CALGARY, ALBERTA - September 28, 2011 (Investorideas.com energy stocks newswire) Aroway Minerals Inc. (TSX-V:ARW; PINK:ARWJF) (www.arowayenergy.com) (the "Company") is pleased to announce that the Company and its joint venture partner ("Partnership") have outright acquired a portion of the lands that comprised the rolling farmout agreement ("Agreement") that the Partnership entered into in February of this year with a private oil and gas company (the "Vendor").
The acquisition consists of 24 sections of land. The Partnership is only required to pay approximately a 6% royalty on production from the acquired lands to the Vendor as opposed to the variable royalty of 7.5% to 12.5% under its previous Agreement. Total consideration paid to the Vendor for the acquisition was $661,637 ($330,818 net to Aroway).
- Published: 27 September 2011
- Written by Investor Ideas