Arrow Exploration Corp. announced the results of its maiden Carrizales Norte ("CN") reserves evaluation by Boury Global Energy Consultants Ltd. ("BouryGEC") as at August 31, 2023. All reserves volume figures stated below are solely at the discovery on the CN field on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50% beneficial interest.

The Company's other assets in the Tapir Block, Rio Cravo Este (RCE) and its other license interests, Columbia and Canada, have not formed part of this evaluation. All reserves volume figures stated above are on a Working Interest Gross Reserve basis. Currency amounts are in United States dollars, unless otherwise indicated.

Highlights: CN Proved ("1P") reserves: 1.82 million barrels of oil ("MMbbls"), Net present value before tax, discounted at 10% ("NPV-10") is $71.2 million for 1P reserves; CN Proved plus Probable ("2P") reserves: 3.92 MMbbls, NPV-10 is $143.5 million for 2P reserves; CN Provedplus Probable plus Possible ("3P") reserves: 6.62 MMbbls, NP V-10 is $244.1 million for 3P reserves; Before tax NPV-10 per share of $0.14/share, $0.39/share, and $0.63/share for 1P, 2P, and 3P reserves categories, respectively; BouryGEC post-tax NPVs impacted by changes in Colombian tax regime in the year and exclude the effect of corporate tax shelters.