Mr. Marshall Abbott reports

ARROW ANNOUNCES RECORD PRODUCTION AND IC-HZ9 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-per-cent beneficial interest.

Icaco-HZ9 well

The Icaco HZ9 (IC-HZ9) well was spudded on Oct. 13, 2026, and reached total depth on Oct. 20, 2026. The well was drilled to a measured depth of 11,630 feet (6,448 feet total vertical depth). The IC-HZ9 well was completed with 950 feet within a horizontal pay zone, the Carbonera C7 formation (C7).

The IC-HZ9 well was brought on production Nov. 6, 2026, and is currently producing from the Carbonera C7 formation at a restricted rate of approximately 2,400 barrels of oil per day gross (1,200 BOPD net), with a 46/128ths-inch choke and 37-hertz pump frequency. The oil quality is 30 degrees API and there is a 26-per-cent water cut. The well is continuing to clean up.

The ultimate flow rate will be determined in the first few weeks of production.

Initial production results are not necessarily indicative of long-term performance or ultimate recovery.

Production

Current total corporate production is over 7,000 barrels of oil equivalent per day, including production from IC-HZ9. 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 Nov. 1, 2026, the company's estimated cash balance is over $35-million (U.S.). The company continues to experience strong field prices and is benefiting from the current high oil price environment, which is contributing to its healthy balance sheet and cash position.

Forward drilling plans

Icaco HZ10 (IC-HZ10) well was spudded Nov. 8, 2026. IC-HZ10 is a horizontal well targeting the Ubaque formation. After the IC-HZ10 well is put on production, the company plans to drill additional C7 and Ubaque horizontal wells at Icaco.

Marshall Abbott, chief executive officer of Arrow commented: "Corporate production of 7,000 boe/d is a new company record that we are very proud of. The multizone quality of the Icaco discovery and its commensurate production rates show that the Icaco field is a material addition to Arrow. Icaco has outperformed management expectations in production rates and estimated ultimate oil recoveries. The company plans to drill additional horizontal wells in the C7 and Ubaque formations at Icaco through the remainder of 2026 and into 2027. Our proprietary exploration techniques have resulted in five discoveries at an 85-per-cent success rate that have, in turn, generated 55 development wells. We continue to add depth to our prospect inventory."

Tapir extension

"We are continuing to work with Colombian regulatory bodies on the extension of the Tapir block. Clearly, this is a priority going forward. The company has exceeded all work commitments and continues to engage all stakeholders."

Colombian investment climate

"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."

About Arrow Exploration Corp.

Arrow Exploration (operating in Colombia through a branch of its 100-per-cent-owned subsidiary, Arrow Exploration Switzerland GmbH) 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. Pursuant to certain private agreements entered between Arrow and its partner, Arrow is entitled to receive 50 per cent of the production from the Tapir block and has the right to request approval to Ecopetrol SA for the assignment of 50 per cent of all rights, interests and obligations under the Tapir association contract. 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 registered member of the Association of Professional Engineers and Geoscientists of Alberta (APEGA), holds a master of science in geophysics from the University of Victoria, and has over 25 years of experience in the oil and gas industry.

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