Aroway Energy Inc. Announces Financial and Operating Results for the Year Ended June 30, 2014
Aroway Energy Inc. announced financial and operating results for the year ended June 30, 2014. Gross petroleum and natural gas revenue was $9,185,277 for year ended June 30, 2014 compared to $4,447,829 in the same period of 2013, an increase of 106.5% period over period. Positive net adjusted income was $1,005,472, or $0.02 per basic and diluted share compared to adjusted net income of $909,535, or $0.02 per basic and diluted share in the same period of 2013. Net loss was $4,156,818 for the year ended June 30, 2014 compared to a net loss of $8,108,363 in the same period of 2013. Cash flow from operations was $6,655,437 or $0.13 per share, representing a 90.5% increase from the comparative period of 2013. Funds from operations were $1,980,680 compared to funds used in operations of $190,539 in the same period of 2013. Capital expenditures were $4,362,312 compared to $8,148,582 in the same period of 2013.
Total production for the year ended June 30, 2014 was 130,734 BOE, a 19.8% increase against 109,140 BOE from same period of 2013.