CALGARY, Nov. 4, 2019 /CNW/ - ARROW Exploration Corp.
("Arrow" or the "Company") (TSXV: AXL) announces the postponement
of its Annual General and Special Meeting (the "Meeting"),
originally scheduled for December 4,
2019. Arrow has postponed the Meeting as and until the
Company completes a search for and appoints a permanent President
and Chief Executive Officer, following the recent resignation of
the incumbent, and determines the associated potential changes to
the Board. The Meeting will be rescheduled for a date on or prior
to March 21, 2020 in accordance with
the order of the Court of Queen's Bench of Alberta obtained on October 22, 2019, a copy of which has been filed
on Arrow's SEDAR profile at www.sedar.com, which granted an
extension beyond the date by which the Meeting would otherwise be
required to be held in accordance with applicable corporate law.
The Company will deliver a new notice of Meeting, and an
information circular and proxy to its shareholders in connection
with the Meeting.
Arrow's Board of Directors is in the process of considering and
evaluating candidates for a permanent President and Chief Executive
Officer. Mr. Jack Scott, Chief
Operating Officer, is currently acting as Interim President and
Chief Executive Officer of Arrow.
As previously disclosed, Arrow continues to work to secure a
corporate credit facility to support its growth plan 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; changes in legislation
and general economic conditions or conditions in the financial
markets that may affect its ability to hold the Meeting within the
time frame expected, or at all; and the Company's pursuit of a
credit facility.
The forward-looking statements contained in this news release
reflect several material factors and expectations and assumptions
of Arrow including, without limitation: that Arrow will be in a
position to hold the Meeting before March
21, 2020; 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.