PDMR Exercise of Options

CALGARY, April 2, 2024 - Arrow Exploration Corp. (AIM: AXL; TSXV: AXL), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, announces the exercise of options by two Directors.

Arrow announces that the following directors exercised 416,667 options for common share of no par value ("Common Share"). A summary of the options exercised is as follows:

The option exercise was accepted by the Company on March 28, 2024. The options, some of which were set to expire immediately, were exercised at this time as the Company is expected to have limited periods in which Directors would be able to exercise options. The options have been exercised on a "cashless" basis. Under the terms of the Company's share option plan approved at the Company's AGM on 20 September 2023, this 'cashless' method results in the Company paying the option holder the value of the option (market price less strike price) from cash reserves. Accordingly, no new shares were issued for the option exercise.

Following the exercise of the options referred to above, there has been no change in the shareholding of the Directors. Mr. Sharma holds 13,370 Common Shares (representing 0.34 per cent of the issued Common Shares) and Mr. Carnie does not own any shares of the Company.

About Arrow Exploration Corp.

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