Arrow Announces Record Production and IC-8, IC-7 Well Results

Total production over 6,500 BOE/D

Calgary, Alberta–(Newsfile Corp. – October 22, 2026) – Arrow Exploration Corp. (AIM: AXL) (TSXV: AXL) (“Arrow” or the “Company“), the high-growth operator with a portfolio of assets across key Colombian and Canadian hydrocarbon basins, is pleased to provide 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 boe/d, 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 October 1, 2026, the Company’s estimated cash balance is over US$28 million. 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 spud September 21, 2026 and reached total depth October 3, 2026. The well was drilled to a measured depth of 11,000 feet (7,384 feet total vertical depth). The IC-8-ST-1 well encountered 72 feet MD ( 23 feet TVD) of net pay in the Carbonera C7 formation (“C7”), 20 feet MD ( 6 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 October 12, 2026, and is currently producing from the Carbonera C7 formation at a restricted rate of approximately 1,204 BOPD gross (602 BOPD net), with a 27/128 choke and 32 Hz pump frequency. The oil quality is 28.2° API and there is a 33% water cut. The well is continuing to clean up.

Icaco-7 Well

The Icaco 7 well was spud September 1, 2026 and reached total depth September 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 (“C7”) and 256 feet MD ( 57 feet TVD) of net pay in the Ubaque formation.

The IC-7 well was brought on production September 20, 2026, and is currently producing from the Ubaque formation at a restricted rate of approximately 248 BOPD gross (124 BOPD net), with a 20/128 choke and 44 Hz pump frequency. The oil quality is 13.2° API and there is a 31% water cut.

Forward Drilling Plans

Icaco HZ9 (IC-HZ9) well was spud October 13, 2026, and completed drilling October 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, CEO 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 multi-zone 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 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 underexploited, 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. By way of a private commercial contract with the recognized interest holder before Ecopetrol S.A., Arrow is entitled to receive 50% 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 market of the London Stock Exchange and on TSX Venture Exchange under the symbol “AXL”.

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. The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of Arrow, including without limitation, Arrow’s evaluation of the impacts of COVID-19, the potential of Arrow’s Colombian and/or Canadian assets (or any of them individually), the prices of oil and/or natural gas, and Arrow’s business plan to expand oil and gas production and achieve attractive potential operating margins. Arrow believes the 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. 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Qualified Person’s Statement

The technical information contained in this announcement has been reviewed and approved by Nilanjan Ganguly, Chief Geophysicist of Arrow Exploration Corp. Mr. Ganguly is a member of the Canadian Society of Petroleum Geophysicists, holds a Masters of Science in Geophysics from the University of Victoria and has over 22 years’ experience in the oil and gas industry.

This announcement contains inside information for the purposes of the UK version of the market abuse regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (“UK MAR“).

Glossary

API – American Petroleum Institute gravity, a measure of the density of petroleum liquids

BOE/D – Barrels of oil equivalent per day

BOPD – Barrels of oil per day

Hz – Hertz

MD – Measured depth

Net pay – The thickness of reservoir containing economically producible hydrocarbons

TVD – True vertical depth

Water cut – The proportion of total produced liquids comprising water

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