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Arrow Exploration Corp. (AXL.V)

TSXV - TSXV Real Time Price. Currency in CAD
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0.03000.0000 (0.00%)
As of 2:37PM EDT. Market open.
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Previous Close0.0300
Open0.0300
Bid0.0300 x 0
Ask0.0350 x 0
Day's Range0.0300 - 0.0300
52 Week Range0.0200 - 0.2600
Volume432
Avg. Volume26,744
Market Cap2.06M
Beta (5Y Monthly)2.57
PE Ratio (TTM)N/A
EPS (TTM)-0.3830
Earnings DateNov. 28, 2019
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est0.74
  • Arrow Exploration Announces Bridge Loan
    GlobeNewswire

    Arrow Exploration Announces Bridge Loan

    CALGARY, Alberta, Oct. 22, 2020 (GLOBE NEWSWIRE) -- ARROW Exploration Corp. (“Arrow” or the “Company”) (TSXV:AXL) announces that its subsidiary, Carrao Energy S.A. (“Carrao”), has entered into an agreement with respect to a bridge loan (the “Bridge Loan”), the proceeds of which will assist the Company in meeting its near-term financial obligations and provide it with additional working capital as it moves towards the anticipated closing of the sale (the “Transaction”) of the LLA-23 Block (please refer to the Company’s press release of August 24, 2020). The key terms of the Bridge Loan are summarized below. * The Bridge Loan is in the amount of US$500,000, and has been provided by Colombia Energy Development Co. (“CEDCO”), an affiliate of COG Energy Ltd., which is the purchaser of the LLA-23 Block; * The Bridge Loan provides the Company with additional funds to meet its near-term financial obligations and working capital requirements; * The Bridge Loan has an annual interest rate of 6.0%, with interest payable monthly; * The Bridge Loan has a one-time arrangement fee of 5.0% of the gross amount, deductible from the sale proceeds to be received pursuant to the Transaction; * The Bridge Loan has no equity warrants, production participation, or any other such “return enhancement” features; * The Bridge Loan shall be repayable upon the earliest of: (i) the closing of the Transaction, or (ii) the receipt by Carrao or by Samaria Llanos Exploration (“Samaria”), an indirect subsidiary of Arrow, of certain Value-Added Tax (“VAT”) refunds in Colombia, or (iii) where the closing of the Transaction is delayed after December 31, 2020 or does not occur, or where the Transaction is terminated, either in cash or through the delivery of an equivalent value of crude oil produced from the LLA-23 Block and the Tapir Block; and * The Bridge Loan is a senior secured obligation of Carrao and Samaria, but is subordinated to the promissory note held by Canacol Energy Ltd.The Bridge Loan was unanimously approved by the Company’s Board of Directors.About ARROW Exploration 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 under-exploited, 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 TSX Venture Exchange under the symbol “AXL”.For further information contact: Marshall Abbott Chief Executive Officer mabbott@arrowexploration.ca (403) 651-5995Neither the TSX Venture Exchange (TSXV) nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. 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. 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.

  • GlobeNewswire

    Arrow Exploration Confirms Issuance of Stock Options

    CALGARY, Alberta, Sept. 30, 2020 (GLOBE NEWSWIRE) -- ARROW Exploration Corp. (“Arrow” or the “Company”) (TSXV:AXL) announces the issuance of 3,944,000 stock options (“Options”) pursuant to the Company’s Stock Option Plan (the “Plan”). 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 the enhancement of shareholder value. Under the Plan, the Company is able to issue Options to a maximum of 10% of the number of issued and outstanding common shares in the Company from time to time.The Options have a strike price of CAD$0.05 and have various expiries ranging from March 20, 2030 to June 18, 2030. The Options vest in thirds, with one third vesting upon each of the first, second and third anniversaries of issuance. The Options were issued to a director and to certain officers of the Company pursuant to the Plan.The Options reflect a strike price that is consistent with the minimum requirements of the TSX Venture Exchange in that respect and have been issued in place of the previously proposed Options issuance (as originally announced by the Company on May 23, 2020). The grant of the Options is subject to regulatory approval.About ARROW Exploration 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 under-exploited, 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 TSX Venture Exchange under the symbol “AXL”.For further information contact: Marshall Abbott Chief Executive Officer mabbott@arrowexploration.ca  (403) 651-5995Neither the TSX Venture Exchange (TSXV) nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. 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. 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.

