Aroway Minerals Announces Acquisition of Oil and Gas Interest and Private Placement Financings of Up to $5,000,000
AROWAY MINERALS INC. (TSX VENTURE:ARW) announced that it has entered into a purchase and sale agreement dated July 20, 2010 with Big Earl Resources Ltd., a private company incorporated in Alberta, pursuant to which Big Earl has agreed to assign to the Company its farmin interest to acquire a 50% working interest in certain petroleum and natural gas assets currently owned by a private oil and gas exploration and production Company.
The press release is quoted as saying:
Pursuant to the terms of the Farmout Agreement and as the assigned Farmee under that agreement, the Company expects to contribute an aggregate of $4,000,000 to satisfy its requirement to fund 75% of the Exploration Program Costs. The planned exploration initially consists of a four-well drill program (the “Well Program”). Following the rig release of the first well, the Company has the option to either drill all four wells or drill three wells and complete a $1,000,000 3D seismic program to identify additional prospects.
Click here to access the entire press release
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Mon, Jul 26, 2010
Post by Anne Bagchi, Oil Researcher