Calgary, Alberta--(Newsfile Corp. - September 29, 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 basins, is pleased to announce a stock options grant and to provide a TVR update.

Stock Options Grant

The Company has granted 1,000,000 stock options ("Options") to Ian Langley (Director), pursuant to the Company's Stock Option Plan (the "Plan"). The Plan is intended to assist in attracting, retaining, engaging and rewarding directors, officers, employees and consultants 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 Options have a strike price of CAD 0.33, 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 20,865,000 options issued under the Plan.

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https://www.newsfilecorp.com/release/182252/Arrow-Announces-Grant-of-Stock-Options-and-Total-Voting-Rights-TVR-Update