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 highly economic heavy oil producing property in West Hazel, Saskatchewan, owns a 100% working interest in a light oil producing property in Kirkpatrick Lake in Central Alberta as well as a large contiguous land base in the Kerrobert area of West Central Saskatchewan. Through a joint venture partnership, Aroway owns a 50% working interest in the Peace River Arch of Northern, Alberta with 90 sections (57,600 acres) of land with 3D seismic coverage on the majority of the land base, with the area infrastructure controlled and owned by Aroway’s Joint Venture Partner.
The Company was founded in September 2010 with a goal oriented and highly focused approach to build shareholder value by pursuing 3D seismically-defined conventional targets combined with significant strategic emerging resource
Aroway owns and operates a 3D seismically defined production and exploration property in East Central Alberta – Kirkpatrick Lake, a highly economic heavy oil producing property in West Hazel Saskatchewan and a large contiguous land base of low risk exploration prospect in the Kerrobert area of West Central Saskatchewan.
The Company was one of the fastest growing juniors in 2010 in its Peace River Arch operations in 2010, starting from a small 4 section (2,560 acres) farm-in land base in September of 2010, to its current rolling option on a contiguous land base of 100 sections (64,000 acres).
In 2012, Aroway was named to the TSX Venture 50, a ranking reserved for the strongest performing companies on the TSX Venture Exchange. Aroway ranked 5th among the Top 10 Oil & Gas Companies included in the TSX Venture 50.
Aroway attracted early funding by way of private placements from some of Canada’s most respected institutional funds including Sprott Asset Management, Alpha North Partners, Cypress Capital and Matrix Funds and in 2012 from Marquest Asset Management and Secutor Capital Management.
The Company’s joint venture assets consist of 90 sections of Crown oil and gas rights totaling 57,600 acres within Alberta’s Peace River Arch. The land base has extensive 3D seismic coverage with access to 3rd party JV Operator infrastructure. The Peace River Arch is one of the most active exploration and development areas in Alberta with exploration heavy weights such as Birchcliff Energy Ltd., Crescent Point Energy Corp., Canadian Natural Resources Limited and Shell Canada, all surrounding Aroway’s joint venture land base. The land base contains numerous resource play types such as; Montney, Nordegg, Cadomin, Winterburn and Wabamun, currently being explored in NW Alberta and NE British Columbia
In October 2010, Aroway began operations as a Western Canadian junior oil and gas company by signing a 4 section farm-in deal totaling 2,560 gross acres, and in December 2010, set a 2011 year-end target of 600 boe/d of production.
By the end of 2011, through various acquisitions and farm-ins, the Company acquired an additional 117 gross sections of land increasing its land position to 77,440 gross acres or 121 gross sections.
- Successfully raised over $10 million dollars for its exploration and development program.
- Drilled and completed 10 wells, exiting 2011 ahead of its 2011 guidance exit target at 669 boe/d (75% oil).
- Named to the TSX Venture 50, a ranking reserved for the strongest performing companies on the TSX Venture Exchange. Aroway ranked 5th among the Top 10 Oil & Gas Companies included in the TSX Venture 50.
At the end of 2012, Aroway made two key acquisitions which transformed the Company into being an Operator. Since those two strategic acquisitions, the Company has gone on to establish new core owned and operated areas in Alberta and Saskatchewan.