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Aroway to Pay $2.8 Million for Western Saskatchewan Oil-producing Assets
Nov. 08, 2012 10:08AM PST
Resource Investing News Aroway Energy Inc. (TSXV:ARW,OTCQX:ARWJF) announced that it has entered into an agreement to pay $2,769,000 for oil-producing assets from private vendors based in Western Saskatchewan. The acquisition will provide Aroway with an additional 265 barrels of oil per day; it will also wholly own all the surface facilities on 200 acres of land.
Aroway Energy Inc. (TSXV:ARW,OTCQX:ARWJF) announced that it has entered into an agreement to pay $2,769,000 for oil-producing assets from private vendors based in Western Saskatchewan. The acquisition will provide Aroway with an additional 265 barrels of oil per day; it will also wholly own all the surface facilities on 200 acres of land.
According to the press release, highlights of the acquisition include:
- 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
Click here to read the full Aroway Energy Inc. (TSXV:ARW,OTCQX:ARWJF) press release.
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