Total corporate production over 7,000 BOE/D
Arrow Exploration Corp. (AIM: AXL; TSXV: AXL) (“Arrow” or the “Company”), the high-growth operator with a portfolio of assets across key Colombian and Canadian hydrocarbon basins, is pleased to provide an update on operational activity at the Icaco field on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50 percent beneficial interest.
Icaco-HZ9 Well
The Icaco HZ9 (“IC-HZ9”) well was spud on October 13, 2026 and reached total depth on October 20, 2026. The well was drilled to a measured depth of 11,630 feet (6,448 feet total vertical depth). The IC-HZ9 was completed with 950 feet within a horizontal pay zone, the Carbonera C7 formation (“C7”).
The IC-HZ9 well was brought on production November 6, 2026, and is currently producing from the Carbonera C7 formation at a restricted rate of approximately 2,400 BOPD gross (1,200 BOPD net), with a 46/128 choke and 37 Hz pump frequency. The oil quality is 30° API and there is a 26% water cut. The well is continuing to clean up.
The ultimate flow rate will be determined in the first few weeks of production.
Initial production results are not necessarily indicative of long-term performance or ultimate recovery.
Production
Current total corporate production is over 7,000 BOE/D, including production from IC-HZ9. This is a record high production rate for the Company and reflects recent drilling successes from the Icaco pad. Arrow believes it can continue to grow production from its prospect-rich inventory.
Cash Balance
As of November 1, 2026, the Company’s estimated cash balance is over US$35 million. The Company continues to experience strong field prices and is benefiting from the current high oil price environment which is contributing to our healthy balance sheet and cash position.
Forward Drilling Plans
Icaco HZ10 (“IC-HZ10”) well was spud November 8, 2026. IC-HZ10 is a horizontal well targeting the Ubaque formation. After the IC-HZ10 well is put on production, the Company plans to drill additional C7 and Ubaque horizontal wells at Icaco.
Marshall Abbott, CEO of Arrow commented:
“Corporate production of 7,000 boe/d is a new Company record that we are very proud of. The multi-zone quality of the Icaco discovery, and its commensurate production rates, show that the Icaco field is a material addition to Arrow. Icaco has outperformed management expectations in production rates and estimated ultimate oil recoveries. The Company plans to drill additional horizontal wells in the C7 and Ubaque formations at Icaco through the remainder of 2026 and into 2027. Our proprietary exploration techniques have resulted in 5 discoveries at an 85% success rate that have, in turn, generated 55 development wells. We continue to add depth to our prospect inventory.”
Tapir Extension
“We are continuing to work with Colombian regulatory bodies on the extension of the Tapir block. Clearly this is a priority going forward. The Company has exceeded all work commitments and continues to engage all stakeholders.”
Colombian Investment Climate
“The recent Presidential election resulted in a forward-looking Government that is pro-business. In line with President De La Espriella’s vision to increase Colombia’s oil and gas development, Arrow is looking forward to being a part of the President’s vision.”
