Arrow Energy Ltd.

Arrow Energy Ltd.

November 16, 2007 16:45 ET

Arrow Energy Ltd.: Southern Alberta Drilling Success

EDMONTON, ALBERTA--(Marketwire - Nov. 16, 2007) - Arrow Energy Ltd. (TSX VENTURE:AOF) ("Arrow") is pleased to announce that, as a direct result of the recent completion of a Plan of Arrangement which saw Arrow acquire all of the shares of Castle Rock Petroleum Ltd., the company has initial results from two of its Southern Alberta joint venture locations. Arrow, along with its partners has achieved initial flow rates of up to 4 m3 of fluid per hour, with up to 99% (average 60-70%) oil cut (Arrow's net working interest 50% BPO, 35% APO) in one well, and upwards of 1.0 MMcf/d of dry gas (Arrow's net working interest 12.5%) in another one of its locations.

"We are very excited about working with our partners to bring about the development of a future operations base in Southern Alberta. We believe that these joint operations give Arrow a positive complement to its Peavine oil and gas production and shallow gas operations in the Westlock/Redwater area" says Chris Tesarski, President & CEO of Arrow. "In addition, it provides further proof to our shareholders that our acquisition of Castle Rock was and is an accretive and positive addition to Arrow's asset base."

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.

Forward-Looking Statements

This press release may include forward-looking statements including opinions, assumptions, estimates and expectations of future production, cash flow and earnings. When used in this document, the words "anticipate," "believe," "estimate," "expect," "intend," "may," "project," "plan", "will", "should" and similar expressions are intended to be among the statements that identify forward-looking statements. Forward-looking statements are subject to a wide range of risks and uncertainties, and although Arrow believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to, the volatility of oil and gas prices, the ability to implement corporate strategies, the state of domestic capital markets, the ability to obtain financing, changes in oil and gas acquisition and drilling programs, operating risks, production rates, reserve estimates, changes in general economic conditions and other factors more fully described from time to time in the reports and filings made by Arrow with securities regulatory authorities.

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 D. Tesarski
    President & CEO
    (403) 237-9996
    (403) 264-0416 (FAX)