Aroway Energy Inc. [stock arw.v] is pleased to announce it has drilled, cased and logged its first well on its 100% owned and operated Kirkpatrick Lake property in Central, Alberta. The well was drilled to a total depth of 1,132 meters targeting the Ellerslie formation. The rig will soon move on to the Company”s second exploration location also targeting oil in the Ellerslie formation with drilling operations expected to begin in the next few days. Drilling is expected to be completed before year end with completion in early January 2013. Production rates will be reported once the Company has adequately flow tested the wells and can report stabilized production rates. Aroway anticipates disclosing these results along with Company production by mid-January of 2013.
Chris Cooper, President & CEO of Aroway Energy commented, “We are very encouraged with the initial results from our first well and look to close out our 2012 exploration program with successful results upon completion of our final well of the year.”
ABOUT AROWAY ENERGY INC.
Aroway Energy Inc. is a Western Canadian junior oil focused production and exploration company participating in oil development & exploration prospects in Alberta and Saskatchewan, Canada. Through a joint venture partnership in the Peace River Arch of Northern, Alberta, Aroway and its Partner have assembled a land package of 123 sections (78,720 acres) with 3D seismic coverage over 75% of its lands. All 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 also has 100% operated working interest on a 3D seismically defined exploration property in Central Alberta and a highly economic heavy oil producing property in West Hazel Saskatchewan.
Aroway plans to exit 2012 with total production of approximately 1200 boe/day.
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.