The Partnership will acquire 10 sections of land, typically, all rights, and
- The acquisition includes six (6) existing wellbores, typically drilled to the base of the Leduc, and
- The Partnership acquired the lands and wellbores in exchange for a variable gross overriding royalty ranging from 6% to 8%.
Aroway's 3rd well of the 2011 exploration program will be tested and completed in the coming days, as operations were delayed by wet weather.
Chris Cooper, President and CEO, commented, "We are confident that the recompletion program will deliver economic material production at a substantially low cost per flowing boe from the existing well bores acquired. Success with this program along with our 2011 drill program will further contribute to Aroway achieving its year-end target of 600 boe/day."
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. Aroway is currently producing approximately 225 boe/day of oil, gas liquids and gas net to Aroway
ON BEHALF OF AROWAY ENERGY INC.
Chris Cooper, President
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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Aroway Energy Inc.
(604) 304-4090 or Cell: (604) 617-5290
(604) 909-2679 (FAX)
(647) 258-3311 or Toll Free: (888) 258-3323
Investor Cubed Inc.
(416) 363-7977 (FAX)
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