Arrow Exploration : January 2021 Corporate Presentation

ARROW

EXPLORATION

Growing & Socially-ResponsibleColombia-Focused Oil Producer

TSXV: AXL

January 2021

Corporate Presentation

Unless stated otherwise, all dollar figures refer to US dollars	ARROW EXPLORATION CORP. (TSXV: AXL)

Disclaimer

Certain information included in this Presentation constitutes forward-looking information under applicable securities legislation. This information relates to future events or future performance of the Company. Forward-looking information are statements that are not historical facts and are often, but not always, identified using words or phrases such as "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "predict", "seek", "propose", "expect", "potential", "continue", "strategy", "target", "goal", "vision", "operational optimizations", "forward", "ongoing", "future", "prospect", "possible" , "outlook", "opportunity" and other similar expressions. In particular, but without limiting the foregoing, this Presentation contains forward-looking information pertaining to, among other things: Arrow's vision statement; production goals; netbacks; payback; 2019 exit; operating costs; reserve life index; drilling and exploration activity; workover program; prospect inventory; Arrow's assets; work plans; operational outlook; acquisition and disposition activity; 3D seismic programs and the prospectivity of the Company's asset.

By its nature, forward-looking information involves known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated. Such forward-looking information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Investors are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. These factors and risks include, without limitation: risks that all necessary regulatory and third party approvals will not be forthcoming; risks that the parties will not be able to identify appropriate risks associated with the oil and gas industry in general; commodity price and exchange rate fluctuations; changes in legislation affecting the oil and gas industry; uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures; risks related to social disruptions or community disputes in the Company's areas of operations; risks associated with geographically concentrated operations; risks related to guerilla activity and security concerns in Colombia which may disrupt the Company's operations; and risks related to the Company's dependency on various governmental authorities for obtaining and maintaining permits and licences related to its business and operations.

With respect to forward-looking information in this Presentation, the Company has made assumptions, regarding, among other things: shareholder and regulatory approvals for the Transactions and the receipt of those approvals; assumptions regarding success of optimization and efficiency improvement projects and the growth potential of certain of the Company's assets; the availability of capital; current legislation; current and future political support in Colombia regarding the oil and gas industry generally; and general economic conditions.

Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such statements are not guarantees of future performance and actual results may differ materially from those in statements of forward-looking information. Undue reliance should not be placed on forward-looking information because the Company can give no assurance that such expectations will prove to be correct and such statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements are made. Many factors could cause the Company's actual results, performance or achievements to vary from those described herein. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking information prove incorrect, actual results may differ materially from those described in this Presentation as intended, planned, anticipated, believed, estimated or expected.

OIL & GAS METRICS

This presentation contains metrics commonly used in the oil and natural gas industry, such as those set out below. These terms do not have standardized meanings or standardized methods of calculation and therefore may not be comparable to similar measures presented by other companies, and therefore should not be used to make such comparisons. Management uses oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare the Company's operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this presentation, should not be unduly relied upon. The following oil and gas metrics have the following meanings as used in this presentation:

Initial Production ("IP") Rates - a pressure transient analysis or well-test interpretation has not been carried out and thus certain of the IP results provided herein should be considered to be preliminary until such analysis or interpretation has been completed. Initial production rates disclosed herein may not necessarily be indicative of long term performance or of ultimate recovery.

Payback - the number of years or months required for a project to pay for itself. Future cash flows anticipated from an investment are subtracted from the initial investment without being discounted for the time value of money. When the sum of future undiscounted cash flows equals the amount of money invested, "Payout" has been achieved. The amount of time this takes to occur is the "Payout" of the investment. This is a useful measure for the Company and investors as it calculates the amount of time it is expected to take to have one's initial investment returned. Anticipated cash flows post "Payout" are defined as profit as the initial capital invested has already been paid back.

Rate of Return - the percentage rate at which the sum of the discounted future cash flows equals zero. Rate of Return is also known as "IRR" or Internal Rate of Return. Rate of Return is a useful calculation for the Company and investors as it allows similar potential investments to be compared prior to making an investment decision based on the amount and timing of future cash flows associated with a specific investment or group of investments.

