Grant of Stock Options

Arrow Exploration Corp.

30 April 2024

 

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 GRANT OF STOCK OPTIONS

CALGARY, April 30, 2024 - Arrow Exploration Corp. (AIM: AXL; TSXV: AXL) ("Arrow" or the "Company"), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, is pleased to announce a stock options grant.

Stock Options Grant

The Company has granted 9,843,887 stock options ("Options") to Directors, officers and employees, pursuant to the Company's Stock Option Plan (the "Plan"). The Plan is intended to assist in attracting, retaining, engaging and rewarding directors, officers and employees of the Company, provide additional incentive to these people for their efforts on behalf of the Company, and to align with the enhancement of shareholder value. Under the Plan, the Company is able to issue Options to a maximum of 10% of the number of issued and outstanding common shares in the Company from time to time. The following PDMRs have been granted the options listed below:

	PDMR Options Granted
Marshall Abbott	3,477,221
Gage Jull	1,200,000
Joe McFarlane	1,200,000
Anthony Zaidi	300,000
Ian Langley	300,000
Ravi Sharma	383,334
Grant Carnie	633,333
Phil Miller	300,000
Total	7,793,888

The Options have a strike price of CAD 0.375, and vest in thirds on each of the first, second and third anniversaries of grant. The options expire six months from vesting. Following these grants, the Company shall have a total 27,198,334 options issued under the Plan.  

For further Information, contact:

Arrow Exploration
Marshall Abbott, CEO	[phone]
Joe McFarlane, CFO	[phone]
Brookline Public Relations, Inc. Shauna MacDonald	[phone]
Canaccord Genuity (Nominated Advisor and Joint Broker)
Henry Fitzgerald-O'Connor James Asensio George Grainger	[phone]
Auctus Advisors (Joint Broker)
Jonathan Wright (Corporate)	[phone]
Rupert Holdsworth Hunt (Broking)
Camarco (Financial PR)
Andrew Turner	[phone]
Rebecca Waterworth

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-linked light oil pricing exposure combines with low royalties to yield attractive potential operating margins. Arrow's 50% interest in the Tapir Block is contingent on the assignment by Ecopetrol SA of such interest to Arrow. Arrow's seasoned team is led by a hands-on executive team supported by an experienced board. Arrow is listed on the AIM market of the London Stock Exchange and on TSX Venture Exchange under the symbol "AXL".

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.

Details of the person discharging managerial responsibilities / person closely associated
Name	Marshall Abbott
Reason for the notification
Position/status	Director, CEO
Initial notification / Amendment	Initial notification
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Name	Arrow Exploration Corp.
LEI	9845000FDF0856QD9031
Details of the transaction(s): section to be repeated for (i) each type of instrument: (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conduct
Description of the Financial instrument, type of instrument identification code	Options to subscribe for common shares of nil par value (ISN:CA04274P1053)
Nature of the Transaction	Grant of Options
Price(s) and volume(s)	Name Exercise Price Options Marshall Abbott CAD 0.375 3,427,221
Aggregated information	N/A
Date of the transaction	April 29, 2024
Place of the transaction	Outside a trading venue

Details of the person discharging managerial responsibilities / person closely associated
Name	Gage Jull
Reason for the notification
Position/status	Director
Initial notification / Amendment	Initial notification
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Name	Arrow Exploration Corp.
LEI	9845000FDF0856QD9031
Details of the transaction(s): section to be repeated for (i) each type of instrument: (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conduct
Description of the Financial instrument, type of instrument identification code	Options to subscribe for common shares of nil par value (ISN:CA04274P1053)
Nature of the Transaction	Grant of Options
Price(s) and volume(s)	Name Exercise Price Options Gage Jull CAD 0.375 1,200,000
Aggregated information	N/A
Date of the transaction	April 29, 2024
Place of the transaction	Outside a trading venue

