CALGARY, Sept. 25 /CNW/ - Arrow Energy Ltd. (TSX Venture: AOF) ("Arrow" or the "Company") announces that it intends to enter into an asset acquisition from a company controlled by Robyn Lore, President of the Company for a 50% working interest in a wellbore located at 11-26-29-27 W4M. Subject to regulatory approval, the Company intends to issue 1,460,000 common shares at a price of $0.05 per share for total consideration of $73,000. The value paid for this asset is supported by a 2P NPV10% valuation completed by the Company's independent reserve engineers effective as of June 30, 2009.
The wellbore is located in the Company's Lone Pine Creek field where two gas wells in which Arrow has a working interest were recently tied in.
Arrow is a Calgary-based junior resource company engaged in the exploration, development and production of natural gas and oil primarily in Alberta.
This press release contains forward-looking statements which include, but are not limited to: operations plans and outlook, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Results of the Company may be affected by a variety of variables and risks associated with oil and gas exploration, production and transportation, such as loss of market, volatility of oil and gas prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, ability to access sufficient debt and equity capital from internal and external sources, ability to replace and expand oil and gas reserves, ability to generate sufficient cash flow from operations to meet its current and future obligations, and risks associated with existing and potential future lawsuits and regulatory actions made against the Company; as a consequence, actual results could differ materially from those anticipated or implied in the forward-looking statements.
The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement and are made as of the date of this news release. Unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, event, results or circumstances or otherwise.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE ARROW ENERGY LTD.
For further information: For further information: Robyn Lore, President, Telephone: (403) 237-9996, Facsimile: (403) 264-0416