CALGARY, Oct. 2 /CNW/ - Arrow Energy Ltd. (TSX Venture: AOF) ("Arrow" or the "Company") is pleased to provide an update on its Pembina, Alberta drilling program.
The first well of the program, located at 6-4-48-3 W5M, has been completed and is expected to begin production testing next week. The Company expects to test the 6-4 well for two to three weeks. In addition, the second well, located at 16-34-47-3 W5M, has reached total depth and the drilling rig has been released. Completion and testing of the 16-34 well is expected to occur over the next several weeks. Drilling operations on third well of the program, located at 6-33-47-3 W5M, are underway.
These horizontal wells are being drilled to test the Cardium formation; the 6-4 well being completed with 11 multistage fracture stimulations. A similar completion program has been successful in wells drilled in the Cardium formation on lands on trend to Arrow's property. Arrow will initially have a 16.6% working interest in these wells and potentially up to a 25% working interest in the pool development. The number of wells and timing of the development of the Company's Pembina lands will depend on the success of the three wells, the price of oil and participation of partners. These wells qualify for both the Alberta Drilling Royalty Credit and New Well Royalty Reduction programs.
In addition, the Company advises that its Annual and Special Meeting of Shareholders, which was originally to be held on September 21, 2009, will be held on Tuesday, October 20, 2009 at 11:00 a.m. in the offices of Macleod Dixon LLP, 3700 Canterra Tower, 400 Third Avenue S.W., Calgary, Alberta.
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