Aroway Energy Inc. Puts New Oil Well on Production at West Hazel
08 April 2014 - 10:30PM
Access Wire
Calgary, Alberta / ACCESSWIRE / April 8, 2014 / AROWAY
ENERGY INC. (TSX-V: ARW) (OTCQX: ARWJF)
(http://www.arowayenergy.com/) (the "Company") is pleased
to announce that it has drilled and completed a new oil well at the
Company's 100% owned and operated West Hazel property. The oil well
was drilled to a total measured depth of 608 meters and completed
into the General Petroleum Formation. Completion and Equipping
operations have been concluded and the well has been pipelined
tied-in to Aroway's new water disposal facility and multi battery
in order to begin oil production. Production rates from the West
Hazel property will be released once stabilized production flow
rates have been observed, which is expected in the next two
weeks.
Chris Cooper, President & CEO of Aroway Energy commented,
"We are very pleased with the initial results from this first of a
potential 4 infill wells we have planned for the West Hazel
property. As a result of the newly installed disposal facility, we
now have a total of 4 oil wells producing at this property yielding
field netbacks of approximately $40 per barrel with operating costs
of less than $14 per barrel making West Hazel a very economic
asset. We are confident we will be able to achieve production rates
in excess of 400 barrels per day from West Hazel as a result of our
new oil well and water disposal facility."
ABOUT AROWAY ENERGY INC.
Aroway Energy Inc. is a western Canadian junior
oil production and exploration company participating in oil
development & exploration prospects in Alberta and
Saskatchewan. Aroway operates and owns a 100% working interest,
operated heavy oil producing property in West Hazel, Saskatchewan,
and a 100% working interest, operated light oil producing
property in Kirkpatrick Lake in Central Alberta, as well as
it has access to a large contiguous prospective land base in
the Kerrobert area of West Central Saskatchewan. Through a joint
venture partnership, Aroway also owns a 50% working interest
property in the Peace River Arch of Northern, Alberta with 80
sections (51,200 acres) of land with 3D seismic coverage on the
majority of the land base, with the area infrastructure controlled
and owned by Aroway’s Joint Venture Partner.
ON BEHALF OF AROWAY ENERGY INC
"Chris Cooper"
President & CEO
For further information, please contact:
Chris Cooper
President & CEO
Toll Free: 1-855-427-6929
Email: cooper@arowayenergy.com
Judy-Ann Pottinger
Director of Communications
Toll Free: 1-855-427-6929
jpottnger@arowayenergy.com
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 and does not necessarily represent a value equivalency
at the wellhead. Boes may be misleading, particularly if used
in isolation.
SOURCE: Aroway Energy Inc.
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