Mr. Marshall Abbott reports

ARROW ANNOUNCES RECORD PRODUCTION AND IC-8, IC-7 WELL RESULTS

Arrow Exploration Corp. has provided an update on operational activity at the Icaco field on the Tapir block in the Llanos basin of Colombia, where Arrow holds a 50 percent beneficial interest.

Production

Current total corporate production is over 6,500 barrels of oil equivalent per day, including production from Icaco 8 (IC-8) and Icaco 7 (IC-7). This is a record-high production rate for the company and reflects recent drilling successes from the Icaco pad. Arrow believes it can continue to grow production from its prospect-rich inventory.

Cash balance

As of Oct. 1, 2026, the company's estimated cash balance is over $28-million (U.S.). The company continues to enjoy a strong balance sheet while growing production and associated cash balance.

Icaco-8 well

The Icaco 8-ST-1 well was spudded Sept. 21, 2026, and reached total depth Oct. 3, 2026. The well was drilled to a measured depth (MD) of 11,000 feet (7,384 feet total vertical depth (TVD)). The IC-8-ST-1 well encountered 72 feet MD ( 23 feet TVD) of net pay in the Carbonera C7 formation, 20 feet MD (six feet TVD) of net pay in the Guadalupe formation, 30 feet MD (10 feet TVD) of net pay in the Lower Gacheta and 85 feet MD (30 feet TVD) of net pay in the Ubaque formation.

The IC-8 well was brought on production Oct. 12, 2026, and is currently producing from the Carbonera C7 formation at a restricted rate of approximately 1,204 barrels of oil per day gross (602 barrels of oil per day net), with a 27/128ths choke and 32-hertz pump frequency. The oil quality is 28.2 degrees API and there is a 33-per-cent water cut. The well is continuing to clean up.

Icaco-7 well

The Icaco 7 well was spudded Sept. 1, 2026, and reached total depth Sept. 7, 2026. The well was drilled to a measured depth of 13,000 feet (7,347 feet total depth). The IC-7 well encountered 86 feet MD (15 feet TVD) of net pay in the Carbonera C7 formation and 256 feet MD ( 57 feet TVD) of net pay in the Ubaque formation.

The IC-7 well was brought on production Sept. 20, 2026, and is currently producing from the Ubaque formation at a restricted rate of approximately 248 barrels of oil per day gross (124 barrels of oil per day net), with a 20/128ths choke and 44-hertz pump frequency. The oil quality is 13.2 degrees API and there is a 31-per-cent water cut.

Forward drilling plans

Icaco HZ9 (IC-HZ9) well was spudded Oct. 13, 2026, and completed drilling Oct. 20, 2026. IC-HZ9 is a horizontal well targeting the Carbonera C7 formation. This is the first horizontal well in the Carbonera reservoir in the Tapir block, and, to date, the well appears to have 950 feet of horizontal oil pay (measured depth).

Tapir extension

Arrow continues constructive discussions with regulatory bodies on the Tapir extension. The recent presidential election resulted in a forward-looking government that is pro-business. In line with President De La Espriella's vision to increase Colombia's oil and gas development, Arrow is looking forward to being a part of the president's vision.

Marshall Abbott, chief executive officer of Arrow, commented: "Arrow is very proud to surpass the 6,500 boe/d threshold. The additional production from drilling and workovers highlights the continued operational success the company has had on the Tapir block. The multizone quality of the Icaco discovery and its commensurate production rates have surpassed initial expectations.

"The IC-8 well illustrates the excellent results that are possible in all three producing zones at Icaco. The company has built 16 well cellars at Icaco and is continuing to drill Carbonera C7, Gacheta and Ubaque wells on the Icaco pad.

"The company continues to experience strong netbacks in this high-oil-price environment. This adds significant value and materially strengthens our balance sheet. We look forward to updating our shareholders on further progress at Icaco over the coming months."

About Arrow Exploration Corp.

Arrow Exploration (operating in Colombia through a branch of its 100-per-cent-owned subsidiary Carrao Energy SA) is a publicly traded company with a portfolio of premier Colombian oil assets that are underexploited and underexplored 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 basins. 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. By way of a private commercial contract with the recognized interest holder before Ecopetrol SA, Arrow is entitled to receive 50 per cent of the production from the Tapir block. The formal assignment to the company is subject to Ecopetrol's consent. Arrow's seasoned team is led by a hands-on executive team supported by an experienced board. Arrow is listed on the AIM (Alternative Investment Market) of the London Stock Exchange and on TSX Venture Exchange under the symbol AXL.

Qualified person statement

The technical information contained in this announcement has been reviewed and approved by Nilanjan Ganguly, chief geophysicist of Arrow Exploration. Mr. Ganguly is a member of the Canadian Society of Petroleum Geophysicists, holds a master of science in geophysics from the University of Victoria, and has over 22 years of experience in the oil and gas industry.

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