Oil and Gas Stocks Trading Alert; Aroway Energy Inc. (TSX.V: ARW) Continues Drilling Success in 2011
CALGARY, ALBERTA - March 22, 2011 (Investorideas.com Newswire) - AROWAY ENERGY INC. (TSX VENTURE:ARW; PINK SHEETS:ARWJF) (the "Company") Further to its March 3, 2011 news release, the Company provides the following update on its 2011 joint venture drilling operations in the Peace River Arch area of Alberta. The Company's first well of the 2011 exploration program has now been drilled, cased and completed and is awaiting pipeline tie-in. This multi-prospect exploration well was drilled to an approximate depth of 2300 meters targeting the Leduc formation. The Company is paying 50% of all costs associated with this well to earn a 50% interest in the well. Upon completion of the tie-in to its joint venture partner's pipeline and facilities, stabilized production numbers for this successful well will be released.
Drilling operations have begun on the Company's second Leduc exploration well. The multi-prospective well will be drilled to an approximate depth of 2260 meters targeting the Leduc formation. The 3D seismically defined multi-zone prospective well is also being operated by the Company's joint venture farm in partner with the Company paying 75% of all costs associated with this well to earn a 50% interest in the well. This exploration well is expected to take approximately 10 days to reach total depth.
These are the first two of a possible six wells planned for the joint venture partnership's 2011 drill program. All of the planned exploration and/or development wells to be drilled are defined by 3D seismic, have multi-zone prospectivity, and are close to infrastructure.
About Aroway Energy Inc.:
Aroway Energy Inc. is junior oil and gas exploration Company focused on high working interest non-operated oil and gas exploration prospects. Aroway is currently participating in two 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.
ON BEHALF OF AROWAY ENERGY INC.
Chris Cooper, President
BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
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.
Contact Aroway Energy Inc
Judy-Ann Pottinger
Aroway Energy Inc.
(604) 304-4090 or Cell: (604) 617-5290
(604) 909-2679 (FAX)
jpottinger@arowayenergy.com
www.arowayenergy.com
(647) 258-3311 or Toll Free: (888) 258-3323
Investor Cubed Inc.
(416) 363-7977 (FAX)
info@investor3.ca
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