CALGARY, ALBERTA--(Marketwire - Oct 25, 2012) - AROWAY ENERGY INC. (TSX VENTURE:ARW)(ARWJF) (www.arowayenergy.com) (the "Company") is pleased to announce it has filed on SEDAR its annual financial statements and related management discussion and analysis ("MD&A") for the twelve months ended June 30, 2012. 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.
- Total production for the twelve month period was 146,269 BOE, a 526% increase versus 23,351 BOE from same period of 2011.
- Gross revenue of $12,018,074, meeting the Company''s fiscal 2012 guidance of $12 million and a 1,112% increase from twelve month period of 2011.
- Net income adjusted (1) of $2.8 million, an increase of $3.0 million over the twelve month period of 2011.
- Cash Flow from Operations increased $4.6 million to $3.2 million in the twelve month period of 2012, versus cash used in operations of $1.4 million for the comparative twelve month period of 2011.
- Net capital expenditures of $10.9 million year to date, a 82% increase from the twelve month period of 2011.
Chris Cooper, President & CEO of Aroway Energy commented, "We are extremely pleased to have met our 2012 revenue guidance in conjunction with significant increase in production during our fiscal year. The over 1,100% increase in fiscal revenue is a testament to how far our Company has come within a year. We have proven that we continue to meet our goals and remain in a strong financial position heading into the calendar year-end."
|Q4 2012 FINANCIAL & OPERATING HIGHLIGHTS|
|Twelve Months Ended June 30,|
|Gross petroleum and natural gas revenue||$ 12,018,074||$ 991,342|
|Net income (loss) adjusted (1)||$ 2,804,246||$ (167,989)|
|Net income (loss) adjusted per share|
|Funds from operations (2)|
|Funds from Operations||$ 3,179,539||$ (1,374,476)|
|Funds from operations per share|
|Capital expenditures||$ 10,924,760||$ 6,015,788|
|Weighted average shares outstanding|
- Represents net income before depletion and depreciation and stock based compensation (non-cash items).
- Represents cash flow from operations before changes in working capital.
The Company notes that the twelve month period ended June 30, 2012, is the fourth 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 to June 30, 2012, the Company repurchased 75,000 common shares at an average price of $0.55. These shares will be returned to treasury for cancellation.
On September 11, 2012, 33,000 stock options at $0.30 were exercised for gross proceeds of $9,900.
ABOUT AROWAY ENERGY INC.
Aroway Energy Inc. is a Western Canadian junior oil and gas production and exploration company participating in oil exploration prospects, through a joint venture partnership. Aroway and its Partner have assembled an impressive land package of 123 sections (78,720 acres) with 3D seismic coverage over 75% of its lands, all within its core area, the Peace River Arch. All of the Company''s 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 plans to exit 2012 with total production of approximately 1200 boe/d.
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.