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19.09.2012
Aroway Energy Inc. discovers new Oil Pool
Aroway Energy Inc. discovers new Oil Pool
Calgary, Alberta, September 19, 2012 AROWAY ENERGY INC. (TSX-V: ARW) (OTCQX: ARWJF) (www.arowayenergy.com) (the “Company”) is pleased to provide the following operations update with respect to its oil focused drilling program. The Company has drilled and tested the first 3 wells and a new oil pool was discovered on the 3rd well which was drilled into the Leduc formation. The 2nd well has been production tested with commercial quantities of oil and related gas and is being equipped and tied-in to the gathering system. The first well did not encounter commercial quantities of oil or gas in the target formation, but shows favorable log results in the shallower zones. As a result, the first well has been added to the Company’s re-completion inventory to be re-entered at a later date.
The Company is now equipping the 2nd and 3rd well for pipelined production with construction completion anticipated by early October. Production numbers will be released upon the wells reaching stabilized production rates.
Chris Cooper, President and CEO commented, “The discovery of this new light oil pool further validates our 3D seismic program we undertook earlier in the year. This new reservoir will yield important oil production, cash flow and reserve adds to our ongoing development program in our core area of operations. We look forward to continued success with our upcoming planned development oil wells"
Additionally, Aroway Energy and its Joint Venture partner were successful at a crown land sale during the summer, and have acquired an additional 5 gross sections of land strategically located within the Company’s core area adding new oil locations to the Partnership’s existing drilling inventory.
ABOUT AROWAY ENERGY INC.
Aroway Energy Inc. is a Western Canadian junior oil and gas production and exploration company participating in oil exploration prospects, through a joint venture partnership. Aroway and its Partner have assembled an impressive land package of 123 sections (78,720 acres) with 3D seismic coverage over 75% of its lands, all within its core area, the Peace River Arch. All of the Company’s 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 plans to exit 2012 with total production of approximately 1200 boe/d.
ON BEHALF OF AROWAY ENERGY INC
“Chris Cooper”
President & CEO
For further information, please contact:
Aroway Energy Inc.: Aroway Energy Inc.: Investor Cubed Inc.:
Chris Cooper, President & CEO Judy-Ann Pottinger Toll Free: (888) 258-3323
Toll Free: 1-855-427-6929 Toll Free: 1-855-427-6929 E-mail: info@investor3.ca
E-mail: cooper@arowayenergy.com E-mail: jpottinger@arowayenergy.com
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. 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.
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Calgary, Alberta, September 19, 2012 AROWAY ENERGY INC. (TSX-V: ARW) (OTCQX: ARWJF) (www.arowayenergy.com) (the “Company”) is pleased to provide the following operations update with respect to its oil focused drilling program. The Company has drilled and tested the first 3 wells and a new oil pool was discovered on the 3rd well which was drilled into the Leduc formation. The 2nd well has been production tested with commercial quantities of oil and related gas and is being equipped and tied-in to the gathering system. The first well did not encounter commercial quantities of oil or gas in the target formation, but shows favorable log results in the shallower zones. As a result, the first well has been added to the Company’s re-completion inventory to be re-entered at a later date.
The Company is now equipping the 2nd and 3rd well for pipelined production with construction completion anticipated by early October. Production numbers will be released upon the wells reaching stabilized production rates.
Chris Cooper, President and CEO commented, “The discovery of this new light oil pool further validates our 3D seismic program we undertook earlier in the year. This new reservoir will yield important oil production, cash flow and reserve adds to our ongoing development program in our core area of operations. We look forward to continued success with our upcoming planned development oil wells"
Additionally, Aroway Energy and its Joint Venture partner were successful at a crown land sale during the summer, and have acquired an additional 5 gross sections of land strategically located within the Company’s core area adding new oil locations to the Partnership’s existing drilling inventory.
ABOUT AROWAY ENERGY INC.
Aroway Energy Inc. is a Western Canadian junior oil and gas production and exploration company participating in oil exploration prospects, through a joint venture partnership. Aroway and its Partner have assembled an impressive land package of 123 sections (78,720 acres) with 3D seismic coverage over 75% of its lands, all within its core area, the Peace River Arch. All of the Company’s 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 plans to exit 2012 with total production of approximately 1200 boe/d.
ON BEHALF OF AROWAY ENERGY INC
“Chris Cooper”
President & CEO
For further information, please contact:
Aroway Energy Inc.: Aroway Energy Inc.: Investor Cubed Inc.:
Chris Cooper, President & CEO Judy-Ann Pottinger Toll Free: (888) 258-3323
Toll Free: 1-855-427-6929 Toll Free: 1-855-427-6929 E-mail: info@investor3.ca
E-mail: cooper@arowayenergy.com E-mail: jpottinger@arowayenergy.com
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. 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.
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.