Aroway Energy Inc. Drills New Oil Well in Southern Alberta
(firmenpresse) - CALGARY, ALBERTA -- (Marketwire) -- 03/13/13 -- AROWAY ENERGY INC. (TSX VENTURE: ARW)(OTCQX: ARWJF) () (the "Company") is pleased to announce it has drilled and cased an exploration test well on its 100% owned and operated property in the Little Bow region of Southern Alberta. The 1500 meter light oil exploration test well, targeted and encountered prospective deep horizons as well as a shallower upper Manville target. Aroway is managing the exploration risk of this well by farming out a portion to an industry partner resulting in Aroway paying 63.5% of all costs associated with this well to maintain a 75% interest of all the revenue from this oil exploration test well. Aroway will commence production testing when ground and local municipal conditions permit.
Chris Cooper, President & CEO commented, "We are very encouraged with the logs from this exploration test well which is a step out from the prolific Little Bow Upper Manville Pool, which has produced over 12 million barrels of oil to date and is currently in the process of tertiary recovery. Heading into spring break-up, we will be finalizing our 2013 exploration and development program and look forward to production testing our new well in Little Bow."
ABOUT AROWAY ENERGY INC.
Aroway Energy Inc. is a Western Canadian junior oil focused production and Exploration Company participating in oil development & exploration prospects in Alberta and Saskatchewan, Canada. Through a joint venture partnership in the Peace River Arch of Northern, Alberta, Aroway and its Partner have assembled a land package of 110 sections (70,400 acres) with 3D seismic coverage over almost all of its lands. All 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 also has 100% operated working interest on a 3D seismically defined exploration property in Central Alberta and a highly economic heavy oil producing property in West Hazel, Saskatchewan.
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 nd 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
Director of Communications
Toll Free: 1-855-427-6929
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Unternehmensinformation / Kurzprofil:
Datum: 13.03.2013 - 12:30 Uhr
Sprache: Deutsch
News-ID 238936
Anzahl Zeichen: 0
contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Mining & Metals
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