Aroway Energy Inc. is an oil-focused, Western Canadian-based exploration, acquisition and production company developing its core area consisting of light oil within the prolific Peace River Arch region of northern Alberta, Canada and its 100% owned and operated exploration property in the Kirkpatrick Lake area of Central Alberta. The Company also owns and operates a highly economic heavy oil producing property in West Hazel Saskatchewan.
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
The Company’s joint venture exploration program centres on a contiguous land base totaling 70,400 acres (110 gross sections) within Alberta’s Peace River Arch. 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 land base.
Aroway also has 100% working interest on a 3D seismically defined exploration property in Central Alberta – Kirkpatrick Lake and a highly economic heavy oil producing property in West Hazel Saskatchewan
The Company is one of the fastest growing juniors in its Peace River Arch operations, starting from a small 4 section (2,560 acres) farm-in land base in September 2010, to its current rolling option on a contiguous land base of 110 sections (70,400 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.
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.