 2011, the Company and its joint venture partner will continue its exploration and development program with an additional 2 wells to be drilled before year-end pending regulatory approval and rig availability. The partnership continues to be active pursuing land acquisition opportunities which will increase the Company's strategic foot print in the Peace River Arch core area.
The Company will release material information with respect to new wells and future land acquisitions as the exploration strategy permits.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements relating to the Company's plans and other aspects of the Company's anticipated future operations, management focus, strategies, financial and operating results and business opportunities. Forward-looking statements typically use words such as "anticipate", "believe", "project", "expect", "goal", "plan", "intend" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future. In particular, this press release contains forward-looking statements relating, but not limited to:
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 Company is currently producing approximately 530 boe/day of oil, gas liquids and gas net to Aroway.
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:
Chris Cooper
Aroway Energy Inc.
President & CEO
Toll Free: 1-855-427-6929
cooper@arowayenergy.com
Judy-Ann Pottinger
Aroway Energy Inc.
(604) 304-4090 or Cell: (604) 617-5290
(604) 909-2679 (FAX)
jpottinger@arowayenergy.com
www.arowayenergy.com
Toll Free: (888) 258-3323
Investor Cubed Inc.
(416) 363-7977 (FAX)
info@investor3.ca
Disclosure: ARW is a paid advertising client on Investorideas.com and our energy, natural gas, and oil and gas portals.
Chris Cooper, President & CEO commented, "This is a tremendous accomplishment for Aroway Energy and our joint venture partner. We have worked diligently to ensure we meet all of our targets and expectations that we communicate to our shareholders. The Company's growth over the past year from a small 4 section farm-in with no production, to almost surpassing our year-end target today coupled with our rolling option on 96 sections of land with 3 months remaining in 2011 is a formidable achievement."
During the remainder of 2011, the Company and its joint venture partner will continue its exploration and development program with an additional 2 wells to be drilled before year-end pending regulatory approval and rig availability. The partnership continues to be active pursuing land acquisition opportunities which will increase the Company's strategic foot print in the Peace River Arch core area.
The Company will release material information with respect to new wells and future land acquisitions as the exploration strategy permits.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements relating to the Company's plans and other aspects of the Company's anticipated future operations, management focus, strategies, financial and operating results and business opportunities. Forward-looking statements typically use words such as "anticipate", "believe", "project", "expect", "goal", "plan", "intend" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future. In particular, this press release contains forward-looking statements relating, but not limited to:
- drilling and development plans including the timing of drilling and completion of wells;
- recompletion prospects and amounts therefrom;
- Aroway's business strategy;
- Aroway's future prospects for development and growth;
- anticipated future production.
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 Company is currently producing approximately 530 boe/day of oil, gas liquids and gas net to Aroway.
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:
Chris Cooper
Aroway Energy Inc.
President & CEO
Toll Free: 1-855-427-6929
cooper@arowayenergy.com
Judy-Ann Pottinger
Aroway Energy Inc.
(604) 304-4090 or Cell: (604) 617-5290
(604) 909-2679 (FAX)
jpottinger@arowayenergy.com
www.arowayenergy.com
Toll Free: (888) 258-3323
Investor Cubed Inc.
(416) 363-7977 (FAX)
info@investor3.ca
Disclosure: ARW is a paid advertising client on Investorideas.com and our energy, natural gas, and oil and gas portals.