Arrow Exploration Corp. — Management Reports 2021

Apr 27, 2021

APPENDIX B FORM 51-101F3 REPORT OF MANAGEMENT AND DIRECTORS ON OIL AND GAS DISCLOSURE

Management of Arrow Exploration Corp. (the “Company”) are responsible for the preparation and disclosure of information with respect to the Company’s oil and gas activities in accordance with securities regulatory requirements. This information includes reserves data.

An independent qualified reserves evaluator has evaluated the Company’s reserves data. The report of the independent qualified reserves evaluator will be filed with securities regulatory authorities concurrently with this report.

The Reserves Committee of the board of directors of the Company has:

• (a) reviewed the Company’s procedures for providing information to the independent qualified reserves evaluator;

• (b) met with the independent qualified reserves evaluator to determine whether any restrictions affected the ability of the independent qualified reserves evaluator to report without reservation; and

• (c) reviewed the reserves data with management and the independent qualified reserves evaluator.

The Reserves Committee of the board of directors has reviewed the Company’s procedures for assembling and reporting other information associated with oil and gas activities and has reviewed that information with management. The board of directors has, on the recommendation of the Reserves Committee, approved:

• (d) the content and filing with securities regulatory authorities of Form 51 101F1 containing reserves data and other oil and gas information;

• (e) the filing of Form 51 101F2 which is the report of the independent qualified reserves evaluator on the reserves data; and

• (f) the content and filing of this report.

Because the reserves data are based on judgments regarding future events, actual results will vary and the variations may be material.

signed “Marshall Abbott”	signed “Joe McFarlane”
Marshall Abbott	Joe McFarlane
Director, President and Chief Executive Officer	Chief Financial Officer
signed “Ravi Sharma”	signed “Gage Jull”
Ravi Sharma	Gage Jull
Director	Director

Dated April 26, 2021