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or Name
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Aroway Energy Inc
Symbol ARW
Shares Issued 61,569,160
Close 2014-07-28 C$ 0.20
Market Cap C$ 12,313,832
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Aroway granted MRL for 240 bpd Kirkpatrick production

2014-07-29 08:32 ET - News Release

Mr. Chris Cooper reports

AROWAY ENERGY INC. RECEIVES EXTENSION FOR MAXIMUM RATE LIMITATION AT KIRKPATRICK LAKE

Aroway Energy Inc. has received a one-year extension approval from the Alberta energy regulator in the form of a special maximum rate limitation (MRL) to continue to produce up to 240 barrels per day (40.0 cubic metres per day per well) on its existing producing wells at the company's owned and operated Kirkpatrick Lake property. The one-year extension special MRL rate is effective on the company's existing producing wells and each subsequent well drilled into the producing pool. The company is required to apply for a follow-up production approval in advance of the special MRL expiring in July of 2015.

Chris Cooper, president and chief executive officer of Aroway Energy, commented: "The extension of the special MRL allows us to continue to capitalize on the current price of oil without any regulatory disruptions in our production rates at Kirkpatrick Lake. Our Kirkpatrick Lake asset continues to perform extremely well with field cash flow netbacks of over $65. In addition, the company has submitted to the Alberta energy regulator a holding application to permit the company to drill additional wells into the existing pool."

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