Mr. Marshall Abbott reports

ARROW ANNOUNCES EXERCISE OF STOCK OPTIONS

Arrow Exploration Corp. has provided an update on the exercise of stock options by certain directors and persons discharging managerial responsibilities (PDMRs).

Stock option exercise

On Sept. 28, 2026, the company accepted exercising notices from holders who elected to use a cashless exercise of options. Using this method, which is permissible under the terms of the company's share option plan, as approved by a resolution of shareholders on Sept. 18, 2026, the company pays the optionholder the value of the option (volume-weighted average trading price less strike price) from cash reserves. Accordingly, no new shares were issued in connection with the option exercise.

A summary of the options exercised is as follows.

About Arrow Exploration Corp.

Arrow Exploration (operating in Colombia through a branch of its 100-per-cent-owned subsidiary, Arrow Exploration Switzerland GmbH) 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. Pursuant to certain private agreements entered into between Arrow and its partner, Arrow is entitled to receive 50 per cent of the production from the Tapir block and has the right to request approval to Ecopetrol SA for the assignment of 50 per cent of all rights, interests and obligations under the Tapir association contract. Arrow is listed on the Alternative Investment Market of the London Stock Exchange and on the TSX Venture Exchange under the symbol AXL.

We seek Safe Harbor.