Aroway Discovers Oil Pool in Canada Formation
Aroway Energy Inc. provided the following operations update with respect to its oil focused drilling program. The Company has drilled and tested the first 3 wells and a new oil pool was discovered on the 3rd well which was drilled into the Leduc formation. The 2nd well has been production tested with commercial quantities of oil and related gas and is being equipped and tied-in to the gathering system. The first well did not encounter commercial quantities of oil or gas in the target formation, but shows favorable log results in the shallower zones. As a result, the first well has been added to the Company's re-completion inventory to be re-entered at a later date.
The Company is now equipping the 2nd and 3rd well for pipelined production with construction completion anticipated by early October. Production numbers will be released upon the wells reaching stabilized production rates.
Chris Cooper, President and CEO commented, "The discovery of this new light oil pool further validates our 3D seismic program we undertook earlier in the year. This new reservoir will yield important oil production, cash flow and reserve adds to our ongoing development program in our core area of operations. We look forward to continued success with our upcoming planned development oil wells."
Additionally, Aroway Energy and its Joint Venture partner were successful at a crown land sale during the summer, and have acquired an additional 5 gross sections of land strategically located within the Company's core area adding new oil locations to the Partnership's existing drilling inventory.