Operational Update and 2025 Year-End Reserves

CALGARY, March 20, 2026 - 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, is pleased to give an operations update and announce the results of its 2025 year-end reserves evaluation by Boury Global Energy Consultants Ltd. ("BouryGEC").

All reserves volume figures stated below are on a Working Interest Gross Reserve basis. Currency amounts are in United States dollars (unless otherwise indicated) and comparisons refer to December 31, 2024.

Operational Update

Current Drilling Schedule

The Mateguafa 11 (M-11) well has been drilled to a total measured depth of 11,455 MD feet (9,328 feet true vertical depth) and has encountered oil bearing sands in the C7 and C9 Carbonera formations. The well encountered 18 feet (TVD) of net pay in the C7 and 30 feet (TVD) of net pay in the C9.

Management is planning to perforate these sands and initially produce from the C7. Expectations are that the well will be on production in the coming weeks. The M-11 well found the two zones structurally higher than any of the other Mateguafa Attic wells. The M-11 results have extended the Mateguafa Attic structure to the south where more development wells will be drilled in the future.

Due to the continued success at Mateguafa, Arrow now plans to continue development on the Mateguafa Attic field with a horizontal well targeting the C9 formation (M-12Hz).M-12Hz is expected to spud by the end of March. Following M-12Hz, the rig will then move to the Icaco pad to drill the Icaco 1 (I-1) exploration well.

Arrow continues discussions on the Tapir license extension with regulatory authorities. Management believes these discussions are positive and beneficial to all parties and that the extension will ultimately be awarded to Arrow and our partner.

Production

Corporate production is approximately 5,325 boe/d. Arrow expects additional production from the M-11 well which is expected to come online in the coming weeks.

2025 Reserve Overview

Arrow's 2025 reserves report shows steady performance with a significant amount of Arrow's produced volumes having been replaced by the Company's drilling campaign through the year.

Importantly, BouryGEC reserves report's conservative oil price forecast (with current oil prices over 50% above its 2026 projection) has a significant effect on both valuation calculations and the viability of reserves classification.

When reviewing the 2025 reserve report it is important to understand the assumptions used by the reserve engineers when producing it. In particular, the 1P reserves have been prepared assuming the Tapir block expires with the contract in February 2028. The 2P reserves assume the first 5-year extension period embedded in the Tapir contract is granted. The 3P reserves assume the second 5-year extension period embedded in the Tapir contract is granted. Management continues to work with the regulators and believes that the extensions will be granted to the partnership.

Discovery and successful development at Mateguafa Attic continues to provide both production and reserve growth to the Company and the vertical and horizontal well development at Mateguafa Attic will be reflected in future reserve reports. The BouryGEC reserves evaluation reinforces the significant value Arrow has generated in its Colombian assets and the Company remains enthused by the further potential value in its prospect portfolio.

Marshall Abbott, CEO of Arrow, commented:

"Looking out to the remainder of 2026, Arrow's prospect inventory is multifaceted and demonstrates the hydrocarbon density of the Tapir block in the fertile Llanos Basin. Over the rest of the year, we look forward to a successful drilling campaign that is balanced between development and low risk exploratory wells."

2025 Year-End Reserves Detailed Summary

Management has presented below a summary of Arrow's reserves as at December 31, 2025, on a working interest gross reserves basis, which have been estimated by BouryGEC, an independent qualified reserves evaluator, in a reserves report with an effective date of December 31, 2025. The figures in the following tables have been prepared in accordance with the standards contained in the most recent publication of the Canadian Oil and Gas Evaluation Handbook (the "COGEH") and the reserves definitions contained in National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). In addition to the summary information disclosed in this announcement, more detailed information will be included in Arrow's annual reserves evaluation for the year ended December 31, 2025 to be filed on SEDAR (www.sedar.com) and posted on Arrow's website (www.arrowexploration.ca).

After tax values have been calculated without taking into account the tax shelter created by capital spending on projects that do not have reserve values associated with them, such as the Tapir 3D seismic project, drilling at Carrizales Norte and annual G&A. Spending on these projects will provide a tax shelter and result in a reduction in future income tax payments.

Brent Crude Oil Price and AECO Gas Price Forecasts in BouryGEC Reserves Evaluation

Year-End Working Interest Gross Reserves - Breakdown by Category and Country (Mboe)

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

• "Core" assets include Arrow's share of reserves in the Tapir Block, the Santa Isabel Block (Oso Pardo), and Mateguafa. Arrow's 50% interest in the Tapir Block is contingent on the assignment by Ecopetrol SA of such interest to Arrow.
• "Non-core" assets include the Ombu Block (which includes the Capella Field)
• "Canada" assets include Fir and Pepper

Year-End Net Present Value at 10% - Before Tax ($ Thousands)

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

Year-End Net Present Value at 10% - After Tax ($ Thousands)

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

Forecast Revenues and Costs - Undiscounted ($ millions)

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

• BT = Before Taxes and AT = After Taxes
• Operating Cost less processing and other income
• Revenue includes Petrolco Income

2024 Year-End Working Interest Gross Reserves Reconciliation (Mboe)

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

About Arrow Exploration Corp.

Reserves Categories

Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, from a given date forward, based on analysis of drilling, geological, geophysical and engineering data; the use of established technology; and specified economic conditions which are generally accepted as being reasonable and shall be disclosed.

"Proved Developed Producing Reserves" are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.

"Proved Developed Non-Producing Reserves" are those reserves that either have not been on production or have previously been on production but are shut-in and the date of resumption of production is unknown.

"Proved Undeveloped Reserves" are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g., when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves category (proved, probable, possible) to which they are assigned.

"Proved" reserves are those reserves that can be estimated with a high degree of certainty to be recoverable.

"Probable" reserves are those additional reserves that are less certain to be recovered than Proved reserves but more certain to be recovered than Possible reserves.

"Possible" reserves are those additional reserves that are less likely to be recoverable than Probable reserves.

Glossary

Bbl/d: Barrels per day

$/Bbl: Dollars per barrel

Mcf/d: Thousand cubic feet of gas per day

$/Mcf: Dollars per thousand cubic feet of gas

Boe/d: Barrels of oil equivalent per day

$/Boe: Dollars per barrel of oil equivalent

PDP: Proved Developed Producing

1P: Proved Reserves

2P: Proved plus Probable Reserves

3P: Proved plus Probable plus Possible Reserves

Mboe: Thousands of barrel of oil equivalent

MMbtu: Millions btu

MMboe: Millions of barrels of oil equivalent

Mbtu: Thousands btu

Mboe: Thousands of barrels of oil equivalent

Working Interest Gross Reserves: The reserves attributable to the Company's license working interest pre-taxes and royalties