Arrow Re-Starts Production at Capella Field

Source: 3/31/2021, Location: South America

ARROW Exploration Corp. is pleased to provide an update with respect to the re-start of oil production at the Capella Field, located in the Caguan-Putumayo Basin, Colombia, and an update on corporate production.

Re-Start of Production at Capella Field
Arrow, through its wholly-owned subsidiary Carrao Energy S.A. ("Carrao Energy"), holds a 10% working interest in the Ombu Block, which contains the Capella Field ("Capella"). Capella is located within a heavy oil trend that extends from Venezuela, through Colombia and into Ecuador.

Capella was shut-in during Q1 2020 due to several factors including very low Brent Crude oil prices. Following the recovery of Brent Crude oil prices since April 2020, during Q1 2021 Emerald Energy Colombia (the operator of the Ombu Block) elected to resume production at Capella.

The field resumed production on March 20th, 2021, and the rate of production has steadily increased since then to 1,029 bbls/d gross, or approximately 103 bbls/d net to Carrao Energy as of March 29th, 2021. Emerald Energy Colombia expects the field to reach a peak production rate of approximately 1,400 bbls/d gross, or approximately 140 bbls/d net to Carrao Energy, during the week of April 26th, 2021.

Update on Corporate Production
Together with its share of oil production from the Capella Field, and including (i) its share of oil production from the RCE-1 Well on the Tapir Block of approximately 170 bbls/d, and (ii) its share of natural gas and liquids production from certain wells in Alberta totaling approximately 70 boe/d, as of March 30th, 2021 Arrow estimates net corporate production to be approximately 343 boe/d.

The current level of production represents a material increase since early-December 2020, when the Company's net production was approximately 80 boe/d, all of which was natural gas and liquids from certain wells in Alberta.

Furthermore, with the increase in production levels and at prevailing oil and natural gas prices, Arrow is generating positive cash flow from operations.

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