Aroway Energy Inc. Reports Second Quarter Results -- Earns $541,230
February 26 2014 - 7:30AM
Marketwired
Aroway Energy Inc. Reports Second Quarter Results -- Earns $541,230
CALGARY, AB--(Marketwired - Feb 26, 2014) - 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,
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 six month period was 85,777 BOE, a
109% increase versus 40,955 BOE from same period of 2012.
- Achieved gross revenue of $6,345,983 for the six month period
ending December 31, 2013, compared to $2,557,934 in the same period
of 2102, an increase of 148% period over period.
- Achieved positive net adjusted income (1) of $1,997,664, or
$0.03 per share for the six month period compared to adjusted net
loss of $61,976, or $0.00 per share in the same period of
2012.
- Achieved net income of $541,230 for the six month period ending
December 31, 2013, compared to a net loss of $879,801 in the same
period of 2012.
- Achieved Cash Flow from Operations of $3,422,993 or $0.055 per
share, representing a 141% increase from the comparative six month
period of 2012.
- Reduced credit facility debt by $2,150,000.
Chris Cooper, President & CEO commented, "After a
record-setting second quarter, Aroway is well on its way to a year
of strong performance Our improving cash flow for 2014
provides a strong foundation on which to complete the majority of
capital spending at our owned and operated oil projects during
the calendar year. We will strive to continue to deliver
record financial results as part of our commitment to deliver
long-term shareholder value."
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Three months ended December 31, |
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Six months ended December 31, |
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2013 |
|
2012 |
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2013 |
|
2012 |
|
| Gross petroleum and natural gas sales |
|
$ |
3,164,024 |
|
$ |
1,754,010 |
|
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$ |
6,345,983 |
|
$ |
2,557,934 |
|
| Net income (loss) |
|
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221,631 |
|
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(622,367 |
) |
|
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541,230 |
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(879,801 |
) |
| Net income (loss) per share - basic and diluted |
|
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0.00 |
|
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(0.01 |
) |
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0.01 |
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(0.02 |
) |
| Adjusted net income(1) |
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1,106,297 |
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(29,068 |
) |
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1,997,664 |
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(61,976 |
) |
| Adjusted net income (loss) per share - basic and
diluted |
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0.02 |
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(0.00 |
) |
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0.03 |
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(0.00 |
) |
| BOE |
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49,022 |
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30,241 |
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85,777 |
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40,955 |
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| Average realized price |
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Oil
and natural gas liquids (per bbl) |
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$ |
74.20 |
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$ |
67.13 |
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$ |
78.54 |
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$ |
71.11 |
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Natural gas (per mcf) |
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$ |
1.86 |
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$ |
3.12 |
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$ |
2.05 |
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$ |
2.96 |
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| Cash from operations |
|
$ |
2,924,089 |
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$ |
1,640,149 |
|
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$ |
3,422,993 |
|
$ |
1,419,750 |
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| Total assets |
|
$ |
10,535,067 |
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$ |
17,053,851 |
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$ |
10,535,067 |
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$ |
17,053,851 |
|
| Capital expenditures |
|
$ |
1,417,025 |
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$ |
4,711,863 |
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$ |
1,676,111 |
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$ |
5,787,954 |
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(1) Represents net income before depletion and
depreciation, accretion expense, share-based compensation, and
future income tax expense.
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 100% working interest, operated heavy oil producing
property in West Hazel, Saskatchewan, and a 100% working
interest, operated light oil producing property in Kirkpatrick
Lake in Central Alberta, as well as it has access to a large
contiguous prospective land base in the Kerrobert area of West
Central Saskatchewan. Through a joint venture partnership,
Aroway also owns a 50% working interest property in the Peace River
Arch of Northern, Alberta with 80 sections (51,200 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 E-mail:
cooper@arowayenergy.com Aroway Energy Inc.: Judy-Ann Pottinger
Director of Communications Toll Free: 1-855-427-6929 E-mail:
jpottinger@arowayenergy.com
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