Exercise of Stock Options
Arrow Exploration Corp. announced that certain Directors and Persons Discharging Managerial Responsibilities (PDMRs) exercised stock options on September 28, 2026, utilizing a cashless exercise method. This resulted in no new shares being issued, as the company paid the option holders the difference between the volume weighted average trading price of CAD 0.696 and the strike prices ranging from CAD 0.280 to CAD 0.475. A total of 5,075,555 options were exercised by Marshall Abbott, Gage Jull, Joe McFarlane, Ravi Sharma, Grant Carnie, and Ian Langley.
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CALGARY, September 30, 2026 – Arrow Exploration Corp. (AIM: AXL; TSXV: AXL) (“Arrow” or the “Company”), the high-growth operator with a portfolio of assets across key Colombian and Canadian hydrocarbon basins, announces the exercise of stock options by certain Directors and Persons Discharging Managerial Responsibilities (PDMRs).
Stock Options Exercise
On September 28, 2026 the Company accepted exercising notices from holders who elected to use a “cashless” exercise of options. Using this method, which is permissible under the terms of the Company’s share option plan, as approved by a resolution of shareholders on September 18, 2026, the Company pays the option holder the value of the option (volume weighted average trading price less strike price) from cash reserves. Accordingly, no new shares were issued in connection with the option exercise.
A summary of the options exercised is as follows:
| Options Exercised | Strike Price | Volume Weighted Average Trading Price | |
|---|---|---|---|
| Marshall Abbott | 527,222 1,159,074 | CAD 0.280 CAD 0.375 | CAD 0.696 CAD 0.696 |
| Gage Jull | 505,000 400,000 418,333 | CAD 0.280 CAD 0.375 CAD 0.475 | CAD 0.696 CAD 0.696 CAD 0.696 |
| Joe McFarlane | 505,000 400,000 418,333 | CAD 0.280 CAD 0.375 CAD 0.475 | CAD 0.696 CAD 0.696 CAD 0.696 |
| Ravi Sharma | 144,445 127,778 159,259 | CAD 0.280 CAD 0.375 CAD 0.475 | CAD 0.696 CAD 0.696 CAD 0.696 |
| Grant Carnie | 211,111 | CAD 0.375 | CAD 0.696 |
| Ian Langley | 100,000 | CAD 0.375 | CAD 0.696 |
| Total | 5,075,555 |
About Arrow Exploration Corp.
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