UPDATE: Aroway Energy Inc. Increases Oil Production by 25%, Yet Shares Drop 8%
Aroway Energy Inc. (ARW.V) dropped almost 8% in early trade even after announcing earlier today a production update with respect to its operations.
The company's current net production is 650 boe/d, which consists of 90% oil from the company's Peace River Arch core area. Its oil production ratio has increased 25% since its production update from December of 2011. It also said it has an additional 200 boe/d of natural gas production that it has elected to shut-in due to current natural gas prices.
ARW, which started today at 73 cents, is now trading at 70 cents a share. Volume traded is over 426,000 shares.
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