Mr. Marshall Abbott reports

ARROW ANNOUNCES GRANT OF STOCK OPTIONS AND TOTAL VOTING RIGHTS (TVR) UPDATE

Arrow Exploration Corp. has granted stock options and provides a TVR (total voting rights) update.

Stock option grant

The company has granted one million stock options to Ian Langley (director), pursuant to the company's stock option 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 per cent of the number of issued and outstanding common shares in the company from time to time.

The options have a strike price of 33 cents and vest in thirds on each of the first, second and third anniversaries of grant. The options expire six months from vesting. Following these grants, the company shall have a total 20,865,000 options issued under the plan.

Total voting rights (TVR)

The company issued 5,594,944 common shares in the month of September 2023 pursuant to the exercise of warrants issued at the company's offering in October, 2021. All of the new common shares issued during the month were issued under the company's existing block listing entitlement.

Following the issue of the new common shares, the issued share capital of the company comprises 245,526,041 common shares with one vote per share. This figure can be used by shareholders as the denominator for the calculations by which to determine if they are required to notify their interest in or a change to their interest in the company under the FCA's (Financial Conduct Authority) disclosure and transparency rules. Additionally and as at the end of September, 2023, the company still has 40,713,307 warrants outstanding to be exercised until October and November of this year.

About Arrow Exploration Corp.

Arrow Exploration (operating in Colombia through a branch of its 100-per-cent-owned subsidiary Carrao Energy SA) is a publicly traded company with a portfolio of premier Colombian oil assets that are underexploited and underexplored 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 basins. 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. By way of a private commercial contract with the recognized interest holder before Ecopetrol SA, Arrow is entitled to receive 50 per cent of the production from the Tapir block. The formal assignment to the company is subject to Ecopetrol's consent. Arrow's seasoned team is led by a hands-on executive team supported by an experienced board. Arrow is listed on the AIM (Alternative Investment Market) of the London Stock Exchange and on TSX Venture Exchange under the symbol AXL.

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