Arrow Exploration Corp. — Proxy Solicitation & Information Statement 2023

Aug 18, 2023

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Notice of Meeting

Important Notice Regarding the Availability of Materials for ARROW EXPLORATION CORP., ANNUAL AND SPECIAL MEETING to be held at the offices of Gowling WLG (Canada) LLP located at Suite 1600, 421 7th Avenue SW, Calgary Alberta, T2P 4K9 on September 20, 2023 at 10:00 a.m. (Calgary time).

Arrow Exploration Corp. (the “ Corporation ”) will be holding an annual and special meeting (the “ Meeting ”) of shareholders) at the offices of Gowling WLG (Canada) LLP located at Suite 1600, 421 7th Avenue SW, Calgary Alberta, T2P 4K9 on September 20, 2023 at 10:00 a.m. (Calgary time).

You are receiving this notice to advise that the Corporation has decided to use notice and access to deliver materials to shareholders in connection with Meeting. As such, the Corporation is providing you with electronic access via the internet to its management information circular (the “ Circular ”) dated August 8, 2023 and its financial statements for the years ended December 31, 2022, along with the related management’s discussion and analysis (collectively, the “ Materials ”).

The Materials have been posted and may be accessed at https://arrowexploration.ca/shareholder-meetings/ and on our profile on https://www.sedarplus.ca/landingpage/.

This communication presents only an overview of the more complete proxy materials that are available to you. We remind you to access and review the Materials and all of the important information contained in the information circular and other proxy materials before voting.

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Obtaining a Paper Copy of the Materials

If you would like to receive a paper copy of the Materials by mail, you must request one. There is no charge to you for requesting a copy.

Please call the Corporation toll free at 1-833-759-2068 within North America to request a paper copy of the Materials for the Meeting.

To ensure you receive the material in advance of the voting deadline and meeting date, we estimate that your request must be received by us no later than, 10 business days before the Meeting to ensure timely receipt. If you do request the Materials, please note that another Voting Instruction Form/Proxy will not be sent; please retain your current one for voting purposes.

The Corporation will only provide paper copies of the Materials to shareholders who have standing instructions to receive, or for whom the Corporation has otherwise received a request to provide, paper copies of materials.

If you have any questions about our use of notice and access, please contact Computershare Investor Services Inc., toll-free in North America at 1-800-564-6253 or by email at service@computershare.com.

Securityholder Meeting Notice

PLEASE NOTE – YOU CANNOT VOTE BY RETURNING THIS NOTICE . To vote your securities you must vote by (i) telephone by calling 1-866-732-VOTE (8683), (ii) online at www.investorvote.com, or (iii) by mailing the enclosed Voting Instruction form/Proxy for receipt not later than 10:00 a.m. (Calgary time) on September 18, 2023 or not later than 48 hours (excluding Saturdays, Sundays and holidays) prior to or any adjournment(s) of the Meeting, using the enclosed Business Reply Envelope.

The resolutions to be voted on at the Meeting, as further described in the “ Part II - Annual and Special Meeting Business ” section of the Circular are listed below:

1. to fix the number of directors to be elected at the Meeting at six (6);

2. to elect directors of the Corporation to hold office until the next annual meeting of Shareholders or until their successors are elected or appointed;

3. to appoint Ernst & Young LLP, as independent auditors of the Corporation for the ensuing year, at a remuneration to be fixed by the board of directors;

4. to consider, and if deemed appropriate, to pass, with or without variation, an ordinary resolution approving the amendment and restatement of the Corporation's rolling up to 10% stock option plan;

5. to consider, and if deemed appropriate, to pass, with or without variation, an ordinary resolution approving option grants to the Corporation's independent directors to satisfy the requirements of the AIM Market of the London Stock Exchange plc and AIM Rules; and

6. to transact such other business as may properly come before the Meeting or any adjournment(s) or postponement thereof.