Reserve Life Index - the amount in years of Proven or Proven plus Probable Reserves calculated by dividing the total amount of reserves in each category by current production.

ARROW EXPLORATION CORP. (TSXV: AXL)

PAGE 1

Disclaimer (continued)

In addition, statements relating to "reserves" and "resources" are deemed to be forward-looking information as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and can be profitably produced in the future. Forward-looking information in this Presentation relating to oil and gas exploration, development and production, and management's general expectations relating to the oil and gas industry, are based on estimates prepared by management using data from publicly available industry sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which management believes to be reasonable. Although generally indicative of relative market positions, market shares and performance characteristics, this data is inherently imprecise. Management is not aware of any misstatements regarding any industry data presented in this Presentation. Oil and gas exploration, development and production involves risks and uncertainties and industry data is subject to change based on various factors. The Company's belief that it will establish additional reserves over time with conversion of probable undeveloped reserves into proved reserves is a forward-looking statement and is based on certain assumptions and is subject to certain risks, as discussed previously under the heading "Notice Regarding Forward-Looking Information".

The forward-looking information included in this Presentation is expressly qualified in its entirety by this cautionary statement. The Company cautions that the foregoing lists of assumptions, risks and uncertainties is not exhaustive. The forward-looking information contained in this Presentation is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws.

Any financial outlook or future oriented financial information in this document, as defined by applicable securities legislation, has been approved by management of the Company. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management's current expectations and management's plans relating to the future of the Company. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

FUTURE ORIENTED FINANCIAL INFORMATION

This presentation contains future oriented financial information ("FOFI") within the meaning of applicable securities laws. The FOFI has been prepared by ARROW's management to provide an outlook of the Company's activities and results. The FOFI has been prepared based on a number of assumptions including the assumptions discussed under the heading "Notice Regarding Forward-Looking Information". Management does not have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the FOFI or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not objectively determinable. The actual results of operations of the Company and the resulting financial results may vary from the amounts set forth in this presentation, and such variation may be material.

NON-IFRS MEASURES

Throughout this Presentation, certain terms that are not specifically defined in International Financial Reporting Standards ("IFRS") are used to analyze the Company's operations. In addition to the primary measures of net (loss) income and net (loss) income per share in accordance with IFRS, the Company believes that certain measures not recognized under IFRS assist both the Company and the reader in assessing performance and understanding the Company's results. Each of these measures provides the reader with additional insight into the Company's ability to fund principal debt repayments and capital programs. As a result, the method of calculation may not be comparable with other companies. These measures should not be considered alternatives to net income and net income per share as calculated in accordance with IFRS.

"Netback" is defined as the amount of money a company gets to keep after deduction from revenue royalties, operating costs, transportation costs and other costs directly associated with production of oil or gas. This calculation is useful as it provides the Company and investors with a measure of profitability at the operating level of the Company's operations. A positive netback shows the Company is generating a positive return from its operations and that return can be used to pay for other corporate expenses such as general and administrative expenses as well as for reinvestment to enhance shareholder value.

"EV or Enterprise Value" is defined as market capitalization plus net debt and is useful for investors as it describes the total value of a company including its debt.

GENERAL

All amounts in this presentation are stated in Canadian dollars unless otherwise specified. Production volumes and revenues are reported on a company gross basis, before deduction of royalties and without including any royalty interest, unless otherwise stated. Unless otherwise specified, all reserves volumes in this presentation (and all information derived therefrom) are based on "company gross reserves" using forecast prices and costs. The oil and gas reserves for the year-ended December 31, 2019 include complete disclosure of the oil and gas reserves and other oil and gas information in accordance with NI 51-101.

ARROW EXPLORATION CORP. (TSXV: AXL)

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Why Invest in Arrow?

