Aroway Energy Inc. Increases Kirkpatrick Lake Production
July 10, 2013
CALGARY, ALBERTA-- AROWAY ENERGY INC. (TSX VENTURE:ARW)(OTCQX:ARWJF) (www.arowayenergy.com) (the "Company") is pleased to report increased production at its 100% owned and operated Kirkpatrick Lake property. Aroway Energy Inc. received approval from the Alberta Energy Regulator in the form of a Special MRL (Maximum Rate Limitation) to increase production from the previously announced restricted production rate of 50 bbls per day to 240 bbls per day (40.0 m3/d/well) on its new oil pool discovery well in Kirkpatrick Lake. The Special MRL rate is effective on the new pool discovery well and each subsequent well drilled into the new pool. The Company will apply for a follow up production approval in advance of the Special MRL expiring in July of 2014.
Chris Cooper, President & CEO of Aroway Energy commented, "This approval could not have come at better time with oil prices reaching 14 month highs which will immediately increase our monthly revenue and bolster our cash flow. I am confident that our upcoming development oil wells into this new pool will produce at rates similar or equal to the issued Maximum Rate Limitation."
ABOUT AROWAY ENERGY INC.
Aroway Energy Inc. is a Western Canadian junior oil focused production and Exploration Company participating in oil development & exploration prospects in Alberta and Saskatchewan, Canada. Through a joint venture partnership in the Peace River Arch of Northern, Alberta, Aroway and its Partner have assembled a land package of 110 sections (70,400 acres) with 3D seismic coverage over almost all of its lands. All exploration and development targets are in close proximity to tie-in, gathering and plant infrastructure, controlled and owned by Aroway's Joint Venture Partner. Aroway also has 100% operated working interest on a 3D seismically defined exploration property in Central Alberta and a highly economic heavy oil producing property in West Hazel, Saskatchewan.
ON BEHALF OF AROWAY ENERGY INC.
Chris Cooper, President & CEO
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 nd does not necessarily represent a value equivalency at the wellhead. Boes may be misleading, particularly if used in isolation.
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