CALGARY, ALBERTA--(Marketwire - Nov. 10, 2011) - Aroway Energy Inc. (TSX VENTURE:ARW)(PINK SHEETS:ARWJF) ("Aroway" or the "Company") announces that a drilling rig has been secured and has commenced drilling the first of three deep pool test wells scheduled for completion before year-end. This event marks the beginning of the Company's 2011/2012 winter drill program.
Additionally, the Company is pleased to advise that it has secured regulatory approvals to equip and pipeline tie-in two wells previously drilled during the fall of 2011. Aroway is aiming for operations to commence by mid-November followed by the onset of commercial production shortly thereafter.
Furthermore, Aroway has completed the first of two deep well recompletions from its previously announced 10 well re-completion program arising from its recent well bore and land acquisition. Initial tests indicate the wells appear capable of producing economic quantities of oil, gas and natural gas liquids. The joint venture operator has contracted a service rig to undertake a workover program including re-entry and new drill completions intended to rapidly move the program ahead. The requisite regulatory approvals to equip and pipeline tie-in the recompletions will be obtained concurrent to the ongoing winter drill program in order to properly manage and integrate the required extensions into the regional production gathering and plant infrastructure.
Chris Cooper, President & CEO commented, "We are very pleased to report the commencement of our 2011/2012 winter drill program. We look forward to bringing on the two new wells, and are confident they will contribute significantly to Aroway achieving its year end production target of 600 boes/day. Furthermore, we are well positioned for a successful year ahead with the additional production that we are anticipating from the recompletion program."
The Company will provide updated and ongoing production figures once flow rates and related data analysis from the recently tied-in wells have stabilized.
This news release contains forward-looking statements relating to the Company's plans and other aspects of the Company's anticipated future operations, management focus, strategies, financial and operating results and business opportunities. Forward-looking statements typically use words such as "anticipate", "believe", "project", "expect", "goal", "plan", "intend" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future. In particular, this press release contains forward-looking statements relating, but not limited to:
- drilling and development plans including the timing of drilling and completion of wells;
- recompletion prospects and amounts therefrom;
- Aroway's business strategy;
- Aroway's future prospects for development and growth;
- anticipated future production.
These forward-looking statements are based on various assumptions including: the outlook for petroleum and natural gas prices; estimated amounts and timing of capital expenditures; the timing, location and extent of future drilling operations; anticipated timing and results of capital expenditures; estimates of future production and operating costs; the state of the economy and the exploration and production business; results of operations; performance; business prospects and opportunities; future exchange and interest rates, Aroway's ability to obtain equipment in a timely manner to carry out development activities, impact of increasing competition, ability to market oil and natural gas successfully and the ability of Aroway to access capital. While Aroway considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties and other factors that contribute to the possibility that the predicted outcome will not occur, including, without limitation: risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation; loss of markets; volatility of commodity prices; currency fluctuations; imprecision of reserve estimates; environmental risks; competition from other producers; inability to retain drilling rigs and other services; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; general economic conditions in Canada, the U.S. and globally; and ability to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors is not exhaustive. Although Aroway believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and you should not unduly rely on forward-looking statements. The forward-looking statements contained in this news release are made as the date of this new release and the company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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. The Company is currently producing approximately 530 boe/day of oil, gas liquids and gas net to Aroway.
ON BEHALF OF AROWAY ENERGY INC.
Chris Cooper, President & CEO
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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