	Opportunity-Rich	Highly-
Committed to	Experienced
Asset Base
ESG Best	Executive Team
Across 3 Basins in
Practices	and Independent
Colombia
	Board

Making	De-Leveraging	Trading at a
Investments in	Our Balance	Discounted
Our Communities	Sheet	Valuation

ARROW EXPLORATION CORP. (TSXV: AXL)

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Committed to ESG Best Practices

Environment

Committed to limiting our impact on the climate, air, land and water by adhering to the highest standards of industry operating practices; support principles included in the UN's Sustainable Development Goals.

Community Involvement

Develop community partnerships based on collaboration and understanding the community's needs; encourage the contribution to communities by our employees, by ensuring opportunities to give and volunteer.

Stakeholder Engagement

Build positive relationships with stakeholders through communication based on honesty, transparency, proactivity, trust and respect.

People

Health and safety of all workers involved in our activities, as well as residents of the communities where we work, is a core value at Arrow; treat staff members with dignity, fairness and respect; follow applicable occupational health and safety legislation and industry recommended practices; support principles of the Universal Declaration of Human Rights.

Leadership & Governance

Arrow's Board is responsible for the governance of the Company's ESG commitments; the leadership team is accountable for implementing the ESG commitments; expectations communicated to the Company's workforce and contractors.

ARROW EXPLORATION CORP. (TSXV: AXL)

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Community Investment

Using Local Labour,

Goods & Services

Providers

Community

Payments

Environmental

Contributions

•Arrow is committed to using local labour and goods & services providers at every possible opportunity

•Arrow (through its operating subsidiaries) spent ~ COP 46bn (US$14 million) on field operating expenses in 2019

•Community payments for the construction and maintenance of civil works, water wells, and other projects

•Positively impacting the quality of life in the communities where we operate

•Arrow (through its operating subsidiaries) has contributed COP ~ 1.1bn (US$266,000)

•ANLA (La Autoridad Nacional de Licencias Ambientales de Colombia) is the agency responsible for the protection of the environment

•ANLA contributions assist in the maintenance and regeneration of a clean environment (e.g. tree planting)

•Arrow (through its operating subsidiaries) has contributed > COP 1bn (US$260,000)

ARROW EXPLORATION CORP. (TSXV: AXL)

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Safety | Environmental Impact | Goals

Strong Safety Culture = High Safety	Low Environmental
Impact from Direct Site
Performance
Activities

Strong and
persistent safety	Operating to	Zero employee	Zero employee
culture
Canadian	Zero recorded
throughout the	and contractor	and contractor	Operate multi-
entire	standards (senior	recorded injury	fatality rate in	spills in 2018,	No gas flaring
management	well pads
organization,	rate in 2018,	2018, 2019, and	2019 and 2020
based in
including	2019, and 2020	2020
Calgary/Toronto)
employees &
contractors

2021 Objectives

Implement An	Achieve Zero Spill	Identify Areas to
External Third-	Further Reduce
Rate Across Our
Party Annual ESG	Environmental
Operations
Assessment	Impact

ARROW EXPLORATION CORP. (TSXV: AXL)

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Board of Directors: Majority Independents (>70%)

Gage Jull

Marshall Abbott

Anthony Zaidi

I

Ravi Sharma

I

Executive Chairman

CEO & Director

Director

Director

•

30+ years of capital

•

37+ years in oil &

•

Lawyer and

•

30+ years in oil & gas

markets, financing,

gas; built and sold 5

businessman

•

Former BHP Billiton

turnaround

cos.

•

Co-founder,

Petroleum,

experience

•

Former Sabretooth

President and

Occidental Oil and

•

Former Head of

Energy, Stampeder

General Counsel of

Gas

Energy Investment

Exploration, Morrison

Carrao Energy Ltd.

