CALGARY, ALBERTA--(Marketwire - June 26, 2012) - AROWAY ENERGY INC. (TSX VENTURE:ARW)(OTCQX:ARWJF) (www.arowayenergy.com) (the "Company") is pleased to announce a drilling rig has been mobilized to the first location of the summer drill program and drilling has commenced.
The Company and its Joint Venture Partner plan to drill up to eight (8) oil wells as part of a two stage drill program. Each stage will consist of four (4) consecutive vertical wells targeting 3D seismically defined Leduc and Triassic prospects. Drilling and subsequent testing of the first four (4) wells will begin immediately. Stage 2 of the drill program will begin after testing of the first four (4) wells.
Chris Cooper, President & CEO of Aroway Energy commented, "The long wait for road bans to be lifted is finally over and we have put together an excellent drill program to carry us through the fall. Our extensive 3D seismic has provided strategic data for us in the development of our upcoming drill program."
Results of the drill program will be released as they become available.
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.