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News
22.03.2011
AROWAY ENERGY INC. CONTINUES DRILLING SUCCESS IN 2011
AROWAY ENERGY INC. CONTINUES DRILLING SUCCESS IN 2011
Calgary, Alberta, March 22, 2011 – AROWAY ENERGY INC. (TSX-V:ARW; PINK:ARWJF) (www.arowayenergy.com) (the “Company”) Further to its March 3, 2011 news release, the Company provides the following update on its 2011 joint venture drilling operations in the Peace River Arch area of Alberta. The Company’s first well of the 2011 exploration program has now been drilled, cased and completed and is awaiting pipeline tie-in. This multi-prospect exploration well was drilled to an approximate depth of 2300 meters targeting the Leduc formation. The Company is paying 50% of all costs associated with this well to earn a 50% interest in the well. Upon completion of the tie-in to its joint venture partner’s pipeline and facilities, stabilized production numbers for this successful well will be released.
Drilling operations have begun on the Company’s second Leduc exploration well. The multi-prospective well will be drilled to an approximate depth of 2260 meters targeting the Leduc formation. The 3D seismically defined multi-zone prospective well is also being operated by the Company’s joint venture farm in partner with the Company paying 75% of all costs associated with this well to earn a 50% interest in the well. This exploration well is expected to take approximately 10 days to reach total depth.
These are the first two of a possible six wells planned for the joint venture partnership’s 2011 drill program. All of the planned exploration and / or development wells to be drilled are defined by 3D seismic, have multi-zone prospectivity, and are close to infrastructure.
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. Aroway is currently producing approximately 225 boe/day of oil, gas liquids and gas net to Aroway.
ON BEHALF OF AROWAY ENERGY INC.
“Chris Cooper”
President
For further information, please call:
Aroway Energy Inc.:
Judy-Ann Pottinger
Telephone: (604) 304-4090
Cell: (604) 617-5290
Fax: (604) 909-2679
E-mail: jpottinger@arowayenergy.com
Investor Cubed Inc.:
Telephone: (647) 258-3311
Toll Free: (888) 258-3323
Fax: (416) 363-7977
E-mail: info@investor3.ca
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. 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.
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Calgary, Alberta, March 22, 2011 – AROWAY ENERGY INC. (TSX-V:ARW; PINK:ARWJF) (www.arowayenergy.com) (the “Company”) Further to its March 3, 2011 news release, the Company provides the following update on its 2011 joint venture drilling operations in the Peace River Arch area of Alberta. The Company’s first well of the 2011 exploration program has now been drilled, cased and completed and is awaiting pipeline tie-in. This multi-prospect exploration well was drilled to an approximate depth of 2300 meters targeting the Leduc formation. The Company is paying 50% of all costs associated with this well to earn a 50% interest in the well. Upon completion of the tie-in to its joint venture partner’s pipeline and facilities, stabilized production numbers for this successful well will be released.
Drilling operations have begun on the Company’s second Leduc exploration well. The multi-prospective well will be drilled to an approximate depth of 2260 meters targeting the Leduc formation. The 3D seismically defined multi-zone prospective well is also being operated by the Company’s joint venture farm in partner with the Company paying 75% of all costs associated with this well to earn a 50% interest in the well. This exploration well is expected to take approximately 10 days to reach total depth.
These are the first two of a possible six wells planned for the joint venture partnership’s 2011 drill program. All of the planned exploration and / or development wells to be drilled are defined by 3D seismic, have multi-zone prospectivity, and are close to infrastructure.
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. Aroway is currently producing approximately 225 boe/day of oil, gas liquids and gas net to Aroway.
ON BEHALF OF AROWAY ENERGY INC.
“Chris Cooper”
President
For further information, please call:
Aroway Energy Inc.:
Judy-Ann Pottinger
Telephone: (604) 304-4090
Cell: (604) 617-5290
Fax: (604) 909-2679
E-mail: jpottinger@arowayenergy.com
Investor Cubed Inc.:
Telephone: (647) 258-3311
Toll Free: (888) 258-3323
Fax: (416) 363-7977
E-mail: info@investor3.ca
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. 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.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA04268T1057">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA04268T1057</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.