Arrow Exploration (AIM:AXL) Test Results of East Pepper Well

Well tested higher gas flow rate than expected

CALGARY, September 7, 2022 – Arrow Exploration Corp. (AIM: AXL; TSXV: AXL) (“Arrow” or the”Company”) is delighted to announce the results of the East Pepper well testing on the Pepper Block in the Alberta, Canada.

The 100 per cent working interest East Pepper well (100/14-21-052-22W5/3) was tested before tie-in activities began on August 30, 2022. The East Pepper well is a horizontal multi-stage fractured well producing from the Montney zone on the Pepper block. The well was drilled (originally in 2014) to a total measured depth of 15,269 feet with a horizontal leg of 2,917 feet.

Specific data for the production test for the Montney zone were as follows:

· The production test was run over a 27.8-hourperiod.

· Natural Gas production tested at a peak rate of 21,206 mcf/d (3,534 boe/d), a stabilized rate of 9,220 mcf/d (1,537 boe/d) and an average rate of 10,921 mcf/d (1,820 boe/d).

· Condensate produced over the test period was 24.27 bbls.

· The well had an average well head pressure of 3,276 psi over the test period.

Test results are not necessarily indicative of long-term performance or ultimate recovery.

Arrow expects that the tie-in facilities will be completed and the well will be put on production by the end of October 2022. The company expects typical production declines in the first few months and is accordingly sizing tie-in equipment for 7,000 mcf/d (1,167 boe/d).

Marshall Abbott, CEO of Arrow commented:

“We’re encouraged by the better-than-expected East Pepper production test, the second well on the Pepper block. We are particularly encouraged by the material flow rate and the strength and speed of pressure recovery after shut in. Arrow holds a 100 per cent interest in approximate 22,000 acres of undeveloped land at Pepper. This is our second well in the Montney formation on the Arrow asset.”

“The well is expected to be put on production to take advantage of the typically higher natural gas prices that the winter brings.”

“The next project that Arrow is focusing on is the recompletion of the RCE-1 and RCS-1 wells at the Tapir block in Colombia. Both recompletions involve bringing on additional zones in combination with existing production. This is an exciting time for Arrow, and we look forward to providing further updates on our progress.”

Continued strong production rates from existing tied-in wells combined with the encouraging results from new drills in Colombia support the Company’s objective of achieving a production rate of 3,000 boe/d within 18 months of its AIM listing (completed in October 2021).

For further Information, contact:

Arrow Exploration

Marshall Abbott, CEO

+1 403 651 5995

Joe McFarlane, CFO

+1 403 818 1033

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