Arrow Energy Ltd.

Arrow Energy Ltd.

November 20, 2007 17:09 ET

Arrow Energy Ltd.: Press Release

EDMONTON, ALBERTA--(Marketwire - Nov. 20, 2007) - Arrow Energy Ltd. (TSX VENTURE:AOF) ("Arrow") is pleased to announce that it has entered into an agreement whereby Arrow will acquire from two private vendors (the "Vendors") 100% of their jointly owned petroleum and natural gas interests in the vicinity of Carstairs, Alberta.

In consideration for this acquisition, Arrow will pay to the Vendors a total of $1,800,000 as follows: (a) $700,000 paid by cash ($350,000 on closing and $350,000 plus interest at 8% six months from closing); and (b) $1,100,000 by issuance of 2,000,000 units of Arrow at a price of $0.55 per unit. Each unit is comprised of one (1) common share and one (1) warrant entitling the holder to purchase one flow through common share at a price of $0.70 per common share exercisable until June 30, 2008.

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)