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Techsavyon Nov 25, 2013 8:42am
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Aroway Energy Inc. Reports Positive Income for First Quarter
Aroway Energy Inc. Reports Positive Income for First Quarter Aroway Energy Inc. Reports Positive Income for First Quarter 2014
08:30 EST Monday, November 25, 2013
CALGARY, ALBERTA--(Marketwired - Nov. 25, 2013) -AROWAY ENERGY INC. (TSX VENTURE:ARW) (OTCQX:ARWJF) ( www.arowayenergy.com ) (the "Company") is pleased to announce it has filed on SEDAR its interim financial statements and related management discussion and analysis ("MD&A") for the three months ended September 30, 2013. Selected financial and operational information is outlined below and should be read in conjunction with the financial statements and related MD&A which are available for review on SEDAR.
FINANCIAL HIGHLIGHTS
- Total production for the three month period was 36,755 BOE, a 243% increase versus 10,714 BOE from same period of 2012.
- Gross revenue of $3,181,959 million a 296% increase from the same period of 2012.
- Achieved positive adjusted net income(1) of $891,367 compared to adjusted net loss of $32,908 in the same period of 2012.
- Achieved positive net income of $319,599 compared to net loss of $257,434 in the same period of 2012.
- Achieved Cash Flows from Operations $548,904, or $0.01 per share representing a 349% increase from the comparative three month period of 2012.
- Reduced credit facility debt by $1,000,000.
Chris Cooper, President & CEO of Aroway Energy commented, "We are very pleased with our positive net income and cash flow for the quarter. We have significantly strengthened our balance sheet with the significant reduction in the amount owing on our credit facility and our positive earning. We are making arrangements to resume operations immediately"
Q1 2014 FINANCIAL & OPERATING HIGHLIGHTS
|
Three months ended
September 30, |
|
|
|
2013 |
|
|
2012 |
|
| Gross petroleum and natural gas sales |
$ |
3,181,959 |
|
$ |
803,924 |
|
| Net income (loss) |
|
319,599 |
|
|
(257,434 |
) |
| Net income (loss) per share - basic and diluted |
|
0.01 |
|
|
(0.00 |
) |
| Adjusted net income (loss)(1) |
|
891,367 |
|
|
(32,908 |
) |
| Adjusted net income (loss) per share - basic and diluted |
$ |
0.01 |
|
$ |
(0.00 |
) |
| BOE |
|
36,755 |
|
|
10,714 |
|
| Average realized price |
|
|
|
|
|
|
|
Oil and natural gas liquids (per bbl) |
$ |
93.03 |
|
$ |
81.12 |
|
|
Natural gas (per mcf) |
$ |
2.46 |
|
$ |
2.01 |
|
| Cash from (used) in operations(2) |
$ |
548,904 |
|
$ |
(220,399 |
) |
| Total assets |
$ |
9,663,149 |
|
$ |
11,067,439 |
|
| Capital expenditures |
$ |
259,086 |
|
$ |
1,076,091 |
|
|
|
| (1) |
Represents net income before depletion and depreciation, accretion expense, share-based compensation, and future income tax expense. |
| (2) |
Represents cash flow from operations before changes in working capital. |