•

Currently COO of

Banking at Mackie

Petroleums, Texaco

•

Juris Doctor

Canacol Energy

Research Capital

Canada

(University of

•

MBA, P.Eng, CFA

•

B.Sc. (Honours

Toronto), B.Comm

Geology)

(McGill)

Tim de Freitas

I

Gustavo Dater

I

Brian Hearst

I

Director

Director

Director

•

25+ years

•

Former Ambassador

•

25+ years'

experience

for Colombia Mission

experience as CFO

•

Co-founder, CEO

to the UN; former

with public energy

and VP Exploration

Consul General of

companies & 15

for several

Colombia in London

years with a major

Canadian E&P

•

Master of

•

Experience dealing

companies

Administrative

with several public

•

B.Sc., M.Sc. and PhD

Science (Fairleigh

listings (TSX and

and a Postdoctoral

Dickinson);

TSXV, London AIM

Fellowship

Colombian qualified

Exchange, BVC in

litigator

Colombia)

I = Independent

ARROW EXPLORATION CORP. (TSXV: AXL)

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Highly-Experienced Management Team

Gage Jull		Marshall Abbott		Joe McFarlane
Executive Chairman		CEO & Director		CFO
• 30+ years of capital		• 37+ years in oil & gas;		• 27+ years in oil & gas;
markets, financing,			built and sold 5 cos.			helped build/sell 5 cos.
turnaround experience		•	Former Sabretooth		•	Former Sabretooth
• Former Head of Energy			Energy, Stampeder			Energy, NAV Energy
Investment Banking at			Exploration, Morrison			Trust, EnCana,
Mackie Research			Petroleums, Texaco			PanCanadian, E&Y
Capital			Canada		•	B.Comm., CPA, CA
• MBA, P.Eng, CFA		•	B.Sc. (Honours
			Geology)

Jack Scott		Phil Miller		Bob Petryk
COO		SVP, Operations		Eng. Manager
• 25+ years in oil & gas		• 35+ years in oil & gas		• 40+ years in oil & gas
with a focus on Latin		as a geoscientist		E&P as well as services
America		• Managed projects in		• B.Sc. (Mineral
• Helped grow		Africa, the Middle East,		Engineering, Petroleum
Petrominerales from		North Sea and Latin		Specialization)
2,500  25,000 bbls/d		America
		• Former Pan African Oil,
		Nexen and Home Oil

ARROW EXPLORATION CORP. (TSXV: AXL)

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Corporate Snapshot

Financial Metrics - TSXV: AXL

Capitalization

Closing price (Dec. 30/20)	(C$/sh)	0.10
F.D. shares outstanding	(mm)	75.5
Market Cap	(C$mm)	7.6
Accounts Payable & Debt	(C$mm)	17.2
Cash	(C$mm)	15.2
Enterprise Value(1)	(C$mm)	9.5

Operating Metrics

Production & Reserves

Production Capacity (2)	(bbls/d)	~ 605
1P	Reserve Life Index (RLI) (3)	(years)	7.7
2P	Reserve Life Index (RLI) (3)	(years)	19.5
Reserves Summary(4) (5)
1P	Reserves (gross)	(mmboe)	2.8
2P	Reserves (gross)	(mmboe)	7.4
1P NPV10 BT	(C$mm)	20.7
2P NVP10 BT	(C$mm)	62.9

Valuation Metrics

Valuation

EV/Production Capacity (6)	(C$/bbl/d)	15,652
EV/BOE 2P Reserves	(C$/boe)	1.28
NAV/Share (2P)	(C$/share)	0.88

Colombian Oil & Gas Industry Dynamics

• World commodity pricing exposure to higher Brent oil prices (v. WTI)
• Good access to infrastructure with spare pipeline capacity - no bottlenecks
• Two port facilities in Caribbean provide ample export capacity
• Presidential election in 2018 resulted in a government that is much more supportive of the oil and gas industry than the previous leadership
• Oil is a very important contribution to the country's GDP (20-25%)
• Excellent fiscal terms (royalty/tax regime) introduced in 2003/2004 resulted in production nearly doubling to approximately 1.0 MMbbls/d by 2012
• • Royalties remain very attractive (8-14% on Arrow properties)

