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31.05.2011
AROWAY ENERGY INC. INCREASES PRODUCTION AND PREPARES TO DRILL NEW WELL
AROWAY ENERGY INC. INCREASES PRODUCTION AND PREPARES TO DRILL NEW WELL
Calgary, Alberta, May 31, 2011 – AROWAY ENERGY INC. (TSX-V: ARW) (PINK: ARWJF) (www.arowayenergy.com) (the “Company”) is pleased to announce its first well of the 2011 exploration program has been tied-in to its joint venture partner’s pipeline and facilities. The well tested at 2.2mmcf/d of natural gas and 72 boe/d of natural gas liquids. The well was placed on restricted flow rate 10 days ago at a stabilized rate of 256 boe/d of natural gas and natural gas liquids, a net of 128 boe/d to Aroway. This multi-zone prospect exploration well was drilled to an approximate depth of 2300 meters into the Leduc formation. The Company is paying 50% of all costs associated with this well to earn a 50% interest in the well.
Testing on the Company’s second well of the 2011 drill program will commence within the next few weeks upon the arrival of a service rig. The 3D seismically defined multi-prospective well was drilled to an approximate depth of 2260 meters targeting the Leduc formation. The Company is paying 75% of all costs associated with this well to earn a 50% interest in the well.
The Company is also pleased to announce that it will be drilling the 3rd well of its 2011 exploration program within the next 10 to 14 days. The well will be drilled to a depth of 1,225 meters targeting the base of the Debolt formation. The well will penetrate 4 additional stacked zones before reaching the target formation. The well is expected to encounter both oil and gas. The Company is paying 50% of all costs associated with this well to earn a 50% interest in the well.
Chris Cooper, President of Aroway, commented, “We are very pleased with the production results from our first well of 2011, and look to continue the drilling success throughout the 2011 exploration and development drill program. Drilling success throughout the year will enable Aroway to continue to build on its existing production and cash flow.”
These are the first three of a possible six to eight wells planned for Aroway’s 2011 drill program.
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. All of the planned exploration and/or development wells to be drilled are defined by 3-D seismic, have multi-zone prospectivity and are close to the joint venture partner’s owned and operated infrastructure.
ON BEHALF OF AROWAY ENERGY INC.
“Chris Cooper”
President
For further information, please call:
Aroway Energy Inc.: Investor Cubed Inc.:
Judy-Ann Pottinger Telephone: (647) 258-3311,
Telephone: (604) 304-4090
Cell: (604) 617-5290 Toll Free: (888) 258-3323
Fax: (604) 909-2679 Fax: (416) 363-7977
E-mail: jpottinger@arowayenergy.com 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, May 31, 2011 – AROWAY ENERGY INC. (TSX-V: ARW) (PINK: ARWJF) (www.arowayenergy.com) (the “Company”) is pleased to announce its first well of the 2011 exploration program has been tied-in to its joint venture partner’s pipeline and facilities. The well tested at 2.2mmcf/d of natural gas and 72 boe/d of natural gas liquids. The well was placed on restricted flow rate 10 days ago at a stabilized rate of 256 boe/d of natural gas and natural gas liquids, a net of 128 boe/d to Aroway. This multi-zone prospect exploration well was drilled to an approximate depth of 2300 meters into the Leduc formation. The Company is paying 50% of all costs associated with this well to earn a 50% interest in the well.
Testing on the Company’s second well of the 2011 drill program will commence within the next few weeks upon the arrival of a service rig. The 3D seismically defined multi-prospective well was drilled to an approximate depth of 2260 meters targeting the Leduc formation. The Company is paying 75% of all costs associated with this well to earn a 50% interest in the well.
The Company is also pleased to announce that it will be drilling the 3rd well of its 2011 exploration program within the next 10 to 14 days. The well will be drilled to a depth of 1,225 meters targeting the base of the Debolt formation. The well will penetrate 4 additional stacked zones before reaching the target formation. The well is expected to encounter both oil and gas. The Company is paying 50% of all costs associated with this well to earn a 50% interest in the well.
Chris Cooper, President of Aroway, commented, “We are very pleased with the production results from our first well of 2011, and look to continue the drilling success throughout the 2011 exploration and development drill program. Drilling success throughout the year will enable Aroway to continue to build on its existing production and cash flow.”
These are the first three of a possible six to eight wells planned for Aroway’s 2011 drill program.
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. All of the planned exploration and/or development wells to be drilled are defined by 3-D seismic, have multi-zone prospectivity and are close to the joint venture partner’s owned and operated infrastructure.
ON BEHALF OF AROWAY ENERGY INC.
“Chris Cooper”
President
For further information, please call:
Aroway Energy Inc.: Investor Cubed Inc.:
Judy-Ann Pottinger Telephone: (647) 258-3311,
Telephone: (604) 304-4090
Cell: (604) 617-5290 Toll Free: (888) 258-3323
Fax: (604) 909-2679 Fax: (416) 363-7977
E-mail: jpottinger@arowayenergy.com 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.