Arrow Exploration (AIM:AXL) Announces Total Depth Reached on RCS-1 Well

CALGARY, June 8, 2022 – Arrow Exploration Corp. (AIM: AXL; TSXV: AXL) (“Arrow” or the “Company”) is pleased to announce a further update on the Rio Cravo Sur-1 (“RCS-1”) well located on the Tapir Block in the Llanos Basin of Colombia.

Spud on May 23, 2022, the RCS-1 well was drilled to a true vertical depth (“TVD”) of 8,105 feet on June 3rd. The well has been successfully cased and cemented as of June 6th. Initial technical evaluation indicates six separate oil-bearing reservoirs, two of which were not evident in RCE-1 or RCE-2. Cumulative net pay in all zones exceeds 55 feet. The six separate reservoirs were found in the C7, the Gacheta and the Ubaque, between 7,077 feet and 8,105 feet.

Comprehensive testing of these individual zones will commence in the next few days. It is anticipated that each zone will require five days of testing that includes perforating, flowing and shut in for pressure buildup and analysis. The well will be put on production immediately following the testing program.

RCE-2 continues to produce at a stabilized rate of 1,000 BOPD (500 BOPD net) from 2 separate reservoir units in the Lower Miocene Carbonera Formation. Four additional zones identified in RCE-2 will ultimately be produced from existing and future wells.

Marshall Abbott, CEO of Arrow commented:

“Initial evaluation continues to demonstrate the multi-zone potential of this fault bounded structure. Known zones were penetrated at the highest structural elevations yet. As well, 2 new oil-bearing zones have been identified which will add materially to the overall field development plan.”

For further Information, contact:

Arrow Exploration

Marshall Abbott, CEO

+1 403 651 5995

Joe McFarlane, CFO

+1 403 818 1033


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