1. Enterprise Value = Market Cap plus Debt minus Cash
2. Refer to details provided elsewhere in the presentation
3. RLI calculated by dividing reserves from the December 31, 2019 Boury GEC Report by Production Capacity, excluding LLA-23 reserves
4. Boury GEC December 31, 2019 Reserve Report. Arrow's 50% interest in the Tapir block is contingent on the assignment by Ecopetrol of such interest to Arrow. Arrow's reserves with respect to the Tapir block for the year-end12-31-2019 were approx. 256 Mbbl Proved, and 1,287 Mbbls Proved & Probable.
5. NPV10 from Boury GEC Report converted to C$ at 1.27 CAD:USD
6. Calculated by dividing Pro-forma Enterprise Value by Production Capacity

ARROW EXPLORATION CORP. (TSXV: AXL)

PAGE 9

(note: values are shown in US$ for comparison purposes)1,2

Comparable Companies Analysis

Arrow trades at an attractive valuation relative to its peer group of Colombian oil producers, based on several key metrics

Pro-Forma Enterprise Value per Flowing Barrel ($/bbl)

55,347
	38,533	34,341	33,211
		27,867	26,238
						13,891	12,364
Alvopetro	Gran Tierra	GeoPark	Parex	Canacol	Petrotal	Frontera	Arrow

Pro-Forma EV / Proved BOE ($/boe)

13.00	11.65	11.20	11.12	10.68
					6.75	5.77
							2.69
Canacol	Alvopetro	Gran Tierra	Parex	GeoPark	Petrotal	Frontera	Arrow

				Pro-Forma EV / P+P BOE ($/boe)
8.21	7.78	7.25	7.07
			6.18
						3.89	3.04
								1.02
	Canacol	Parex	Alvopetro	GeoPark	Gran Tierra	Frontera	Petrotal	Arrow

1. Arrow's Pro-Forma EV per Flowing Barrel based on management estimates of Production Capacity as indicated on page 11.
2. Source of information for comparables: Stifel FirstEnergy

ARROW EXPLORATION CORP. (TSXV: AXL)

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Colombia Multi-Basin Oil Portfolio

Focused, low-risk asset base with growth potential

Highlights

			Working	Net Potential
	Asset	Basin	Production	Operator
	Interest
			(bbls/d) (1)
Areas	1. Tapir (2)	Llanos	50%	185	Arrow
2. Santa Isabel	Middle	100%	120	Arrow
Core	(Oso Pardo)	Magdalena
3. Ombu	Caguan/	10%	200	Emerald
Putumayo	Energy
	4. Los Picachos /	Caguan/	38%	-	Hupecol
	Macaya	Putumayo
	5. COR-39	Upper	100%	-	Arrow
	Magdalena

Asset Overview

Sedimentary Basins

Middle 2

Magdalena

Bogota 1

6. Canada	WCSB	70%	100	Tourmaline
Energy
Total			605

1. Production capacity does not represent actual Company production.
2. Arrow's 50% interest in the Tapir block is contingent on the assignment by Ecopetrol of such interest to Arrow.

5

3

LLanos

4

Caguan / Putumayo

ARROW EXPLORATION CORP. (TSXV: AXL)

PAGE 11

Llanos Basin:

Low Risk - Excellent Economics - Prolific Production Levels

The Tapir Block in the Llanos is surrounded by some of the largest producers in Colombia

• Frontera: 70,875 boe/d
• Parex: 52,687 boe/d
• Gran Tierra: 34,817 boe/d
• GeoPark: 33,311 boe/d

• Perenco: 21,000 boe/d	Tapir
Sources: Company presentations, press
releases and quarterly reports. Blocks shown
as of Q2 2020.

ARROW EXPLORATION CORP. (TSXV: AXL)

PAGE 12

Tapir Block: Prospects & Leads (50% W.I.*)

Highlights

• RCE-1well production restored on Dec. 5th, 2020
• Rio Cravo Este appraisal (potentially up to 4-5 wells)
• Carrizales Norte prospect (potentially up to 4-5 wells)
• De-risktarget well inventory through 3D seismic acquisition, where required

Proposed 3D Program - 134 sq km

• Program crosses at least three regional fault trends
• Four leads identified on vintage 2D data including potential updip extension of Mateguafa field
• Additional 85 sq km within southern portion of block could be acquired at the same time to delineate the large Icaco lead.

