CNB HZ-7 on production
November 28, 2024 2:00 AM EST | Source: Arrow Exploration Corp.
Calgary, Alberta--(Newsfile Corp. - November 28, 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 provide an update on operational activity and announce the filing of its Interim Condensed (unaudited) Consolidated Financial Statements and Management's Discussion and Analysis ("MD&A") for the three and nine months ended September 30, 2024 which are available on SEDAR (www.sedarplus.ca) and will also be available shortly on Arrow's website at www.arrowexploration.ca.

Q3 2024 Highlights:

The strongest quarter in Arrow's history for production, revenue, EBITDA and cash flow.
Successfully drilled the first three horizontal development wells in the Carrizales Norte (CN) field.
Recorded $21.3 million of total oil and natural gas revenue, net of royalties, representing a 53% increase when compared to the same period in 2023 (Q3 2023: $13.9 million).
Net income of $6.7 million.
Adjusted EBITDA(1) of $15.9 million, a 62% increase when compared to 2023 (Q3 2023: $9.8 million) and a 79% increase compared to Q2 2024 ($8.9 million).
Average corporate production of 4,124 boe/d (Q3 2023: 2,518 boe/d).
Realized corporate oil operating netbacks(1) of $50.76/bbl.
Cash position of $16.5 million at the end of Q3 2024.
Generated operating cashflows of $29.2 million for the nine months ended September 30, 2024 (2023: $13.9 million).
(1)Non-IFRS measures - see "Non-IFRS Measures" section within the MD&A

Post Period End Highlights:

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