TICKER: ARW:TSX.V; ARWJF:OTCQX
Aroway Energy Inc. is a Canadian junior oil-focused production and exploration company participating in oil development and exploration prospects in Alberta and Saskatchewan, Canada. Through a joint venture partnership in the Peace River Arch of Northern, Alberta, Aroway and its partner have assembled a land package of 110 sections (70,400 acres) with 3-D seismic coverage over almost all of its lands. All targets are in close proximity to tie-in, gathering and infrastructure owned by Aroway's partner. Aroway also has 100%-operated working interest on a 3-D seismically defined exploration property in Central Alberta and a highly economic heavy oil producing property in Western Saskatchewan.
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TER: It just came out with a new reserve estimate on West Hazel. Was it what you expected?
BM: It's a really good number. The problem is trying to figure out what it is worth. Aroway has made money. It is cash flow positive. It has good management that does what it says it will do. With the market and the juniors getting creamed so badly over the past two weeks, Aroway stock has lost about one-third of its value. I expect Aroway to be $0.60–1.00 in three to six months. The current price is simply irrational. Canada remains one of the best environments for investment. The Canadian banks are a lot saner than banks elsewhere. Taxation is not totally out of control.
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