Arrow Exploration Corp.

Share Issue/Capital Change • Jun 10, 2022

National Storage Mechanism | Additional information

RNS Number : 4083O

Arrow Exploration Corp.

10 June 2022

NOT FOR RELEASE, DISTRIBUTION, PUBLICATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

10 June 2022

ARROW ANNOUNCES ISSUANCE OF STOCK OPTIONS AND FILING OF AGM MATERIALS

CALGARY, June 10, 2022 - Arrow Exploration Corp. (AIM: AXL; TSXV: AXL) ("Arrow" or the "Company"), announces the issuance of a total of 2,300,000 stock options ("Options"), pursuant to the Company's Stock Option Plan ("the Plan") to certain Directors and senior management, as detailed below.

The Plan is intended to assist in attracting, retaining, engaging, and rewarding directors, officers, employees, and consultants of the Company, provide additional incentive to these people for their efforts on behalf of the Company, and to align with shareholder interests. Under the Plan, the Company can issue Options to a maximum of 10% of the number of issued and outstanding common shares in the Company from time to time.

Included in the total issuance of Options above, the following have been awarded to directors/PDMRs:

Name	Role	Options issued	Vesting	Expiry
Marshall Abbott	CEO & Director	400,000	1/3 yr 1, 1/3 yr 2, 1/3 yr 3	6 months after vest date
Phil Miller	Senior VP Exploration	900,000	1/3 yr 1, 1/3 yr 2, 1/3 yr 3	6 months after vest date

The Options issued have an exercise price of CAD$ 0.28, the closing market price of the Company's common shares trading on the TSX Venture Exchange on June 9, 2022. The Options vest in thirds, with one third vesting upon each of the first, second and third anniversaries of issuance, and expire on six (6) months after vesting. The grant of the Options is subject to regulatory approval. Following the issuance of these Options, the Company shall have a total of 15,845,000 options issued under the Plan.

AGM Materials

The Company is pleased to announce materials related to the Annual and Special Meeting of Shareholders have been filed, fulfilling all related regulatory requirements.

Materials for the Annual and Special Meeting of Shareholders will be mailed no later than June 17, 2022 to Arrow Exploration Corp. shareholders of record as at June 9, 2022.  The materials related to the Annual and Special Meeting of Shareholders are also available on SEDAR at www.sedar.com and the Company's website at www.arrowexploration.ca.

For further Information, contact:

Arrow Exploration
Marshall Abbott, CEO	+1 403 651 5995
Joe McFarlane, CFO	+1 403 818 1033
Brookline Public Relations, Inc. Shauna MacDonald	+1 403 538 5645
Canaccord Genuity (Nominated Advisor and Joint Broker)
Henry Fitzgerald-O'Connor James Asensio Gordon Hamilton	+44 (0)20 7523 8000
Auctus Advisors (Joint Broker)
Jonathan Wright (Corporate)	+44 (0)7711 627449
Rupert Holdsworth Hunt (Broking)
Camarco (Financial PR)
James Crothers	+44 (0)20 3781 8331
Rebecca Waterworth
Billy Clegg

About Arrow Exploration Corp.

Arrow Exploration Corp. (operating in Colombia via a branch of its 100% owned subsidiary Carrao Energy S.A.) is a publicly traded company with a portfolio of premier Colombian oil assets that are underexploited, under-explored and offer high potential growth. The Company's business plan is to expand oil production from some of Colombia's most active basins, including the Llanos, Middle Magdalena Valley (MMV) and Putumayo Basin. The asset base is predominantly operated with high working interests, and the Brent-linked light oil pricing exposure combines with low royalties to yield attractive potential operating margins. Arrow's 50% interest in the Tapir Block is contingent on the assignment by Ecopetrol SA of such interest to Arrow. Arrow's seasoned team is led by a hands-on executive team supported by an experienced board. Arrow is listed on the AIM market of the London Stock Exchange and on TSX Venture Exchange under the symbol "AXL".

Details of the person discharging managerial responsibilities / person closely associated

Name

1.    Marshall Abbott

2.    Phil Miller

Reason for the notification

Position/status

Director (1.)

PDMR (non-director) (2.)

Initial notification / Amendment

Initial notification

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Name

Arrow Exploration Corp.

LEI

9845000FDF0856QD9031

Details of the transaction(s): section to be repeated for (i) each type of instrument: (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conduct

Description of the Financial instrument, type of instrument identification code

Options to subscribe for common shares of nil par value (ISN:CA04274P1053)

Nature of the Transaction

Grant of Options

Price(s) and volume(s)

Name	Exercise Price	Options
Marshall Abbott		400,000
Phil Miller		900,000

Aggregated information

N/A

Date of the transaction

June 9, 2022

Place of the transaction

Outside a trading venue

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCFFFIVRVIAIIF