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Aroway Energy Inc
Symbol ARW
Shares Issued 61,769,160
Close 2015-05-27 C$ 0.03
Market Cap C$ 1,853,075
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Aroway to restart West Hazel, shuts in Kirkpatrick

2015-05-28 09:41 ET - News Release

Mr. Chris Cooper reports

AROWAY ENERGY INC. COMPANY UPDATE

Aroway Energy Inc. continues to operate through this lower oil price period at the company's West Hazel heavy oil property in Saskatchewan. The wells at West Hazel were temporarily shut in for maintenance during the lowest-price/netback period, and operations to get the wells back producing are currently under way. The heavy oil field is expected to be producing at full capacity within the next few weeks, as the wells' production rates are increased to a level that reaches stable consistent production. Production at the company's Kirkpatrick Lake light oil property in central Alberta has been shut in while the company explores a more suitable and economic method to address the costs associated with the produced water volumes. The company is actively pursuing options to reduce operating costs at Kirkpatrick Lake in order to resume oil production.

The company planned to drill a test well at its Kerrobert property in west-central Saskatchewan; however, as a result of the current oil price, management has decided to suspend its exploration work program until a more stable oil price can be predicted. Management has taken steps to extend the drilling commitments on the lands.

The company continues to work to close a debt financing which it has been negotiating for several months. Despite the delays, the company is confident the financing will close. In the meantime, the company remains committed to continue its operations and remains focused on paying down its existing debt. Once the company has secured the debt financing, it will be in a position to move forward on its strategy to pursue and acquire new conventional oil-producing properties.

Chris Cooper, president and chief executive officer of Aroway Energy, commented: "The delay in our funding is frustrating from both a management and shareholder prospective, but closing the financing remains a priority for the company. Despite the delays, I am confident we will close the financing and be in a position to execute our growth strategy."

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