Arrow Exploration Announces Filing of 2020 Year-End Audited Financial Statements, MD&A, and Reserve Report
Calgary, Alberta--(Newsfile Corp. - April 27, 2021) - ARROW Exploration Corp. (TSXV: AXL) ("Arrow" or the "Company") is pleased to announce the filing of its 2020 year-end audited Financial Statements and MD&A, and the filing of its 2020 year-end reserve report, all of which are available on SEDAR (www.sedar.com).
FINANCIAL AND OPERATING HIGHLIGHTS
|(in United States dollars, except as otherwise noted)||Three months ended December 31, 2020||Year ended December 31, 2020||Three months ended December 31, 2019||Year ended December 31, 2019|
|Total natural gas and crude oil revenues, net of royalties||368,139||5,320,565||5,585,531||25,440,370|
|Funds flow from (used in) operations (1)||(1,535,047)||(4,006,609)||(165,879)||3,281,216|
|Per share - basic ($) and diluted ($)||(0.02)||(0.06)||(0.00)||0.05|
|Net income (loss)||(7,953,001)||(32,233,092)||(2,089,036)||(5,976,895)|
|Per share - basic ($) and diluted ($)||(0.12)||(0.47)||(0.03)||(0.09)|
|Adjusted EBITDA (1)||(1,210,966)||(2,903,782)||(126,893)||5,206,566|
|Weighted average shares outstanding - basic and diluted||68,674,602||68,674,602||68,674,602||68,674,602|
|Common shares end of period||68,674,602||68,674,602||68,674,602||68,674,602|
|Cash and cash equivalents||11,473,204||11,473,204||1,085,655||1,085,655|
|Working capital (deficit) (1)||(1,932,940)||(1,932,940)||(2,863,641)||(2,863,641)|
|Long-term portion of restricted cash (2)||460,283||460,283||449,288||449,288|
|Natural gas and crude oil production, before royalties|
|Natural gas (Mcf/d)||442||530||531||623|
|Natural gas liquids (bbl/d)||5||6||6||6|
|Crude oil (bbl/d)||62||367||1,502||1,671|
|Operating netbacks ($/boe) (1)|
|Natural gas ($/Mcf)||$1.05||$0.51||$0.25||($0.43)|
|Crude oil ($/bbl)||($98.26)||$2.85||$13.95||$21.22|
(1)Non-IFRS measures - see "Non-IFRS Measures" section within the MD&A
(2)Long term restricted cash not included in working capital
2020 Year-End Reserves
Arrow has also filed, on SEDAR, the Company's Statement of Reserves Data and Other Oil and Gas Information, Report on Reserves Data by Independent Qualified Reserves Evaluator, and Report of Management and Directors on Oil and Gas Disclosure for the year ended December 31, 2020, as required by section 2.1 of National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities (together, the "Reserve Report").
To recap, the Company's Year-End 2020 Company Gross Reserves Highlights include:
- 2,930 Mboe of Proved Reserves ("1P Reserves");
- 7,034 Mboe of Proved plus Probable Reserves ("2P Reserves");
- 10,480 Mboe of Proved plus Probable plus Possible Reserves ("3P Reserves")1;
- 1P Reserves estimated net present value before income taxes of US$9.6 million calculated at a 10% discount rate;
- 2P Reserves estimated net present value before income taxes of US$34.3 million calculated at a 10% discount rate; and
- 3P Reserves estimated net present value before income taxes of US$63.8 million calculated at a 10% discount rate.
Arrow refers readers to the Company's press release of March 15th, 2021 for additional details, as well as to the Reserve Report filed on SEDAR.
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:
Chief Executive Officer
VP Corporate Development & Investor Relations
Neither 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.
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 and/or Canadian assets (or any of them individually), the prices of oil and/or natural gas, and Arrow's business plan to expand oil and gas 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.
Not for distribution to U.S. news wire services or dissemination in the United States.
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