CALGARY, Oct. 17, 2019 /CNW/ - ARROW Exploration
Corp. ("Arrow" or the "Company") (TSXV: AXL) announces that the
Board of Directors has accepted Mr. Bruce
McDonald's resignation from his role as President and Chief
Executive Officer and from the Board of Directors of Arrow
effective October 16, 2019.
Mr. Jack Scott, Chief Operating
Officer of Arrow, has been appointed by the Board of Directors as
interim President & Chief Executive Officer of Arrow effective
October 17, 2019, in addition to his
role as Chief Operating Officer. A search will be initiated
immediately for a new President and Chief Executive Officer.
Mr. Dominic Dacosta, Arrow
Chairman, said "The Board is truly grateful for the many valuable
contributions Bruce has made as the founder of the Company and for
his leadership in executing a series of formative transactions to
acquire its Colombian assets and complete a reverse takeover
transaction to secure a public listing in September 2018. We wish Bruce the very best in
his future endeavors."
Jack Scott, COO of Arrow
commented, "Our operational plan remains to focus on growing
production through the drill bit, building our drillable prospect
inventory and reducing costs by creating additional efficiencies
throughout the Company".
Arrow continues to pursue several initiatives which are
expected to reduce operating costs, including the recent
implementation of an improved water handling solution for the Rio
Cravo Este-1 ("RCE-1") well and purchasing rented oilfield
equipment. The improved water handling solution has reduced
operating costs for the RCE-1 well by approximately 30%. As
previously press released, Arrow has identified approximately
$4 million in oilfield equipment
capitalization opportunities which would have a positive impact on
operating costs once purchased. The Company plans to begin
capitalizing identified equipment in stages and is in discussions
with potential lenders to purchase the first stage of
equipment.
As previously disclosed, Arrow has been working to secure a
corporate credit facility to support its growth plan. The Company
continues to engage in discussions with various potential credit
facility providers and is evaluating alternative debt solutions in
the event the Company is unable to close the credit facility as
originally contemplated.
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 seasoned team is led by a hands-on and
in-country executive team supported by an experienced board.
Arrow is listed on the TSX Venture Exchange under the symbol
"AXL".
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.
Forward-looking Statements
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. In particular, but without limiting
the foregoing, this news release contains forward-looking
statements pertaining to the following: the Company's search for a
new President and Chief Executive Officer; Arrow's operational
plan; the expected benefits of certain initiatives in respect of
water handling and oilfield equipment purchases; the Company's
pursuit of a credit facility; Arrow's business plan and operating
margins.
The forward-looking statements contained in this news release
reflect several material factors and expectations and assumptions
of Arrow including, without limitation: current and anticipated
commodity prices and royalty regimes; availability of skilled
labour; timing and amount of capital expenditures; future exchange
rates; commodity prices; the impact of increasing competition;
general economic conditions; availability of drilling and related
equipment; receipt of partner, regulatory and community approvals;
royalty rates; future operating costs; effects of regulation by
governmental agencies; uninterrupted access to areas of Arrow's
operations and infrastructure; recoverability of reserves; future
production rates; timing of drilling and completion of wells;
pipeline capacity; that Arrow will have sufficient cash flow, debt
or equity sources or other financial resources required to fund its
capital and operating expenditures and requirements as needed; that
Arrow's conduct and results of operations will be consistent with
its expectations; that Arrow will have the ability to develop its
oil and gas properties in the manner currently contemplated;
current or, where applicable, proposed industry conditions, laws
and regulations will continue in effect or as anticipated; that the
estimates of Arrow's reserves and production volumes and the
assumptions related thereto (including commodity prices and
development costs) are accurate in all material respects; that
Arrow will be able to obtain contract extensions or fulfil the
contractual obligations required to retain its rights to explore,
develop and exploit any of its undeveloped properties; and other
matters.
Arrow believes the material factors, 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 including, without limitation: the
impact of general economic conditions; volatility in commodity
prices; industry conditions including changes in laws and
regulations including adoption of new environmental laws and
regulations, and changes in how they are interpreted and enforced;
competition; lack of availability of qualified personnel; Arrow's
ability to hire and retain a qualified management team, including a
new President and Chief Executive Officer; the results of
exploration and development drilling and related activities;
obtaining required approvals of regulatory authorities; risks
associated with negotiating with foreign governments as well as
country risk associated with conducting international activities;
commodity price volatility; fluctuations in foreign exchange or
interest rates; environmental risks; changes in income tax laws or
changes in tax laws and incentive programs; changes to pipeline
capacity; ability to secure a credit facility; ability to access
sufficient capital from internal and external sources; risk that
Arrow's evaluation of its existing portfolio of development and
exploration opportunities is not consistent with future results;
that production may not necessarily be indicative of long term
performance or of ultimate recovery; and certain other risks
detailed from time to time in Arrow's public disclosure documents
including, without limitation, those risks identified in Arrow's
annual information form, copies of which are available on Arrow's
SEDAR profile at www.sedar.com. Readers are cautioned that the
foregoing list of factors is not exhaustive and are cautioned not
to place undue reliance on these 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.
SOURCE ARROW Exploration Corp.