Arrow Energy Ltd.

Arrow Energy Ltd.

August 20, 2007 06:00 ET

Arrow Amends Terms of Private Placement

EDMONTON, ALBERTA--(Marketwire - Aug. 20, 2007) - Arrow Energy Ltd. (TSX VENTURE:AOF) ("Arrow") is pleased to announce that it has executed an agreement with Initial Capital Partners Ltd. to act as its broker in the private placement announced on July 31, 2007. As well, Arrow intends to increase this private placement from 4,285,714 units to 5,714,285 at a price of $0.35 per unit for gross proceeds of $2,000,000.

Arrow intends to use the proceeds from the private placement for general working capital purposes, acquisitions and developments.

Chris Tesarski, President and Chief Executive Officer of Arrow, has taken over the duties of interim Chief Financial Officer since the departure of Arrow's former Chief Financial Officer, Rhonda Stewart. Arrow is currently interviewing candidates for the permanent position of Chief Financial Officer.

Arrow is a Calgary-based junior resource company engaged in the exploration, development and production of natural gas and oil primarily in the Peavine/Dawson, Westlock, and Redwater/Jeffrey areas of Alberta.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Arrow Energy Ltd.
    Chris Tesarski
    President & CEO
    (403) 237-9996
    (403) 264-0416 (FAX)