CALGARY, ALBERTA--(Marketwire - April 18, 2012) - AROWAY ENERGY INC. (TSX VENTURE:ARW)(OTCQX:ARWJF) (www.arowayenergy.com) (the "Company" or "Aroway") is pleased to provide the following production update with respect to the Company's operations. Aroway's current net production is 650 boe/d, which consists of 90% oil from the Company's Peace River Arch core area. Aroway's oil production ratio has increased 25% since the Company's production update from December of 2011. Aroway is also pleased to report it has an additional 200 boe/d of natural gas production that the Company has elected to shut-in due to current natural gas prices.
The increased oil production enables Aroway to capitalize on the current price of oil while preserving the Company's natural gas reserves until a recovery occurs in the current natural gas price. The increased oil production coupled with the current price of oil is providing record monthly revenue for the Company.
Chris Cooper, President & CEO of Aroway Energy, commented, "The 25% increase in our oil production has translated to record monthly revenues for Aroway. As a result, our upcoming drill program which will commence immediately after spring break up is 100% oil focused. Aroway's current production coupled with our 200 boe/d of shut-in natural gas keeps us on track to meet our 2012 year-end target."
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 an additional 200 boe/d of shut in natural gas. The Company's 2012 drill and recompletion program will resume after spring break up. Aroway expects to exit 2012 with total production of approximately 1,200 boe/d.
ON BEHALF OF AROWAY ENERGY INC.
Chris Cooper, President & CEO
Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
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.