Aroway Energy Inc. Announces Second Quarter 2012 and Operational Results
29 Février 2012 - 2:30PM
Marketwired
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 six months
ended December 31, 2011. 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 & OPERATING HIGHLIGHTS
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Six Months Ended December 31,
2011 2010
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Gross petroleum and natural gas revenue $ 7,042,053 $ 65,772
Net income (loss) adjusted (1) $ 2,009,584 $ (56,802)
Net income (loss) adjusted per share -
basic and diluted 0.05 (0.00)
Funds from operations (2)
Funds from Operations $ 829,565 $ (119,095)
Funds from operations per share - basic and
diluted 0.02 0.00
Capital expenditures $ 5,152,540 $ 5,946,210
Weighted average shares outstanding
Basic 42,207,498 20,237,104
Diluted
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(1) Represents net income before depletion and depreciation and stock based
compensation (non-cash items).
(2) Represents cash flow from operations before changes in working capital.
Key Discussion Points
-- Total production for the quarter was 76,936 BOE (79% oil, 14% gas, 7%
NGLs) with average production for the quarter ending December 31, 2011
of 434 BOE/day. The Company is currently producing 669 BOE/day.
-- Net income of $2,009,584 before depletion & depreciation & stock based
compensation (non-cash items).
-- Cash Flow from Operations of $0.830-million or $0.02 cents per share.
-- Cash flow from Operations netback of $35.79 per BOE in the first six
months of 2012.
-- Net capital expenditures of $5.1-million in the quarter.
The Company notes that the six month period ended December 31,
2011, is the second interim period for which the Company has
prepared its Financial Statements under International Financial
Reporting Standards ("IFRS") as issued by the International
Accounting Standards Board. Prior year comparative amounts have
been restated to reflect results as if the Company has always
prepared its financial results using IFRS.
Subsequent Events
Subsequent to December 31, 2011, the Company issued 332,500
common shares for total proceeds of $99,750 upon exercise of
332,500 stock options.
ABOUT AROWAY ENERGY INC.
Aroway Energy Inc. is a Western Canadian junior oil and gas
production and exploration company participating in "non-operated"
Peace River Arch oil and gas exploration prospects, through a joint
venture partnership. The joint venture partnership gives Aroway a
rolling option on 101 sections of land.
ON BEHALF OF AROWAY ENERGY INC
Chris Cooper, President & CEO
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.
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.
Contacts: Aroway Energy Inc. Chris Cooper President & CEO
Toll Free: 1-855-427-6929cooper@arowayenergy.com Aroway Energy Inc.
Judy-Ann Pottinger Toll Free:
1-855-427-6929jpottinger@arowayenergy.com www.arowayenergy.com
Investor Cubed Inc. Toll Free: 1-888-258-3323info@investor3.ca
Aroway Energy (CE) (USOTC:ARWJF)
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