AB-1 Exploration Well Update

CALGARY, December 17, 2024 - 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 it has reached target depth on the Alberta Llanos-1 ("AB-1") well on the Tapir Block in the Llanos Basin of Colombia using the contracted Petroworks rig.

AB-1 Well

The AB-1 exploration well was successfully spud on November 30th, 2024 and reached target depth on December 13, 2024. The well targeted a large, three-way fault-bounded structure with multiple high-quality reservoir objectives. The well was drilled to a measured depth of 9,960 feet (8,846 feet True Vertical Depth).

According to initial log interpretation, the well encountered four main hydrocarbon bearing reservoirs with a total true vertical depth value of 121 feet, including the C7, Gacheta, Guadalupe, and Ubaque, and intends to start production testing shortly.

Marshall Abbott, CEO of Arrow commented,

"We're extremely pleased with the log results on the exploration well at the Alberta Llanos prospect on the Tapir Block."

"The success of this well could result in additional production, additional reserves and a new core area for Arrow with additional follow up development wells."

"At this time, the Ubaque and Guadalupe reservoirs indicate significant potential for horizontal well exploitation. The next steps are to put the well on production. Once AB-1 is on production, the rig will immediately move to drill AB-2 to further evaluate this discovery."

"We look forward to updating stakeholders with the near-term completion news at AB-1 and further updates as we continue our extensive work program in Colombia."

About Arrow Exploration Corp.