Arrow Exploration Corp. ARROW ANNOUNCES BLOCKLISTING UPDATE (6744Y)

TIDMAXL

RNS Number : 6744Y

Arrow Exploration Corp.

09 May 2023

NOT FOR RELEASE, DISTRIBUTION, PUBLICATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

ARROW ANNOUNCES BLOCKLISTING UPDATE

CALGARY, May 9, 2023 - Arrow Exploration Corp. (AIM: AXL; TSXV: AXL) ("Arrow" or the "Company") the high-growth operator with a portfolio of assets across key Colombian hydrocarbon provides the following update in accordance with Schedule Six of the AIM Rules for Companies regarding its existing block listing arrangements.

 
 Name of company                       Arrow Exploration Corp. 
 Name of scheme                        Arrow block listing (for warrants 
                                        exercising) 
                                      ---------------------------------- 
 Period of return (from/ to)           8 November 2022 to May 5, 2023 
                                      ---------------------------------- 
 Number and Class of Securities        40,000,000 common shares of no 
  not issued at the start of the        par value 
  period under the scheme 
                                      ---------------------------------- 
 Plus: The amount for which a          Nil 
  blocklisting application has 
  been made since the last date 
  of return 
                                      ---------------------------------- 
 Less: Number of securities issued      19,356,753 Common Shares 
  under the scheme during the period 
                                      ---------------------------------- 
 Equals: Balance under the scheme       20,643,247 Common Shares 
  of securities not yet issued 
  at the end of the period 
                                      ---------------------------------- 
 Number and class of securities        40,000,000 Common Shares admitted 
  originally admitted and the date      on 8 November 2022 
  of admission 
                                      ----------------------------------

For further Information, contact:

 
 Arrow Exploration 
 Marshall Abbott, CEO                    +1 403 651 5995 
 Joe McFarlane, CFO                      +1 403 818 1033 
 
 Brookline Public Relations, Inc. 
  Shauna MacDonald                         +1 403 538 5645 
 
 Canaccord Genuity (Nominated Advisor 
  and Joint Broker) 
 Henry Fitzgerald-O'Connor 
  James Asensio 
  Gordon Hamilton                        +44 (0)20 7523 8000 
 
   Auctus Advisors (Joint Broker) 
 Jonathan Wright                         + 44 (0)7711 627449 
 Rupert Holdsworth Hunt 
 
   Camarco (Financial PR) 
 Georgia Edmonds                         +44 (0)20 3781 8331 
 Rebecca Waterworth 
 Billy Clegg

About Arrow Exploration Corp.

Arrow Exploration Corp. (operating in Colombia via a branch of its 100% owned subsidiary Carrao Energy S.A.) is a publicly traded company with a portfolio of premier Colombian oil assets that are underexploited, under-explored and offer high potential growth. The Company's business plan is to expand oil production from some of Colombia's most active basins, including the Llanos, Middle Magdalena Valley (MMV) and Putumayo Basin. The asset base is predominantly operated with high working interests, and the Brent-

Forward-looking Statements

This news release contains certain statements or disclosures relating to Arrow that are based on the expectations of its management as well as assumptions made by and information currently available to Arrow which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that Arrow anticipates or expects may, could or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words "continue", "expect", "opportunity", "plan", "potential" and "will" and similar expressions. The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of Arrow, including without limitation, Arrow's evaluation of the impacts of COVID-19, the potential of Arrow's Colombian and/or Canadian assets (or any of them individually), the prices of oil and/or natural gas, and Arrow's business plan to expand oil and gas production and achieve attractive potential operating margins. Arrow believes the expectations and assumptions reflected in the forward-looking statements are reasonable at this time, but no assurance can be given that these factors, expectations, and assumptions will prove to be correct.

The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .

Non--IFRS Measures

The Company uses non-IFRS measures to evaluate its performance which are measures not defined in IFRS. Working capital, funds flow from operations, realized prices, operating netback, adjusted EBITDA, and net debt as presented do not have any standardized meaning prescribed by IFRS and therefore may not be comparable with the calculation of similar measures for other entities. The Company considers these measures as key measures to demonstrate its ability to generate the cash flow necessary to fund future growth through capital investment, and to repay its debt, as the case may be. These measures should not be considered as an alternative to, or more meaningful than net income (loss) or cash provided by operating activities or net loss and comprehensive loss as determined in accordance with IFRS as an indicator of the Company's performance. The Company's determination of these measures may not be comparable to that reported by other companies.

This Announcement contains inside information for the purposes of the UK version of the market abuse regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

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