Arrow Exploration, the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, has announced the filing of its Interim Condensed (unaudited) Consolidated Financial Statements and Management's Discussion and Analysis ('MD&A') for the three months ended March 31, 2026, which are available on SEDAR (www.sedar.com) and will also be available shortly on Arrow's website at www.arrowexploration.ca.
Q1 2026 Highlights:
- Average corporate production of 4,715 boe/d (Q1 2025: 4,085 boe/d).
- Recorded $23.5 million of total oil and natural gas revenue, net of royalties, representing a 21% increase when compared to the same period in 2025 (Q1 2025: $19.5 million).
- Adjusted EBITDA(1) of $14.1 million, a 22% increase when compared to the same period in 2025 (Q1 2025: $11.5 million).
- Realized corporate oil operating netbacks(1) of $41.05/bbl.
- Cash position of $14.2 million at the end of Q1 2026.
- Q1 2026 operating cashflows of $13.6 million.
- Drilled three additional development wells in the Mateguafa Attic (M) field in the Tapir block
- Net income of $5.2 million.
(1)Non-IFRS measures - see "Non-IFRS Measures" section below
Post Period End Highlights:
- Drilled the Icaco-1 (IC-1) exploration well, which has resulted in a discovery of three oil bearing sands
- Spud the Icaco-2 (IC-2) appraisal well which will help delineate the pool and determine initial volumes and areal extent of each individual oil producing zone
- Drilled one additional Mateguafa Attic well (M-HZ12)
Cash Balance:
On May 1, 2026, the Company's cash balance was US$24 million. Arrow increased its cash balance while continuing capital expenditures and drilling activity demonstrating strong operating leverage and self-funded growth capability. This balance reflects a significant improvement in netbacks, due to higher crude oil prices and increases in the Company's production, even with continued capital expenditures.
Tapir Extension
The Company continues constructive engagement with authorities regarding the Tapir block extension and believes it is well positioned to secure the extension based on satisfaction all of the relevant requirements. Arrowwill keep the market updated on progress with its license extension discussions in future releases.
Upcoming Drilling
The Company has spud the IC-2 well, which is expected to be put on production over the coming weeks. Thereafter, the Company expects to continue drilling additional development wells at its Icaco field and recompletions in several Mateguafa Attic wells during Q2 2026.
Marshall Abbott, CEO of Arrow Exploration Corp., commented:
'The first quarter of 2026 has been very busy for Arrow. We completed additional development wells in the Mateguafa Attic and planned for the drilling the Icaco-1 exploration well, which proved very successful post period end. We are excited by the Icaco discovery and believe it could become a major production platform with a material impact on the Company."
'The focus for the remainder of 2026 will be to drill additional wells at the Icaco pad, drilling development wells on the Alberta Llanos and Carrizales Norte pads and numerous well recompletions to improve productivity in our currently most prolific fields.'
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Source: Arrow Exploration
