CALGARY, ALBERTA--(Marketwire - July 26, 2012) - AROWAY ENERGY INC. (TSX VENTURE:ARW)(OTCQX:ARWJF) (www.arowayenergy.com) (the "Company") is pleased to provide the following operations update. The first 2 wells of the Company's 2012 summer drill program have been drilled and cased and drilling operations have begun on the Company's 3rd well. The 3rd well will be drilled to a depth of approximately 2,422 meters targeting the base of the Leduc formation. Drilling operations on the 4th well will commence immediately after the 3rd well. Testing on all four wells will follow the completion of the drilling operations. Aroway is paying 50% of all costs to earn a 50% interest in the wells.
Chris Cooper, President & CEO commented, "We are very pleased with the drilling progress made thus far on the first phase of our 8 well summer drill program. We are confident the program will add economic production resulting in increased cash flow thereby bolstering our already strong balance sheet."
Further to the Company's announcement on March 15, 2012 regarding the implementation and commencement of a Normal Course Issuer Bid ("NCIB"), Aroway Energy Inc. is pleased to provide the following update relating to common shares in the Company ("Common Shares") purchased, and subsequently cancelled in accordance with the NCIB.
|April 9, 2012 to June 27, 2012
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 121 sections (77,440 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 is currently producing approximately 650 boe/d (90% oil) and has an additional 200 boe/d of shut in natural gas. Aroway expects to exit 2012 with total production of approximately 1200 boe/d.
ON BEHALF OF AROWAY ENERGY INC.
Chris Cooper, President & CEO
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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