Aroway Energy Inc. Inks Option Agreement With Major Oil Producer
17 January 2014 - 12:30AM
Marketwired
Aroway Energy Inc. Inks Option Agreement With Major Oil Producer
CALGARY, ALBERTA--(Marketwired - Jan 16, 2014) - AROWAY ENERGY
INC. (TSX-VENTURE:ARW)(OTCQX:ARWJF) (www.arowayenergy.com) (the
"Company") is pleased to announce that it has executed a seismic
option agreement with a major independent oil Company (the
"Optionor") on 18 sections or portions of sections of freehold land
(approximately 8,800 acres) adjoining Aroway's existing land base
of 15 sections (9,600 acres) in the Kerrobert area of central
Saskatchewan.
Pursuant to the Agreement, Aroway has committed to shoot,
process and interpret approximately 21 sections of 3D seismic over
the option lands. Upon completion of the seismic program, Aroway
can elect to acquire the freehold leases for a fee payment for a 2
year term subject to a gross overriding royalty. If Aroway elects
to acquire the leases, Aroway is then committed to drill a test
well on the option lands, with requirements to continue to drill to
keep the leases, and will have the option in certain circumstances
to extend the term of the leases.
Chris Cooper, President & CEO of Aroway Energy commented,
"The execution of this agreement is a significant milestone for the
Company as it almost doubles our land position at Kerrobert. With
significant production nearby, we are confident endorsing this area
as a new core property. We are eager to begin the 3D seismic
program over the lands enabling Aroway to fulfill its commitments
under the agreement and begin to exploit this property."
The lands are close to key infrastructure including a high-grade
road, power, gas, a nearby oil terminal and rail.
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 highly economic heavy oil producing property in West
Hazel, Saskatchewan and has a 100% working interest in a light oil
producing property in Kirkpatrick Lake in Central Alberta. Through
a joint venture partnership, Aroway has a 50% working interest in
the Peace River Arch of Northern, Alberta with 90 sections (57,600
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
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.
Aroway Energy Inc.Chris CooperPresident & CEOToll Free:
1-855-427-6929cooper@arowayenergy.comAroway Energy Inc.Judy-Ann
PottingerToll Free:
1-855-427-6929jpottinger@arowayenergy.comwww.arowayenergy.com
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