Mr. Marshall Abbott reports

ARROW'S EXERCISE OF WARRANTS AND TOTAL VOTING RIGHTS

Pursuant to the receipt of notices for the exercise of warrants issued in October, 2021, Arrow Exploration Corp. has issued 2,333,026 new common shares of no par value.

Of the 2,333,026 new common shares, 2,086,293 have been issued under the company's block listing filed in May, 2023. An application has been made for the remaining 250,733 new common shares to be admitted to trading on the Alternative Investment Market. It is expected that admission of the 250,733 common shares not included in the block listing will occur on Oct. 27, 2023.

Following the issue under the block listing and the admission of the new common shares, the issued share capital of the company will comprise 285,864,348 common shares with one vote per share. This figure may be used as the denominator for the calculations by which shareholders will determine if they are required to notify their interest in, or a change to, their interest in the share capital of the company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. Additionally, as of today, the company still has 375,000 warrants outstanding to be exercised until 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 and Putumayo. 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 Exploration 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 Exploration's seasoned team is led by a hands-on executive team supported by an experienced board. Arrow Exploration is listed on the AIM market of the London Stock Exchange and on the TSX Venture Exchange under the symbol AXL.

We seek Safe Harbor.