Aroway Energy Inc ARWJF

News is out

[pilk111]

I guess this is why Chris is so confident on reaching the 1200 BOE/d target. I knew he has a secret weapon to unsleash.

Aroway Energy Inc. Announces Acquisition of 265 Barrels of Oil Per Day

CALGARY, ALBERTA--(Marketwire - Nov 8, 2012) - AROWAY ENERGY INC. (TSX VENTURE:ARW)(ARWJF) (www.arowayenergy.com) (the "Company") is pleased to announce that the Company has entered into an agreement to acquire oil producing assets from certain private vendors in Western Saskatchewan. The acquisition includes production of 265 barrels of oil per day, the wells and all surface facilities on 200 acres of land of which Aroway will own 100%. The purchase price for the producing assets is $2,769,000 with a scheduled closing of the acquisition on November 27, 2012. The acquisition will be funded through the Company''s credit facility and its current cash with an effective date of November 1, 2012.

Key attributes of the Acquisition:

• Immediate production add of 265 barrels of oil per day
  
• Acquisition price of $10,450 per flowing barrel oil versus 2012 average of $44,083 per flowing barrel*
  
• Upside potential through drilling 3 to 5 additional wells and facility upgrades
  
• 100% Aroway owned & operated lands & production
  
• Long term stable production

Chris Cooper, President & CEO commented, "This acquisition provides a good balance between Aroway''s high impact exploration core area in the Peace River Arch with low risk long term stable production. Based on the acquisition metrics and extensive due diligence we performed on the asset, Aroway could not pass on this opportunity."