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Arrow Announces Issuance of Stock Options

V.AXL

Calgary, Alberta--(Newsfile Corp. - September 9, 2022) - Arrow Exploration Corp. (AIM: AXL) (TSXV: AXL) ("Arrow" or the "Company"), announces the issuance of a total of 2,250,000 stock options ("Options"), pursuant to the Company's Stock Option Plan ("the Plan") to certain Directors as detailed below.

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 shareholder interests. Under the Plan, the Company can 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.

Included in the total issuance of Options above, the following have been awarded to directors/PDMRs:

Name Role Options issued Vesting Expiry
Maria Charash Director 1,000,000 1/3 yr 1, 1/3 yr 2, 1/3 yr 3 6 months after vest date
Grant Carnie Director 1,000,000 1/3 yr 1, 1/3 yr 2, 1/3 yr 3 6 months after vest date
Ravi Sharma Director 250,000 1/3 yr 1, 1/3 yr 2, 1/3 yr 3 6 months after vest date

The Options issued have an exercise price of CAD $0.26, the closing market price of the Company's common shares trading on the TSX Venture Exchange on September 7, 2022. The Options vest in thirds, with one third vesting upon each of the first, second and third anniversaries of issuance, and expire on six (6) months after vesting. The grant of the Options is subject to regulatory acceptance. Following the issuance of these Options, the Company shall have a total of 18,095,000 options issued under the Plan.

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 +44 (0)20 7523 8000
James Asensio
Gordon Hamilton

Auctus Advisors (Joint Broker)
Jonathan Wright (Corporate) +44 (0)7711 627449
Rupert Holdsworth Hunt (Broking)

Camarco (Financial PR)
James Crothers +44 (0)20 3781 8331
Rebecca Waterworth
Billy Clegg

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".

Details of the person discharging managerial responsibilities / person closely associated
Name
  1. Maria Charash
  2. Grant Carnie
  3. Ravi Sharma
Reason for the notification
Position/status Director (1., 2., 3.)
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 Options to subscribe for common shares of nil par value (ISN:CA04274P1053)
Nature of the Transaction Grant of Options
Price(s) and volume(s)
Name Exercise Price Options
Maria Charash CAD$ 0.26 1,000,000
Grant Carnie CAD$ 0.26 1,000,000
Ravi Sharma CAD$ 0.26 250,000
Aggregated information N/A
Date of the transaction September 7, 2022
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/136445