Aroway Energy Inc. closes oil acquisition
Tuesday, Dec 04, 2012AROWAY 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."
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