Arrow Exploration Announces 2022 Year-end Reserves

Source: 3/29/2023, Location: North America

Arrow Exploration Corp. (AIM: AXL; TSXV: AXL) is pleased to announce the results of its 2022 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, 2021.


- Proved ("1P") reserves:

o Increased by 11% to 3.37 million barrels of oil equivalent ("MMboe "), driven principally through uplift at Tapir (Rio Cravo), Colombia;

o Net present value before tax, discounted at 10% ("NPV-10") is $57.9 million ($17.15/boe) for 1P reserves.

- Proved plus Probable ("2P") reserves:

o Increased by 4% to 7.69 MMboe;

o NPV-10 is $127.3 million ($16.56/boe) for 2P reserves.

- Proved plus Probable plus Possible ("3P") reserves:

o Increased by 1% to 11.68 MMboe;

o NPV-10 is $205.8 million ($17.57/boe) for 3P reserves.

- Before tax NPV-10 values have increased 97% for 1P and 51% for 2P, over year-end 2021, due to reserves growth and an increase in the oil price forecast used by BouryGEC at year-end 2022; 2022 Proved Developed Producing ("PDP") reserves increased 27% to 1.31 MMboe supported by the improved performance of the new drilling in the Rio Cravo Field; PDP reserves represent 39% 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;

- BouryGEC post tax NPVs impacted by changes in Colombian tax regime in the year but pre other corporate tax shelters (further detail below).

CEO Commentary

Marshall Abbott, CEO of Arrow, commented: "Arrow delivered an increase in volumes and pre-tax values across 1P, 2P and 3P reserves in 2022. We are pleased with the results of the BouryGEC reserves evaluation, which reinforces the significant value of our Colombian and Canadian assets.

The BouryGEC 2022 report of course does not account for the current drilling campaign at Rio Cravo Este, where, given the encouraging results to date, we might expect further reclassifications and increase in reserves. Additionally, with the imminent drilling of the Carrizales Norte wells, we would expect to continue growing reserves in the near future.

2022 Year-End Reserves Summary

Management has presented below a summary of Arrow's reserves as at December 31, 2022, on a working interest gross reserves basis, which have been taken from and reconcile directly to 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, 2022 to be filed on SEDAR ( and posted on Arrow's website ( ).

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 Carazales Norte and annual G&A. Spending on these projects will provide tax shelter and result in a reduction of tax for future.

India >>  5/24/2023 - Highlights:
Gross Proved Plus Probable (2P) Reserves1 are 310 million barrels of oil equivalent (MMboe)
Gross Contingent (2C) Reserves1 ar...

Canada >>  5/5/2023 - Prospera Energy Inc. (PEI) December 31, 2022 year-end reserves were independently assessed by InSite Petroleum Consultants Ltd. (“InSite”). The Insite...

Mozambique >>  5/5/2023 - With 100 trillion cubic feet of gas reserves and a series of major projects underway, Mozambique’s gas sector has the potential to transform the regio...
Canada >>  5/2/2023 - Petro-Victory Energy Corp. ("Petro-Victory" or the "Company") is delighted to announce a 43% increase of its before-tax value discounted at 10% ("PV10...

Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.