ARROW Exploration Corp. ('Arrow' or the 'Company') (TSXV: AXL) is pleased to announce that it has successfully negotiated an amendment and extension to its US$5 million promissory note with Canacol Energy Ltd. ('Canacol') (the 'Amended Note').

Under terms of the Amended Note, Arrow has agreed to appoint Mr. Anthony Zaidi, VP of Business Development and General Counsel at Canacol, to the Board of Directors of Arrow to fill an existing vacancy, subject to regulatory approvals including the TSX Venture Exchange.

Revised Canacol Promissory Note Terms

Arrow and Canacol have agreed to a third amendment and extension to the existing US$5 million Canacol promissory note, effective December 31, 2019. Under terms of the Amended Note, as more fully described below, repayment of the principal and accrued and outstanding interest, which now total US$5.6 million, has been deferred an additional six months to commence on April 1, 2021 with the outstanding interest to be paid in full at that time and the principal to be fully paid in six monthly installments by September 1, 2021. The Amended Note provides Arrow with additional flexibility to manage its long-dated payables while the strategic alternatives process progresses, with support from Arrow's financial advisor, Stifel FirstEnergy.

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'.

Contact:

Tel: (403) 237-5700

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 forwardlooking statements contained in this news release reflect several material factors and expectations and assumptions of Arrow, including without limitation: approval by regulatory authorities including the TSX Venture Exchange for Mr. Anthony Zaidi's appointment to the Arrow Board of Directors; potential of Arrow's Colombian assets to offer high potential growth and Arrow's business plan to expand oil 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.

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