Aroway to Pay $2.8 Million for Western Saskatchewan Oil-producing Assets

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.