Fast-growing company Aroway Energy Inc. (
TSX: V.ARW,
Stock Forum) is looking for a production increase after announcing that proven reserves at its Alberta and Saskatchewan properties are up 246% from previous estimates.
In an interview with Stockhouse Tuesday, Aroway President and CEO Chris Cooper said the company hasn’t come out with guidance yet. “But if we could be at around 1,200 to 1,300 barrels per day [by the end of 2013], that would be pretty good,’’ said Copper.
That level of growth would mark in increase from 1,000 barrels per day, a milestone that was reached in March 2013.
“We have large development plans in Kirkpatrick Lake [ Alberta] and West Hazel property [Saskatchewan], which will increase production and reduce the company’s operating costs,’’ Cooper said. “We have some shallow oil wells on our joint venture property up on the Peace River Arch [Alberta]”.
Aroway plans to start drilling at the end of August and should maintain an aggressive campaign right through to December 31, 2013.
Meanwhile,
as reported by Stockhouse, the reserve increase is revealed in an independent evaluation that was conducted in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities as at June 30, 2013.
The evaluation covers a 12-month period and is focused on all of the company’s areas of interest in Alberta and Saskatchewan.
Aroway shares rose 5% to 31.5 cents Tuesday, leaving the company with a market cap of $19.5 million, based on 61.8 million shares outstanding. The 52-week range is 69 cents and 20 cents.