Aroway Minerals Inc. (TSX-V:ARW; PINK:ARWJF) Increases Production
Calgary, Alberta - January 20, 2011 (Investorideas.com energy stocks newswire) � Aroway Minerals Inc. (TSX-V:ARW; PINK:ARWJF) (www.arowayenergy.com) (the "Company") provides the following update on the Company's joint venture drilling operations in the Peace River Arch area of Alberta. Aroway has paid 75% of all costs to earn 50% of all revenues in the 2010 - three well exploration program pursuant to the Company's joint venture partnership agreement.
The Company's first well continues to produce oil, gas liquids and gas at a stabilized rate of approximately 100 boe/day net to Aroway.
The second well of the exploration program has been drilled, cased, completed, and is waiting on a longer term production test and additional geological and engineering work in order to better determine the characteristics of the new pool. This multi prospect exploration well was drilled to an approximate depth of 2253 meters targeting the Leduc formation. In addition to the Leduc zone, the log interpretation indicates at least three other potential hydrocarbon bearing zones.
The third and final exploration well drilled in 2010 has been cased, completed, equipped, and tied-in to an area gathering and transportation system. The Company's joint venture partner and operator of the exploration program, is producing the well on a restricted choke in order to stabilize the well and obtain reservoir data. Based on the data collected to date, the third well is expected to produce oil, gas liquids and gas net to Aroway at a rate of approximately 100 boe/day. Based on the initial log interpretation, this third well appears to have at least two other potential hydrocarbon bearing zones. During the next three weeks the Company expects production to vary as the joint venture partner and operator undertakes a minor plant upgrade and maintenance program, and may need to restrict production in the gathering system during the period.
Chris Cooper, the President of Aroway commented: "We are pleased with the results of our drill program to date, with substantial production from our first and third wells, and production results pending from our second well. We are confident that are 2011 drill program will further bolster our production numbers and revenue stream."
During the next quarter the Company expects the current provincial land sales in the greater Worsley area to continue to be very active. The Company will release material information with respect to the 2011 drilling program as the exploration strategy permits.
About Aroway Minerals Inc.
Aroway Minerals Inc. is a Western Canadian junior oil and gas production and exploration company focused on participating in "non-operated" Peace River Arch oil and gas exploration prospects, through a joint venture partnership.
Aroway is currently participating in exploration wells which are programmed to a total depth into the Leduc formation in the Peace River Arch area of Alberta. The Company will pay 75% of all costs to earn 50% of all revenues in the exploration program. The first well has been drilled and produces approximately 100 boe/day of oil, gas liquids and gas net to Aroway.
ON BEHALF OF AROWAY MINERALS INC.
"Chris Cooper"
President
For further information, please call:
Aroway Minerals Inc.:
Judy-Ann Pottinger
Telephone: (604) 617-5290
Fax: (604) 909-2679
E-mail: jpottinger@arowayenergy.com
Investor Cubed Inc.:
Alan Huycke
Telephone: (647) 258-3311, (888) 258-3323
Fax: (416) 363-7977
E-mail: ahuycke@investor3.ca
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.
Disclosure: ARW is a paid advertising client on Investorideas.com and our energy, natural gas, and oil and gas portals.
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