Aroway Energy Inc ARWJF

outlook

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The Company’s operations continue to be challenged with the reduced commodity prices realized. The production from Kirkpatrick is now shut-in while the Company pursues a suitable and more economic method to address the costs associated with the produced water volumes. Additionally, the Company had temporarily suspended the heavy oil production at West Hazel when the realized commodity price received didn’t cover the operating and royalty expenses. The Company is preparing to restore the West Hazel production in the coming week as commodity prices are increasing slightly. Once the Company has secured additional financing, it will be in a position to move forward on its strategy to pursue and acquire new conventional oil producing properties that will add production and reserves while maintain low operating costs.