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Arrow Announces PDMR Exercise of Options

Calgary, Alberta--(Newsfile Corp. - April 2, 2024) - Arrow Exploration Corp. (AIM: AXL) (TSXV: AXL), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, announces the exercise of options by two Directors.

Arrow announces that the following directors exercised 416,667 options for common share of no par value ("Common Share"). A summary of the options exercised is as follows:


Options Exercised

Strike Price

Market Price at
Exercise

Ravi Sharma

83,334

CAD 0.26

CAD 0.40

Grant Carnie

333,333

CAD 0.26

CAD 0.40

Total

416,667



 

The option exercise was accepted by the Company on March 28, 2024. The options, some of which were set to expire immediately, were exercised at this time as the Company is expected to have limited periods in which Directors would be able to exercise options. The options have been exercised on a "cashless" basis. Under the terms of the Company's share option plan approved at the Company's AGM on 20 September 2023, this 'cashless' method results in the Company paying the option holder the value of the option (market price less strike price) from cash reserves. Accordingly, no new shares were issued for the option exercise.

ADVERTISEMENT

Following the exercise of the options referred to above, there has been no change in the shareholding of the Directors. Mr. Sharma holds 13,370 Common Shares (representing 0.34 per cent of the issued Common Shares) and Mr. Carnie does not own any shares of the Company.

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
George Grainger
+44 (0)20 7523 8000

Auctus Advisors (Joint Broker)

Jonathan Wright (Corporate)
Rupert Holdsworth Hunt (Broking)
+44 (0)7711 627449

Camarco (Financial PR)

Andrew Turner
Rebecca Waterworth
+44 (0)20 3781 8331

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".

Forward-Looking Statements

This news release contains certain statements or disclosures relating to Arrow that are based on the expectations of its management as well as assumptions made by and information currently available to Arrow which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that Arrow anticipates or expects may, could or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words "continue", "expect", "opportunity", "plan", "potential" and "will" and similar expressions. The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of Arrow, including without limitation, Arrow's evaluation of the impacts of COVID-19, the potential of Arrow's Colombian and/or Canadian assets (or any of them individually), the prices of oil and/or natural gas, and Arrow's business plan to expand oil and gas production and achieve attractive potential operating margins. Arrow believes the expectations and assumptions reflected in the forward-looking statements are reasonable at this time, but no assurance can be given that these factors, expectations, and assumptions will prove to be correct.

The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Details of the person discharging managerial responsibilities / person closely associated

Name

Ravi Sharma

Reason for the notification

Position/status

Director

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 conducted

Description of the financial instrument, type of instrument
Identification code

Common Shares of nil par value

ISIN: CA04274P1053

Nature of the transaction

Cashless exercise of options

Price(s) and volume(s)


Exercise





Name

Exercise price

Options




Ravi Sharma

CAD 0.26

83,334


Aggregated information

N/A

Date of the transaction

28 March 2024

Place of the transaction

Outside a trading venue

 

Details of the person discharging managerial responsibilities / person closely associated

Name

Grant Carnie

Reason for the notification

Position/status

Director

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 conducted

Description of the financial instrument, type of instrument
Identification code

Common Shares of nil par value

ISIN: CA04274P1053

Nature of the transaction

Cashless exercise of options

Price(s) and volume(s)


Exercise





Name

Exercise price

Options




Grant Carnie

CAD 0.26

333,333


Aggregated information

N/A

Date of the transaction

28 March 2024

Place of the transaction

Outside a trading venue

 

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/203883