ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

ARW

0.00
0.00 (0.00%)
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. Reports Positive Income for First Quarter 2014

25/11/2013 12:30pm

Marketwired Canada


AROWAY ENERGY INC. (TSX VENTURE:ARW) (OTCQX:ARWJF) (www.arowayenergy.com) (the
"Company") is pleased to announce it has filed on SEDAR its interim financial
statements and related management discussion and analysis ("MD&A") for the three
months ended September 30, 2013. Selected financial and operational information
is outlined below and should be read in conjunction with the financial
statements and related MD&A which are available for review on SEDAR.


FINANCIAL HIGHLIGHTS



--  Total production for the three month period was 36,755 BOE, a 243%
    increase versus 10,714 BOE from same period of 2012. 
--  Gross revenue of $3,181,959 million a 296% increase from the same period
    of 2012. 
--  Achieved positive adjusted net income(1) of $891,367 compared to
    adjusted net loss of $32,908 in the same period of 2012. 
--  Achieved positive net income of $319,599 compared to net loss of
    $257,434 in the same period of 2012. 
--  Achieved Cash Flows from Operations $548,904, or $0.01 per share
    representing a 349% increase from the comparative three month period of
    2012. 
--  Reduced credit facility debt by $1,000,000. 



Chris Cooper, President & CEO of Aroway Energy commented, "We are very pleased
with our positive net income and cash flow for the quarter. We have
significantly strengthened our balance sheet with the significant reduction in
the amount owing on our credit facility and our positive earning. We are making
arrangements to resume operations immediately" 


Q1 2014 FINANCIAL & OPERATING HIGHLIGHTS



----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                         Three months ended 
                                                              September 30, 
                                                        2013           2012 
----------------------------------------------------------------------------
Gross petroleum and natural gas sales            $ 3,181,959    $   803,924 
Net income (loss)                                    319,599       (257,434)
Net income (loss) per share - basic and                                     
 diluted                                                0.01          (0.00)
Adjusted net income (loss)(1)                        891,367        (32,908)
Adjusted net income (loss) per share - basic                                
 and diluted                                     $      0.01    $     (0.00)
BOE                                                   36,755         10,714 
Average realized price                                                      
  Oil and natural gas liquids (per bbl)          $     93.03    $     81.12 
  Natural gas (per mcf)                          $      2.46    $      2.01 
Cash from (used) in operations(2)                $   548,904    $  (220,399)
Total assets                                     $ 9,663,149    $11,067,439 
Capital expenditures                             $   259,086    $ 1,076,091 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
(1) Represents net income before depletion and depreciation, accretion      
    expense, share-based compensation, and future income tax expense.       
(2) Represents cash flow from operations before changes in working capital. 



ABOUT AROWAY ENERGY INC.

Aroway Energy Inc. is a western Canadian junior oil production and exploration
company participating in oil development & exploration prospects in Alberta and
Saskatchewan. Aroway operates and owns a highly economic heavy oil producing
property in West Hazel, Saskatchewan and has a 100% working interest in a light
oil producing property in Kirkpatrick Lake in Central Alberta. Through a joint
venture partnership, Aroway has a 50% working interest in the Peace River Arch
of Northern, Alberta with 90 sections (57,600 acres) of land with 3D seismic
coverage on the majority of the land base, with the area infrastructure
controlled and owned by Aroway's Joint Venture Partner. 


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 and 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
www.arowayenergy.com

1 Year Aroway Energy Inc. Chart

1 Year Aroway Energy Inc. Chart

1 Month Aroway Energy Inc. Chart

1 Month Aroway Energy Inc. Chart

Your Recent History

Delayed Upgrade Clock