CALGARY, March 26 /CNW/ - Arrow Energy Ltd. ("Arrow") is pleased to
announce that it has received approval from Alberta Sustainable Resource
Development, subject to filing of normal course regulatory documentation to
begin construction of the "Peavine Connector Road".
"The people of Peavine Metis Settlement and indeed the numerous
communities surrounding the Settlement have seen this connector road as key to
accessing the extensive resource development in the Seal Lake/Dawson Area.
This was brought out at a recent stakeholder meeting held at Peavine that was
attended by approximately 50 individuals from local governments, the Alberta
Government and industry." President & CEO, Chris Tesarski remarked. "Arrow in
its partnership with its major shareholder, the members of Peavine Metis
Settlement, has seen this road as being a critical component of our ongoing
operations together, and we have never wavered from our commitment to see that
this road is built."
The Arrow owned and operated oil pipeline on Peavine is currently
operating at 25% capacity and will directly benefit from oil being able to be
transported to and processed at its pipeline battery. Arrow intends to add
infrastructure to its current facility to handle significantly more volume
from the oilfields directly north of Peavine that would be easily accessed
from the connector road. "Easier access, year round means more oil in Arrow's
pipeline system. We anticipate being able to easily handle double the
production volumes once the facility and road work is completed." says
"We are excited by the opportunities that this road can bring to all
parties for safer, more efficient access and also the opportunities for
economic benefit to our valued shareholders at Peavine, regional stakeholders
and our operations at Arrow Energy" concluded Tesarski.
Arrow is a Calgary-based junior resource company engaged in the
exploration, development and production of natural gas and oil primarily in
the Peavine/Dawson, Westlock, and Redwater/Jeffrey areas of Alberta.
BOE conversion: In this news release, Arrow applies the widely used
conversion ratio of six thousand cubic feet ("Mcf") of natural gas to one
barrel ("bbl") of oil. Boes may be misleading, particularly if used in
isolation. A boe conversion ratio of 6 Mcf:1 bbl is based upon an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: Investor Relations Contact: Phone: (403)
237-9996, Toll-free: 1-866-528-9996, Email:
firstname.lastname@example.org, Web site: www.arrow-energy.com