AROWAY ENERGY INC. receives extension for maximum rate limitation at Kirkpatrick Lake
(firmenpresse) -
AROWAY ENERGY INC. RECEIVES EXTENSION FOR MAXIMUM RATE LIMITATION AT KIRKPATRICK LAKE
Calgary, Alberta, July 29, 2014 - AROWAY ENERGY INC. (TSX-V: ARW) (OTCQX: ARWJF) (www.arowayenergy.com) (the Company) is pleased to report the Company has received a one year extension approval from the Alberta Energy Regulator in the form of a Special Maximum Rate Limitation (MRL) to continue to produce up to 240 bbls per day (40.0 m3/d/well) on its existing producing wells at the Companys owned and operated Kirkpatrick lake property. The one year extension Special MRL rate is effective on the Companys existing producing wells and each subsequent well drilled into the producing pool. The Company is required to apply for a follow up production approval in advance of the Special MRL expiring in July of 2015.
Chris Cooper, President & CEO of Aroway Energy commented, "The extension of the Special MRL allows us to continue to capitalize on the current price of oil without any regulatory disruptions in our production rates at Kirkpatrick Lake. Our Kirkpatrick Lake asset continues to perform extremely well with field cash flow netbacks of over $65. In addition, the Company has submitted to the Alberta Energy Regulator a holding application to permit the Company to drill additional wells into the existing pool.
ABOUT AROWAY ENERGY INC.
Aroway Energy Inc. is a western Canadian junior oil production and exploration company participating in oil development & exploration prospects in Alberta and Saskatchewan. Aroway operates and owns a 100% working interest heavy oil producing property in West Hazel, Saskatchewan, a 100% working interest light oil producing property in Kirkpatrick Lake, Central Alberta and has access to a large contiguous prospective land base in the Kerrobert area of West Central Saskatchewan.
ON BEHALF OF AROWAY ENERGY INC
Chris Cooper
President & CEO
For further information, please contact:
Chris Cooper
President & CEO
Toll Free: 1-855-427-6929
Email: cooper(at)arowayenergy.com
Judy-Ann Pottinger
Director of Communications
Toll Free: 1-855-427-6929
jpottnger(at)arowayenergy.com
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. ist ein in Westkanada ansässiges Junior-Ölförder- und Explorationsunternehmen, das an Ölerschließungs- und Ölexplorationsprojekten in den Provinzen Alberta und Saskatchewan beteiligt ist.
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Datum: 29.07.2014 - 15:06 Uhr
Sprache: Deutsch
News-ID 334569
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