Calgary, Alberta, October 17, 2011 – AROWAY ENERGY INC. (TSX-V: ARW) (PINK: ARWJF) (www.arowayenergy.com) (the “Company”) reports that the Company has received gross proceeds of $2,274,941 from the exercise of 100% of the share purchase warrants issued on October 13, 2010. Furthermore, Aroway reports that the Company has executed a commitment letter with Canadian Western Bank for credit facilities totaling $4.5 million.
The credit facilities, which are primarily based on the Company’s NI 51-101 independent engineering report, consist of a $2.3-million revolving operating demand credit facility and a $2.2 million non-revolving acquisition/development demand facility.
Chris Cooper, President and CEO commented, “This injection of capital will help Aroway move forward with its exploration and development plan for the remainder of 2011 and into 2012. We are also very pleased to be working with Canadian Western Bank. The credit facilities will enable Aroway to continue its growth with limited shareholder dilution.”
The Company also announces that it has granted a total of 380,000 options to purchase capital stock of the Company at a price of $0.43 for a period of five years to a Director and officer of the Company.
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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