  • GlobeNewswire

    Arrow Exploration Announces Second Quarter 2020 Financial and Operating Results

    CALGARY, Alberta, Aug. 27, 2020 (GLOBE NEWSWIRE) -- ARROW Exploration Corp. (“Arrow” or the “Company”) (TSXV: AXL) is pleased to announce the filing of its unaudited Financial Statements and MD&A for the quarter-ended June 30th, 2020, which are available on SEDAR (www.sedar.com). FINANCIAL AND OPERATING HIGHLIGHTS(in United States dollars, except as otherwise noted)Three months ended June 30, 2020Six months ended June 30, 2020Three months ended June 30, 2019 Total natural gas and crude oil revenues, net of royalties                  896,011  4,744,491  7,525,728       Funds flow from (used in) operations (1) (1,345,899) (1,376,224)965,570  Per share – basic ($) and diluted ($)                      (0.02) (0.02)0.01       Net income (loss)               3,168,919   (22,889,346)(857,740) Per share – basic ($) and diluted ($)                        0.05   (0.33)(0.01) Adjusted EBITDA (1)                (946,363) (601,842)1,952,816  Weighted average shares outstanding – basic and diluted             68,674,602  68,674,602  68,674,602  Common shares end of period             68,674,602  68,674,602  68,674,602  Capital expenditures                  180,795  180,795  4,171,680  Cash and cash equivalents                  238,247  238,247  844,983  Current Assets               5,572,191  5,572,191  10,725,489  Current liabilities             15,730,805  15,730,805  18,800,186  Working capital (deficit) (1) (10,158,614) (10,158,614)(8,074,697) Long-term portion of restricted cash (2)                  437,412  437,412  1,455,985  Total assets             47,386,940  47,386,940  76,333,739       Operating         Natural gas and crude oil production, before royalties    Natural gas (Mcf/d)545 523 677  Natural gas liquids (bbl/d)6 6 5  Crude oil (bbl/d)321 696 1,741  Total (boe/d)418 788 1,859       Operating netbacks ($/boe) (1)    Natural gas ($/Mcf)(0.17)(0.06)(1.19) Crude oil ($/bbl)(7.18)11.64  27.51  Total ($/boe)(5.57)10.36  25.40  (1)Non-IFRS measures – see “Non-IFRS Measures” section within the MD&A (2)Long term restricted cash not included in working capitalMarshall Abbott, CEO of Arrow commented, “The second quarter of 2020 saw the continuation of significant challenges for the international oil & gas industry, following the outbreak of the COVID-19 pandemic in the first quarter. Arrow continued to face many of these same challenges in the second quarter, including lower crude oil prices as a result of reduced global oil demand.”Mr. Abbott continued, “As discussed in our first quarter results, at our LLA-23 block production rates over the past several months have been negatively impacted by lower oil prices, in addition to well-specific issues. As a result of these and other factors, following the end of the second quarter we made the difficult decision to temporarily shut-in production on the LLA-23 block. As announced on August 24th, 2020, we have entered into an agreement to sell the LLA-23 block to COG Energy Ltd., which marks a significant step forward in our strategic alternatives process.”Mr. Abbott further commented, “Production from the Tapir Block has also been shut-in, and management continues to take the steps necessary to re-start production from that asset. Production at Ombu (Arrow holds 10%) remains shut-in pending further recovery of oil prices.”About ARROW Exploration 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 under-exploited, 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 TSX Venture Exchange under the symbol “AXL”.For further information contact: Marshall Abbott Chief Executive Officer mabbott@arrowexploration.ca (403) 651-5995Neither the TSX Venture Exchange (TSXV) nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.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 assets to resume production, and Arrow’s business plan to expand oil 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.