Details of the person discharging managerial responsibilities / person closely associated
Name	Joe McFarlane
Reason for the notification
Position/status	CFO
Initial notification / Amendment	Initial notification
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Name	Arrow Exploration Corp.
LEI	9845000FDF0856QD9031
Details of the transaction(s): section to be repeated for (i) each type of instrument: (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conduct
Description of the Financial instrument, type of instrument identification code	Options to subscribe for common shares of nil par value (ISN:CA04274P1053)
Nature of the Transaction	Grant of Options
Price(s) and volume(s)	Name Exercise Price Options Joe McFarlane CAD 0.375 1,200,00
Aggregated information	N/A
Date of the transaction	April 29, 2024
Place of the transaction	Outside a trading venue

Details of the person discharging managerial responsibilities / person closely associated
Name	Anthony Zaidi
Reason for the notification
Position/status	Director
Initial notification / Amendment	Initial notification
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Name	Arrow Exploration Corp.
LEI	9845000FDF0856QD9031
Details of the transaction(s): section to be repeated for (i) each type of instrument: (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conduct
Description of the Financial instrument, type of instrument identification code	Options to subscribe for common shares of nil par value (ISN:CA04274P1053)
Nature of the Transaction	Grant of Options
Price(s) and volume(s)	Name Exercise Price Options Anthony Zaidi CAD 0.375 300,000
Aggregated information	N/A
Date of the transaction	April 29, 2024
Place of the transaction	Outside a trading venue

Details of the person discharging managerial responsibilities / person closely associated
Name	Ravi Sharma
Reason for the notification
Position/status	Director
Initial notification / Amendment	Initial notification
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Name	Arrow Exploration Corp.
LEI	9845000FDF0856QD9031
Details of the transaction(s): section to be repeated for (i) each type of instrument: (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conduct
Description of the Financial instrument, type of instrument identification code	Options to subscribe for common shares of nil par value (ISN:CA04274P1053)
Nature of the Transaction	Grant of Options
Price(s) and volume(s)	Name Exercise Price Options Ravi Sharma CAD 0.375 383,334
Aggregated information	N/A
Date of the transaction	April 29, 2024
Place of the transaction	Outside a trading venue

Details of the person discharging managerial responsibilities / person closely associated
Name	Ian Langley
Reason for the notification
Position/status	Director
Initial notification / Amendment	Initial notification
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Name	Arrow Exploration Corp.
LEI	9845000FDF0856QD9031
Details of the transaction(s): section to be repeated for (i) each type of instrument: (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conduct
Description of the Financial instrument, type of instrument identification code	Options to subscribe for common shares of nil par value (ISN:CA04274P1053)
Nature of the Transaction	Grant of Options
Price(s) and volume(s)	Name Exercise Price Options Ian Langley CAD 0.375 300,000
Aggregated information	N/A
Date of the transaction	April 29, 2024
Place of the transaction	Outside a trading venue

Details of the person discharging managerial responsibilities / person closely associated
Name	Grant Carnie
Reason for the notification
Position/status	Director
Initial notification / Amendment	Initial notification
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Name	Arrow Exploration Corp.
LEI	9845000FDF0856QD9031
Details of the transaction(s): section to be repeated for (i) each type of instrument: (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conduct
Description of the Financial instrument, type of instrument identification code	Options to subscribe for common shares of nil par value (ISN:CA04274P1053)
Nature of the Transaction	Grant of Options
Price(s) and volume(s)	Name Exercise Price Options Grant Carnie CAD 0.375 633,333
Aggregated information	N/A
Date of the transaction	April 29, 2024
Place of the transaction	Outside a trading venue

Details of the person discharging managerial responsibilities / person closely associated
Name	Phil Miller
Reason for the notification
Position/status	Executive
Initial notification / Amendment	Initial notification
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Name	Arrow Exploration Corp.
LEI	9845000FDF0856QD9031
Details of the transaction(s): section to be repeated for (i) each type of instrument: (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conduct
Description of the Financial instrument, type of instrument identification code	Options to subscribe for common shares of nil par value (ISN:CA04274P1053)
Nature of the Transaction	Grant of Options
Price(s) and volume(s)	Name Exercise Price Options Phil Miller CAD 0.375 300,000
Aggregated information	N/A
Date of the transaction	April 29, 2024
Place of the transaction	Outside a trading venue

 

END