CALGARY, Alberta, July 24 (UPI) -- A midsized energy company working in Canada said it has seen exponential growth in oil reserve estimates from its target areas in Alberta and Saskatchewan.
Aroway Energy Inc. said an independent evaluation of its prospects put the reserve estimate at 584,700 barrels of oil equivalent, of which more than 70 percent is oil. The company said the reserve life of its areas of interest is more than 14 years.
"Our 2013 reserve report is a great reflection of the increased growth we have built through the drill bit over the past 12 months," Chief Executive Officer Chris Cooper said in a statement Tuesday.
The company last week said it secured approval from provincial authorities in Alberta to increase production from its Kirkpatrick Lake operations.
Cooper said in February results from 2012 indicated his company went from nothing to a production level of more than 1,000 barrels of oil equivalent per day in 27 months.
June flooding in Alberta closed down most of the region's energy operations. Tar sand oil deposits in the region are among the largest in the world.