Arrow Exploration Announces 2021 Year End Reserves

Source: 3/30/2022, Location: Not categorized

Arrow Exploration Corp. is pleased to announce the results of its 2021 year-end reserves evaluation by Boury Global Energy Consultants Ltd. ("BouryGEC").


- Proved ("1P") reserves:
o Increased by 4.1% to 3.0 million barrels of oil equivalent ("MMboe "), driven principally through uplift at Santa Isabel (Oso Pardo), Colombia;
o Net Present Value (before tax, discounted at 10% ("NPV-10")) is $29.4 million ($10.65/boe) for 1P reserves.

- Proved plus Probable ("2P") reserves:
o Increased by 5.5% to 7.4 MMboe;
o NPV-10 is $84.1 million ($12.55/boe) for 2P reserves.

- Proved plus Probable plus Possible ("3P") reserves:
o Increased by 10.1% to 11.5 MMboe;
o NPV-10 is $134.0 million ($12.94/boe) for 3P reserves.

- NPV-10 values have increased 208% for 1P and 146% for 2P, over year-end 2020, due to reserves growth and an increase in the oil price forecast used by BouryGEC at year-end 2021;
- 2021 Proved Developed Producing ("PDP") reserves increased 152% to 1.0 MMboe on the back of the recent tie-in at West Pepper, Canada; PDP reserves represent 34% of 1P reserves, reflecting an attractive ratio of base production to low-risk drilling targets; and
- Before tax NPV-10 per share of US$0.14/share, US$0.39/share, and US$0.63/share for 1P, 2P, and 3P reserve categories, respectively.

CEO Commentary
Marshall Abbott, CEO of Arrow, commented: "Arrow delivered an increase in volumes and values across 1P, 2P and 3P reserves in 2021. We are pleased with the results of the BouryGEC reserves evaluation, which reinforces the significant value of our Colombian and Canadian assets".

2021 Year-End Reserves Summary
The summary below summarizes Arrow's reserves as at December 31, 2021, as presented in the reserves report prepared by BouryGEC, an independent qualified reserves evaluator. 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 reserve 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, 2021 to be filed on SEDAR ( and posted on Arrow's website ( ).

Year-End Net Present Value at 10% - After Tax ($ millions) - Sensitivity Cases
In the context of the Brent crude oil and AECO gas prices prevailing at the time of the publication of this press release, when compared generally to the Brent crude oil and AECO gas price forecasts used in the BouryGEC Reserves Evaluation for the year ended December 31, 2021, Arrow is also providing readers with the following sensitivity analysis as to the net present value of its reserves.

The technical information contained in this announcement has been reviewed and approved by Grant Carnie, senior non-executive director of Arrow Exploration Corp. Mr. Carnie is a member of the Canadian Society of Petroleum Engineers, holds a B.Sc. in Geology from the University of Alberta and has over 35 years' experience in the oil and gas industry.

The recovery and reserve estimates provided in this news release are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual reserves may eventually prove to be greater than, or less than, the estimates provided herein. In certain of the tables set forth above, the columns may not add due to rounding.

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