Aroway Energy reported Q2 (Oct - Dec 2013) with a production increased to 545boed 98% oil, and reduced debt soon to be paid down to zero by mid 2014.
Aroway added recently a new oil well on its Kirkpatrick property and is currently upgrading West Hazel property with a new water disposal facility, 2 more wells to be turned on and another new well, resulting in significant production increase. The number of wells producing will be 6 oil well going forward after mid-March 2014, vs 3 oil wells they had on West Hazel until now. The West Hazel upgrades will also result in significant cost savings of $130,000 per month.
Given very good cash flow and financials results, as well as imminent production increase, I believe Aroway Energy share price is undervalued at current levels.
Disclosure: I am long ARWJF.