Dec 14 (Reuters) - Canada’s Aroway Energy Inc said it has exceeded its year-end production target, helped by production from new wells.
The oil and gas company, which owns properties in the Peace River Arch area of Northern Alberta, said it now expects to end 2011 with a production rate of 669 barrels of oil equivalent per day (boepd), compared with the targeted 600 boepd.
In September, the company hit a production rate of 530 boepd and expressed confidence of attaining the 600-boepd mark in time as new wells are brought online.
Shares of Vancouver-based Aroway closed at 62 Canadian cents on Tuesday on the Toronto Venture Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Sreejiraj Eluvangal)