Aroway Energy Inc. Increases Production 526% During Fiscal Year
(firmenpresse) - Aroway Energy Inc. Increases Production 526% During Fiscal Year
Calgary, Alberta, October 25, 2012 – AROWAY ENERGY INC. (TSX-V: ARW) (OTCQX: ARWJF) (www.arowayenergy.com) (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
•Total production for the twelve month period was 146,269 BOE, a 526% increase versus 23,351 BOE from same period of 2011.
•Gross revenue of $12,018,074, meeting the Company’s fiscal 2012 guidance of $12 million and a 1,112% increase from twelve month period of 2011.
•Net income adjusted (1) of $2.8 million, an increase of $3.0 million over the twelve month period of 2011.
•Cash Flow from Operations increased $4.6 million to $3.2 million in the twelve month period of 2012, versus cash used in operations of $1.4 million for the comparative twelve month period of 2011.
•Net capital expenditures of $10.9 million year to date, a 82% increase from the twelve month period of 2011.
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.”
Q4 2012 FINANCIAL & OPERATING HIGHLIGHTS
Please follow the link to view table:
http://www.irw-press.com/dokumente/Aroway_Table251012_ENGLISH.pdf
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
For further information, please contact:
Aroway Energy Inc.:
Chris Cooper, President & CEO
Toll Free: 1-855-427-6929
E-mail: cooper(at)arowayenergy.com
Aroway Energy Inc.:
Judy-Ann Pottinger
Toll Free: 1-855-427-6929
E-mail: jpottinger(at)arowayenergy.com
Investor Cubed Inc.:
Toll Free: (888) 258-3323
E-mail: info(at)investor3.ca
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. 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.
Leseranfragen:
Aroway Energy Inc.
Suite 1910 -- 1055 West Hastings Street Vancouver, British Columbia V6E 2E9
Judy-Ann Pottinger, Corporate Communications
Tel: +1 604-304-4090
Fax: +1 604-909-2679
E-Mail: jpottinger(at)arowayenergy.com
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Datum: 25.10.2012 - 15:06 Uhr
Sprache: Deutsch
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