Calgary, Alberta — September 4, 2026 — Leads & Copy — Arrow Exploration Corp. (AIM: AXL) (TSXV: AXL), an operator focused on Colombian and Canadian hydrocarbon basins, has announced a record-high corporate production rate exceeding 6,000 barrels of oil equivalent per day (boe/d). This milestone is attributed to recent drilling successes, effective workovers, and the acquisition of the Thorsby field in Alberta, Canada. The company also reported an estimated cash balance of US$21.8 million as of September 1, 2026, following the US$8.9 million payment for the Thorsby acquisition, indicating a strong balance sheet amidst production growth.
Operational updates from the Icaco field on the Tapir Block in Colombia’s Llanos Basin, where Arrow holds a 50 percent beneficial interest, were also provided. The Icaco-6 (IC-6) well, spud on August 19 and reaching total depth on August 24, encountered a fault. Due to drilling challenges, including lost circulation, management decided to case the well prematurely and convert it into a water disposal well. This conversion is expected to significantly reduce operating costs by providing additional water disposal capacity.
Log analysis of the IC-6 well revealed net pay of 6.5 feet in the Carbonera C7 formation and 5 feet in the Guadalupe Formation, with management expressing encouragement regarding reservoir quality. The well was not drilled to the Gacheta and Ubaque formations.
Looking ahead, Arrow has commenced drilling the IC-7 well on September 1. This vertical well is targeting the C7, Gacheta, and Ubaque formations. The company is also engaged in constructive discussions with regulatory bodies regarding the Tapir extension. Arrow noted a pro-business stance from the new Government following a recent Presidential election, aligning with President De La Espriella’s vision to enhance Colombia’s oil and gas development.
Marshall Abbott, CEO of Arrow, expressed pride in surpassing the 6,000 boe/d production threshold, highlighting the operational success on the Tapir block. He noted that the Icaco discovery’s multi-zone quality and production rates have exceeded expectations. Arrow is expanding its infrastructure on the Icaco pad, constructing five additional cellars to bring the total to fifteen, to facilitate continued drilling of C7, Gacheta, and Ubaque wells.
Abbott acknowledged that while the IC-6 well’s drilling was shortened by a fault, the company efficiently repurposed it as a water injector, which will improve water handling and production efficiency at Icaco. He also pointed out that the most productive wells on the Icaco block have paid out in less than two months, with continued strong production from these wells. Abbott further stated that the company is experiencing strong netbacks, adding significant value and strengthening its balance sheet, with further updates anticipated for shareholders.
Arrow Exploration Corp. operates in Colombia through a branch of its wholly-owned subsidiary, Carrao Energy S.A. The company focuses on premier Colombian oil assets with high growth potential across the Llanos, Middle Magdalena Valley (MMV), and Putumayo Basins. Arrow’s assets are largely operated with high working interests, and its Brent-linked light oil pricing, combined with low royalties, contributes to attractive potential operating margins. Under a commercial contract, Arrow is entitled to 50% of the production from the Tapir block, subject to Ecopetrol’s consent for formal assignment.
Source: Arrow Exploration Corp.
