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29.10.2014
AROWAY ENERGY INC. ANNOUNCES 2014 YEAR END FINANCIAL RESULTS AND INDEPENDENT RESERVE REPORT

 

AROWAY ENERGY INC. ANNOUNCES 2014 YEAR END FINANCIAL RESULTS AND INDEPENDENT RESERVE REPORT

 

Calgary, Alberta, October 29, 2014 – AROWAY ENERGY INC. (TSX-V: ARW) (OTCQX: ARWJF) (www.arowayenergy.com) (the “Company) announces the financial and operating results for the year ended June 30, 2014 and the results of its independent reserves evaluation in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) as at June 30, 2014The independent reserves evaluation covers a 12-month period and is focused on all of the Company’s subsidiaries and producing areas of interest in Alberta and Saskatchewan.

 

Selected financial and operational information is outlined below and should be read in conjunction with the financial statements and related MD&A which are available for review on SEDAR.

 

FINANCIAL HIGHLIGHTS

 

·         Total production for the year ended June 30, 2014 was 130,734 BOE, a 19.8% increase versus 109,140 BOE from same period of 2013.

 

·         Gross revenue of $9,185,277 for year ended June 30, 2014 compared to $4,447,829 in the same period of 2013, an increase of 106.5% period over period.

 

·         Positive net adjusted income (1) of $1,005,472, or $0.02 per share for the year compared to adjusted net income of $909,535, or $0.02 per share in the same period of 2013.

 

·         Net loss of $4,156,818 for the 12 month period ending June 30, 2014 compared to a net loss of $8,108,363 in the same period of 2013.

 

·         Cash Flow from Operations of $6,655,437 or $0.13 per share, representing a 90.5% increase from the comparative period of 2013.

 

·         Current estimated field production of 450 barrels per day, 100% oil.

 

Chris Cooper, President & CEO of Aroway Energy commented, “We are extremely pleased to have eclipsed our 2013 revenue by more than a 100%. Our strategy to clean up our balance sheet, increase production while reducing operating costs are clearly reflected in our financial results.”

 

2014 FINANCIAL & OPERATING HIGHLIGHTS

 

Twelve Months Ended June 30,

 

2014

2013

 

 

 

Gross petroleum and natural gas revenue

$    9,185,277

$          4,447,829  

 

 

 

Net income (loss) adjusted (1)

$    1,005,472

$       909,535  

Net income (loss) adjusted per share

 

 

Basic

0.02

0.02

Diluted

0.02

0.02

 

 

 

Funds from operations (2)

$    1,980,680

$     (190,539)

 

 

 

Capital expenditures

              $    4,362,312

$     8,148,582

 

 

 

Weighted average shares outstanding

 

 

Basic

61,769,160

58,887,507

Diluted

61,769,160

58,887,507

 

 

 

(1)     Represents net income before depletion and depreciation and stock based compensation (non-cash items).

(2)       Represents cash flow from operations before changes in working capital.

 

2014 YEAR END RESERVE REPORT HIGHLIGHTS

 

Proved Reserves

·                  Proved reserves 309,800 barrels of oil equivalent before royalties (100% oil).

 

·                  NPV of Proved reserves of $7,815,400 (before tax, discounted at 10%).

 

·                  Reserve Life of 20.5 years.

 

Proved plus Probable Reserves

 

·                  Proved plus Probable reserves of 578,800 barrels of oil equivalent before royalties.

 

·                  NPV of Proved plus Probable reserves of $14,147,300 (before tax, discounted at 10%).

 

·                  Reserve Life of 21.5 years.

 

Chris Cooper further added, “Our 2014 reserve report is a testament of our commitment to focus on oil production.  The extensive work we undertook earlier in the year at West Hazel by installing the water disposal facility was instrumental in reducing our operating costs, increasing production, significantly increasing our reserve life and ultimately increasing our total proved reserves.   I am further pleased that our decision to  dispose of our joint venture Worsley assets this year did not affect our total reserves, but proved to be another key initiative for the Company in improving the balance sheet by significantly reducing our decommissioning liabilityGoing forward the company will continue to actively manage and invest in our core properties and future acquired properties, provided we extend reserve life and profitability.

 

ABOUT AROWAY ENERGY INC.

 

Aroway Energy Inc. is a western Canadian junior oil production and exploration company participating in oil development & exploration prospects in Alberta and Saskatchewan. Aroway operates and owns a 100% working interest, operated  heavy oil producing property in West Hazel, Saskatchewan, and  a 100% working interest, operated  light oil producing property in Kirkpatrick Lake in Central Alberta, additionally, it  has access to a large contiguous prospective  land base in the Kerrobert area of West Central Saskatchewan. 

 

Aroway Energy Inc.

Suite 340, 1414-8th Street SW,

Calgary, AB T2R 1J6

Website: www.arowayenergy.com

 

 



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