Aroway Energy Inc. Increases Production 526% During Fiscal Year
(firmenpresse) - CALGARY, ALBERTA -- (Marketwire) -- 10/25/12 -- AROWAY ENERGY INC. (TSX VENTURE: ARW)(OTCQX: ARWJF) () (the "Company") is pleased to announce it has filed on SEDAR its annual financial statements and related management discussion and analysis ("MD&A") for the twelve months ended June 30, 2012. Selected financial and operational information is outlined below and should be read in conjunction with the financial statements and related MD&A which are available for review on SEDAR.
FINANCIAL HIGHLIGHTS
Chris Cooper, President & CEO of Aroway Energy commented, "We are extremely pleased to have met our 2012 revenue guidance in conjunction with significant increase in production during our fiscal year. The over 1,100% increase in fiscal revenue is a testament to how far our Company has come within a year. We have proven that we continue to meet our goals and remain in a strong financial position heading into the calendar year-end."
The Company notes that the twelve month period ended June 30, 2012, is the fourth interim period for which the Company has prepared its financial statements under International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. Prior year comparative amounts have been restated to reflect results as if the Company has always prepared its financial results using IFRS.
Subsequent Events
Subsequent to June 30, 2012, the Company repurchased 75,000 common shares at an average price of $0.55. These shares will be returned to treasury for cancellation.
On September 11, 2012, 33,000 stock options at $0.30 were exercised for gross proceeds of $9,900.
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 123 sections (78,720 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 plans 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.
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.
Contacts:
Aroway Energy Inc.
Chris Cooper
President & CEO
Toll Free: 1-855-427-6929
Aroway Energy Inc.
Judy-Ann Pottinger
Toll Free: 1-855-427-6929
Investor Cubed Inc.
Toll Free: (888) 258-3323
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Datum: 25.10.2012 - 12:30 Uhr
Sprache: Deutsch
News-ID 196256
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CALGARY, ALBERTA
Kategorie:
Mining & Metals
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