Aroway Energy Inc. (TSXV:ARW,OTCQX:ARWJF) announced that it has entered an agreement through which it will acquire particular oil and gas properties located near Kirkpatrick Lake, Alberta from 1316751 Alberta Ltd., a private company.
As quoted in the press release:
Aroway will drill two test wells targeting the ellerslie formation before the end of 2012 to earn a 100% working interest subject to a 7% override on 100% of production. The ellerslie prospects have been selected off of 3D seismic data, and are in a very prospective light oil fairway with an offsetting pool having produced in excess of 1.39 million barrels of oil. Aroway believes there may be three (3) additional wells to be drilled provided the initial test wells are productive. The ellerslie wells are approximately 1100 meters deep with all-weather access and pipeline and third party infrastructure nearby. In addition to the ellerslie play, Aroway will also own all the oil rights including the Viking formation rights, which nearby operators are actively drilling horizontal Viking formation wells in the area.