Global Leader in International Oil and Gas Industry News

posted in:

Aroway Energy Inc. closes oil acquisition

Tuesday, Dec 04, 2012

AROWAY ENERGY INC. (TSX VENTURE:ARW) (OTCQX:ARWJF) (www.arowayenergy.com) (the "Company") is pleased to announce that it has closed its property acquisition, for the purchase of oil producing assets in the West Hazel area of Western Saskatchewan from certain private vendors. The acquisition includes production of approximately 300 barrels of oil per day, the wells and all surface facilities on 200 acres of land of which Aroway will own and operate 100%. The purchase price for these producing assets was $2,769,000, subject to adjustments, including 27 days of production as of the effective date of Nov 01, 2012.

The acquisition will add immediate production of approximately 300 barrels of oil per day and Aroway is confident that production can be increased by at least an additional 300 barrels per day by drilling up to 3 additional wells into the existing pools, recompleting two existing non-producing wells, installing a water management facility, and upgrading the existing oil batteries.

Chris Cooper, President & CEO commented, "This acquisition reflects our ability to move quickly on highly economic opportunities. We will continue to remain active in the acquisition arena capitalizing on similar opportunities both within and outside our existing core area as we continue to grow our production."

Source: Marketwire

To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today

posted in:

Other Oil & Gas News

Air Products to Feature Its Range of Industrial Gas Supply Options and Advanced Gas Technologies at PTXi 2014 24-04-2014
FAR Ltd provides an update on current drilling program in Senegal and future plans in Kenya 24-04-2014
Hess announces sale of Thailand oil and gas assets 24-04-2014
Energid's Actin Software Revolutionizes Oil and Gas Exploration 24-04-2014
Bakken Energy Corp Begins Negotiation to Buy Oil Refinery in Southern Utah Uinta Basin 24-04-2014
Ferus Natural Gas Fuels Acquires Encana's Share in Alberta LNG Plant 24-04-2014
Fincantieri Offshore chooses AVEVA software for a revolutionary project 24-04-2014
Gazprom and Austria discuss alternative Russian gas routes to Europe 24-04-2014
APPEA: Time to lift barriers on New South Wales natural gas development 24-04-2014
BP to sell interest in four Alaska North Slope oil and gas assets 24-04-2014