Investorideas.com  big ideas for global investors Search www.investorideas.com
   Member Access       Sign-up       Listings        Stock Directories       Research       Cleantech       Headlines        Video       New Ventures   




AddThis Social Bookmark Button

Category: Investment, Energy, Oil, Gas, Natural Gas

Oil and Gas Stocks; Aroway Energy Inc. (TSX-V:ARW; PINK:ARWJF) Executes Option on Additional 29 Sections

Ideas get bigger when you share them...

Visit this company: www.arowayenergy.com

CALGARY, ALBERTA - February 14, 2011 (Investorideas.com energy stocks newswire) Aroway Minerals Inc. (TSX-V:ARW; PINK:ARWJF) (www.arowayenergy.com) (the "Company") is pleased to announce that the Company and its joint venture partner ("Partner") have entered into a rolling farmout agreement ("Agreement") with a private oil and gas company (the "Farmor") with access to 29 sections, of 3D seismically defined land (the "Lands") located within the Company's and its Partner's core area of interest in the Peace River Arch area of Northern Alberta.

Join Investor Ideas Members to access the Renewable Energy stocks directory, water stocks, biotech stocks, defense stocks directories and the Insiders Corner

The terms of the agreement commit the Partnership to drill 1 well on the Farmor's Lands before February 28, 2011, and a second well on the Lands before August 1st, 2011. Each well drilled on the Lands earns the spacing unit. The Partnership will also have the option to continue the Agreement by committing to drill a well on the undrilled Lands every 90 days from the rig release of the previously drilled well, subject to weather and ground conditions. Together with its partner, the Company also purchased approximately 45 square kms of proprietary 3D data which covers a substantial portion of the Agreement Lands, for $330,000 net to Aroway. The Company's Partner has already identified several drillable prospects within the Agreement Lands.

Aroway paid 50% of the total consideration for the rolling option and the 3D seismic, and will pay 50% of all costs associated with the development of the Lands to earn 50% of all revenue generated from these acquired Lands. The Farmor will retain a variable royalty depending on the location of the drilling target that will range from 7.5% to 12.5%. The execution of the rolling option agreement gives Aroway access to a total of 79 sections of land in the Company's Core operating area within the Peace River Arch of northern Alberta.

Chris Cooper, President of Aroway, commented, "The execution of the option agreement enables us to become a fast growing player in our core area. Aroway has grown from a 4 section farmout to having access to 79 sections in one of the hottest regions of Northern Alberta in just 4 months. We look forward to continued exploration success in 2011."

Aroway is also very pleased to report that workover operations on the Partnership's recent well acquired through the 5 section acquisition announced on January 31, 2011 have been completed. Current production from the well has been increased 250% from 20 boe/day to 50 boe/day (25 boe/day net to Aroway).

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. Aroway is currently producing approximately 225 boe/day of oil, gas liquids and gas net to Aroway

ON BEHALF OF AROWAY ENERGY INC.

Chris Cooper, President

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.

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.

Contact:

Judy-Ann Pottinger
Aroway Energy Inc.
(604) 304-4090 or Cell: (604) 617-5290
(604) 909-2679 (FAX)
jpottinger@arowayenergy.com
www.arowayenergy.com

(647) 258-3311 or Toll Free: (888) 258-3323
Investor Cubed Inc.
(416) 363-7977 (FAX)
info@investor3.ca

Disclosure: ARW is a paid advertising client on Investorideas.com and our energy, natural gas, and oil and gas portals.

Visit the ARW showcase profile at Investorideas.com
Request News and Info on ARW

More Info:

This news is published on the Investorideas.com Newswire and its syndicated partner network

Publish Your News - Send a release
News now!

Get free news alerts: Sign up here

Published at the Investorideas.com Newswire - Big ideas for Global Investors

Disclaimer/ Disclosure:The Investorideas.com newswire is a third party publisher of news and research as well as creates original content as a news source. Original content created by investorideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news and Linkedintoday plus hundreds of syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions, content marketing and online advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp

BC Residents and Investor Disclaimer : Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.



Free News Alerts
Email:  

Read more News





TOP

Investor Ideas © 2000 - 2014 InvestorIdeas.com®, ECON

Free Investor Stock Alerts
Sign up here

login | logout | about us | contact | disclaimer / disclosure |
advertise | company profile directory | partners / links |
job search | privacy policy | trade | services | sitemap |