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ARW

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Share Name Share Symbol Market Type
TSXV:ARW TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Aroway Energy Inc. Increases Proved Reserves by 246%

23/07/2013 1:30pm

Marketwired Canada


AROWAY ENERGY INC. (TSX VENTURE:ARW) (OTCQX:ARWJF) (www.arowayenergy.com) (the
"Company") is pleased to announce the results of its independent reserves
evaluation in accordance with National Instrument 51-101 Standards of Disclosure
for Oil and Gas Activities ("NI 51-101") as at June 30, 2013. The independent
reserves evaluation covers a 12-month period and is focused on all of the
Company's areas of interests in Alberta and Saskatchewan. 


Highlights 

Proved Reserves



--  Increased Proved reserves by 246% to 584,700 barrels of oil equivalent
    before royalties (76% oil) 
--  Increased NPV of Proved reserves by 233% to $8,106.9 million (before
    tax, discounted at 10% before royalties) 
--  Reserve Life of 14.5 years 



Proved plus Probable Reserves 



--  Increased Proved plus Probable reserves by 136% to 1,177,500 barrels of
    oil equivalent before royalties (68% oil). 
--  Increased NPV of Proved plus Probable reserves by 180% to $16,858.4
    million (before tax, discounted at 10% before royalties) 
--  Reserve Life of 16.5 years 



Chris Cooper, President & CEO of Aroway Energy commented, "Our 2013 reserve
report is a great reflection of the increased growth we have built through the
drill bit over the past twelve months as well as reflects the value added
acquisitions we made last year. We remain committed to delivering increased
shareholder value and the significant increase in our reserves reflects the
positive growth we have achieved and will continue to deliver to our
shareholder." 


Summary of Reserves for Aroway Energy Inc.

The reserves data set forth below is based upon an independent reserves
evaluation prepared by Trimble Engineering Associates Ltd. ("Trimble") with an
effective date of June 30, 2013 (the "Trimble Report"). The following
presentation summarizes Aroway Energy's crude oil reserves and the net present
values before income tax of future net revenue for Aroway's reserves on Aroway
Energy's interests in certain oil and gas properties located in Alberta and
Saskatchewan using forecast prices and costs based on the Trimble Report. The
Trimble Report has been prepared in accordance with definitions, standards, and
procedures contained in the Canadian Oil and Gas Evaluation Handbook and NI
51-101.


All evaluations and reviews of future net cash flows are stated prior to any
provisions for interest costs or general and administrative costs and after the
deduction of estimated future capital expenditures for wells to which reserves
have been assigned. It should not be assumed that the estimates of future net
revenues presented in the tables below represent the fair market value of the
reserves. There is no assurance that the forecast prices and cost assumptions
will be attained and variances could be material. The recovery and reserve
estimates of our crude oil reserves provided herein are estimates only and there
is no guarantee that the estimated reserves will be recovered. Actual crude oil
reserves may be greater than or less than the estimates provided herein.
Reserves included herein are stated on a company Working Interest basis (working
interest before deduction of royalties without including any royalty interests)
unless noted otherwise. In addition to the information disclosed in this news
release, more detailed information will be included in Aroway's Annual
Information Form which will be available on SEDAR at www.sedar.com by October
28, 2013. All amounts are expressed in Canadian dollars unless otherwise noted.
Due to rounding, certain columns may not add exactly.


Aroway Energy Inc. 

SUMMARY OF RESERVES 

June 30, 2013



----------------------------------------------------------------------------
                   Proved Developed                                         
                          Producing        Total Proved Proved Plus Probable
----------------------------------------------------------------------------
BOE's - Mboe                                                                
----------------------------------------------------------------------------
Property Gross                289.5               839.0              1,884.5
----------------------------------------------------------------------------
Company WI                    229.6               584.7              1,177.5
----------------------------------------------------------------------------



Aroway Energy Inc. 

PRESENT WORTH OF FUTURE NET REVENUE 

Before Income Tax (M$ Cdn.)

June 30, 2013



----------------------------------------------------------------------------
                   Proved Developed                                         
                          Producing        Total Proved Proved Plus Probable
----------------------------------------------------------------------------
Undiscounted                6,314.5            10,510.2             23,527.8
----------------------------------------------------------------------------
Discounted @ 5%             5,982.7             9,141.7             19,687.7
----------------------------------------------------------------------------
Discounted @                                                                
 10%                        5,698.4             8,106.9             16,858.4
----------------------------------------------------------------------------
Discounted @                                                                
 15%                        5,451.9             7,301.2             14,708.9
----------------------------------------------------------------------------
Discounted @                                                                
 20%                        5,235.9             6,658.6             13,032.9
----------------------------------------------------------------------------



ABOUT AROWAY ENERGY INC. 

Aroway Energy Inc. is a Western Canadian junior oil focused production and
Exploration Company participating in oil development & exploration prospects in
Alberta and Saskatchewan, Canada. Through a joint venture partnership in the
Peace River Arch of Northern, Alberta, Aroway and its Partner have assembled a
land package of 110 sections (70,400 acres) with 3D seismic coverage over almost
all of its lands. All exploration and development targets are in close proximity
to tie-in, gathering and plant infrastructure, controlled and owned by Aroway's
Joint Venture Partner. Aroway also has 100% operated working interest on a 3D
seismically defined exploration property in Central Alberta and a highly
economic heavy oil producing property in West Hazel, Saskatchewan. 


ON BEHALF OF AROWAY ENERGY INC

Chris Cooper, President & CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release. A conversion ratio of 1 barrel of
oil equivalent ("boe"); 6 Mcf has been used, which is based on an energy
equivalency conversion method primarily applicable at the burner tip nd does not
necessarily represent a value equivalency at the wellhead. Boes may be
misleading, particularly if used in isolation. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Aroway Energy Inc.
Chris Cooper
President & CEO
Toll Free: 1-855-427-6929
cooper@arowayenergy.com


Aroway Energy Inc.
Judy-Ann Pottinger
Director of Communications
Toll Free: 1-855-427-6929
jpottinger@arowayenergy.com

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