AROWAY ENERGY INC. PUTS NEW OIL WELL ON PRODUCTION AT WEST HAZEL
Calgary, Alberta, April 8, 2014 – AROWAY ENERGY INC. (TSX-V: ARW) (OTCQX: ARWJF) (www.arowayenergy.com) (the “Company”) is pleased to announce that it has drilled and completed a new oil well at the Company’s 100% owned and operated West Hazel property. The oil well was drilled to a total measured depth of 608 meters and completed into the General Petroleum Formation. Completion and Equipping operations have been concluded and the well has been pipelined tied-in to Aroway’s new water disposal facility and multi battery in order to begin oil production. Production rates from the West Hazel property will be released once stabilized production flow rates have been observed, which is expected in the next two weeks.
Chris Cooper, President & CEO of Aroway Energy commented, “We are very pleased with the initial results from this first of a potential 4 infill wells we have planned for the West Hazel property. As a result of the newly installed disposal facility, we now have a total of 4 oil wells producing at this property yielding field netbacks of approximately $40 per barrel with operating costs of less than $14 per barrel making West Hazel a very economic asset. We are confident we will be able to achieve production rates in excess of 400 barrels per day from West Hazel as a result of our new oil well and water disposal facility.”
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, as well as it has access to a large contiguous prospective land base in the Kerrobert area of West Central Saskatchewan. Through a joint venture partnership, Aroway also owns a 50% working interest property in the Peace River Arch of Northern, Alberta with 80 sections (51,200 acres) of land with 3D seismic coverage on the majority of the land base, with the area infrastructure controlled and owned by Aroway’s Joint Venture Partner.
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.