SOURCE: Equity Spotlight

December 08, 2011 08:00 ET

Aroway Energy Begins Drilling at Its Peace River Arch Core Acreage in Alberta

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by the EQUITY SPOTLIGHT

NEW YORK, NY--(Marketwire - Dec 8, 2011) - Aroway Energy, Inc (TSX VENTURE: ARW) (PINKSHEETS: ARWJF) operates in the prolific Peace River Arch area of Alberta, Canada alongside companies Birchcliff Energy (TSX: BIR), Bonavista Energy (TSX: BNP) and CNRL (TSX: CNQ). Aroway Energy recently announced that a drilling rig has been secured and the Company has begun drilling three new test pools scheduled for completion before year-end. This event marks the beginning of the Company's 2011/2012 winter drill program.

Aroway Energy has enjoyed tremendous growth over the course of 2011. Entering the beginning of the year producing 100 BOE/day of oil, gas and gas liquids, the company has increased its production by over 500% throughout 2011. As of the last production report announced September 2011, the company was at a production rate of 530 BOE/day (76% oil) net to the company.

With the recent announcement of the company beginning its 2011/2012 winter drill program, Chris Cooper, President & CEO, commented on Aroway's progress: "We are very pleased to report the commencement of our 2011/2012 winter drill program. We look forward to bringing on the two new wells, and are confident they will contribute significantly to Aroway achieving its year end production target of 600 boes/ day. Furthermore, we are well positioned for a successful year ahead with the additional production that we are anticipating from the recompletion program."

Aroway's core acreage is located in the red hot area of Northern Alberta known as the Peace River Arch. In an article from BeatingTheIndex.com, The Peace River Arch area is described as an area "recognized for its high quality of reserves and its prolific oil, gas liquids and dry gas potential found in multi-stacked hydrocarbon charged formations." The article further outlines the desirability of Aroway's land and how a buyout, similar to Birchcliff's unsolicited buyout offer, could occur sooner than later. For more information on Aroway Energy and its Peace River Arch core acreage visit www.arowayenergy.com.

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