Calgary, Alberta, October 5, 2011 – AROWAY ENERGY INC. (TSX-V: ARW) (PINK: ARWJF) (www.arowayenergy.com) (the “Company”) is pleased to announce that the Company has appointed Daryn Gordon as the Company’s new Chief Financial Officer, and new board of director effective October 5, 2011. Mr. Gordon is a chartered accountant with over twelve years of finance and accounting experience with publicly traded companies. He obtained his Chartered Accountant designation at an international accounting firm in Calgary, where he gained extensive audit, corporate reporting and financial control analysis experience. As a manager with a national accounting firm, Mr. Gordon acquired a high level of experience with junior energy companies.
The Company would also like to announce the appointment of Mike K. Veldhuis to its board of directors. Mr. Veldhuis has assisted both private and public companies in structuring and obtaining debt and equity facilities since 2003. Mr. Veldhuis previously worked for GE Capital Solutions, a division of GE Capital, where he specialized in providing structured asset based lending facilities to companies operating in the mining, forestry and construction industries. Mr. Veldhuis is currently a director of Upton Capital Corp., a privately held Mortgage Investment Corporation that specializes in residential mortgages in Western Canada.
Mr. Veldhuis received a Bachelor of Arts from Simon Fraser University and a Masters of Arts in Economics from McGill University.
Chris Cooper, president and CEO of Aroway commented, “We are very fortunate to welcome both Daryn and Mike to the board of directors of Aroway. The addition of Mike adds an addition independent director to our already well rounded slate of directors. Daryn brings a wealth of experience with junior energy companies and his experience and knowledge as our new CFO will create shareholder value.” In order to make way for Mr. Gordon, Mr. Dennis Mee has resigned as both Chief Financial Officer and director of the Company. The Company and its Board of Directors would like to thank Mr. Mee for his leadership and direction during his tenure as CFO and director.
About Aroway Energy Inc.
Aroway Energy Inc. is a Western Canadian junior oil and gas production and exploration company participating in “non-operated” Peace River Arch oil and gas exploration prospects, through a joint venture partnership. The joint venture partnership gives Aroway a rolling option on 96 sections of land. The Company is currently producing approximately 530 boe/day of oil, gas liquids and gas net to Aroway.
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@arowayenergy.com
Aroway Energy Inc.:
Judy-Ann Pottinger
Toll Free: 1-855-427-6929
E-mail: jpottinger@arowayenergy.com
Investor Cubed Inc.:
Toll Free: (888) 258-3323
E-mail: info@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. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
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