Highlights
Production as of
453 bbl/s oil production from Colombian portfolio
868 boe/d gas production from Canadian portfolio
Organic growth opportunities advancing, with the RCE-2 well on the Tapir Block,
Acquisition market remains robust, with the Company continuing to evaluate numerous opportunities
Oil Production
The Company's
Based on prevailing Brent Crude oil prices, Arrow expects its Colombian oil assets to generate approximately
Upcoming Drilling
The Company continues to advance towards drilling the RCE-2 well on the Tapir Block. The partners on the Tapir Block (Arrow 50% : PetrolCo 50%) are undertaking the community socialization process, the procurement of supplies and services, as well as tenders for a drilling rig. Site preparations are expected to commence in the coming weeks.
Arrow expects the RCE-2 well to spud during the second week of
While preparations for drilling the subsequent RCE-3 well are at an earlier stage, Arrow expects the RCE-3 to spud during
The Company expects to provide a further update once more exact dates for the spudding of the RCE-2 and RCE-3 wells are confirmed.
As announced on
West Pepper has continued to perform according to the Company's expectations, and following natural declines from the initial flush production levels, as of
The Company is benefiting from currently robust natural gas prices in
Based on prevailing AECO natural gas prices Arrow expects West Pepper to generate approximately
As a result of the prevailing robust natural gas prices in
Acquisition Opportunities
Arrow's management continues to evaluate numerous acquisition opportunities in
2021 Year-End Reserves
The Company has retained the services of
Contact:
Tel: +1 403 651 5995
About
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.
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