AROWAY ENERGY INC. OPERATIONS UPDATE
Calgary, Alberta, May 8, 2014 – AROWAY ENERGY INC. (TSX-V: ARW) (OTCQX: ARWJF) (www.arowayenergy.com) (the “Company”) is pleased to provide an update with respect to the Company’s operations at its owned and operated West Hazel property in Saskatchewan. The recently drilled successful oil well is performing above expectations but has yet to stabilize in terms of oil and sand production as the producing General Petroleum formation continues to clean up. The Company is confident the well will settle into a steady interval of continued production soon enabling production rates to steadily increase.
One of the previously suspended wells underwent a work over and is stabilizing at a consistent interval producing oil, water and minimal amounts of formation sand. The remaining two wells that were shut-in during the disposal facility and multi well battery construction period have been returned to production and are beginning to stabilize. The Company anticipates production from all four wells at West Hazel will soon reach maximum stabilized production rates. The newly constructed oil battery, disposal facility and disposal well are operating to the Company’s expectations realizing significant reduction in field operating costs and a certain increase in oil production.
Aroway Energy also reports that it has completed the shooting and recording of its’ extensive 21 square kilometer 3D seismic program over its Kerrobert lands in Central Saskatchewan. Aroway plans to drill a test well into the target formation this summer in order to determine the production profile of the play. Provided the test well is a success, the Company will perform an extended production test to obtain the production characteristics of the pool in order to continue further development and delineation wells throughout the lands.
Chris Cooper, President & CEO of Aroway Energy commented, “We are extremely pleased with the progress we have made at West Hazel. Although we have encountered delays with respect to the wells stabilizing, we are positive we will soon be in a position to maximize production from West Hazel to our goal of approximately 400 barrels per day with production from West Hazel and Kirkpatrick Lake totaling 580 to 600 barrels per day. Going forward, we are eager to commence operations on our Kerrobert lands later this summer. The 3D seismic data on the lands that we have collected further endorses our belief that Kerrobert has the potential to be the Company’s core area of operations.”
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 heavy oil producing property in West Hazel, Saskatchewan, a 100% working interest light oil producing property in Kirkpatrick Lake, Central Alberta and has access to a large contiguous prospective land base in the Kerrobert area of West Central Saskatchewan.
ON BEHALF OF AROWAY ENERGY INC
President & CEO
For further information, please contact:
Chris Cooper Judy-Ann Pottinger
President & CEO Director of Communications
Toll Free: 1-855-427-6929 Toll Free: 1-855-427-6929
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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