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

- November 8th, 2012

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. 

Leave a Reply