Exercise of Warrants and TVR

CALGARY, October 25, 2023 - 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, announces that pursuant to the receipt of notices for the exercise of warrants issued in October 2021, it has issued 2,333,026 new Common Shares of no par value ("Common Shares").

Of the 2,333,026 new Common Shares, 2,086,293 have been issued under the Company's block listing filed in May 2023. An application has been made for the remaining 250,733 new Common Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission of the 250,733 Common Shares not included in the block listing will occur on 27 October 2023.

Following the issue under the block listing and the Admission of the new Common Shares, the issued share capital of the Company will comprise of 285,864,348 Common Shares with one vote per share. This figure may be used as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to, their interest in the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. Additionally, as of today, the Company still has 375,000 warrants outstanding to be exercised until November of this year.

About Arrow Exploration Corp.