Danes Discovery

Mateguafa

Attic

Capullo Corozos

Mateguafa

Oeste

Carrizales

Norte

Carrizales field (C&C, 2007)

Est. 8.4 MM bbl rec. to date

Potential 85 sq km

additional 3D program

Oil Fields

Prospects

Leads

Tapir Block

Current 3D Coverage

Vintage 2D Seismic

Fault Trends

Proposed 3D

seismic program

Icaco

* Arrow's 50% interest in the Tapir block is contingent on the assignment by Ecopetrol of such interest to Arrow.

ARROW EXPLORATION CORP. (TSXV: AXL)

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Tapir Block

Up to 10 prospects plus additional follow-up wells on success

• Excellent subsurface fundamentals
• • Multiple high-quality reservoir targets
  • Recent Arrow exploration success: Rio Cravo Este (June 2019) - C7, Gacheta, and Ubaque pay, capable of producing 400+ bopd from C7
  • Typically 3 zones per well bore - historically, only 1 zone has been completed - opportunity to commingle zones
  • Type-wellscan often deliver initial production (IP) of ~ 1,200 bbls/d
• Multiple opportunities with 3D seismic coverage

• 1. Rio Cravo Este appraisal/development - 4 to 5 wells
  2. Carrizales Norte prospect - 4 to 5 wells
• Substantial exploration upside within unexplored areas of Tapir block
  • Numerous leads identified with the existing sparse 2D seismic grid
  • Potentially material upside within an old discovery on Tapir block (Mateguafa)
• • Legacy production from Carbonera C7 from wells drilled on 2D seismic
  • Attic oil perceived in the C7 as well as oil in the Guadalupe up-dip from an oil show in existing well
• 3D seismic required to de-risk leads and build a strong portfolio

* Arrow's 50% interest in the Tapir block is contingent on the assignment by Ecopetrol of such interest to Arrow.

ARROW EXPLORATION CORP. (TSXV: AXL)

PAGE 14

Rio Cravo Este-1 Well: Summary

• Drilled and completed in May 2019
• Drilled on-time and below budget
• 106 feet net pay identified on logs (Carbonera, Gacheta, and Ubaque)
• Only a single-zone completion
• IP of 790 BOPD, 38% BS&W, 28.9 deg API

ARROW EXPLORATION CORP. (TSXV: AXL)

PAGE 15

Rio Cravo Este: 2P Reserves

• Four zones from one well
• Average of 334,000 bbls of gross 2P reserves per zone
• Average NPV10% (before-tax) of US$5 million per zone

Total Prov. + Prob. Reserves*

Well	Interest (%)	Gross Reserves	Net Reserves	NPV10% US$M
(Mbbl)	(Mbbl)
RCE-1	50%	368	321	11,363
RCE-2	50%	359	314	7,970
RCE-3	50%	334	291	6,331
RCE-4	50%	277	242	4,029
RCE Facility				(9,500)
Total	50%	1,336	1,169	20,203

* Source: Boury GEC NI 51-101 Reserve Report as of December 31, 2019 (net to Arrow)

ARROW EXPLORATION CORP. (TSXV: AXL)

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Future RCE Well Locations (50% W.I.*)

RCE-2 Development Well	Top C7 Structure

• Primary Objectives: C7, Gacheta & Ubaque
• Target is a separate structural high within overall RCE structural closure

RCE-3 Development Well

• Located within same local structural culmination as RCE-1
• Primary Objectives: C7, Gacheta & Ubaque

RCE-4 Development Well

• Upon successful completions in additional C7, Gacheta and/or Ubaque sands, a fourth well will be considered to optimize production timing and maximize recoveries from all zones

* Arrow's 50% interest in the Tapir block is contingent on the assignment by Ecopetrol of such interest to Arrow.

ARROW EXPLORATION CORP. (TSXV: AXL)

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Rio Cravo Este: Depth Structure Maps

C7A

Gacheta B

ARROW EXPLORATION CORP. (TSXV: AXL)

PAGE 18

Well Correlation: Flattened on Top C7

Four Pay Zones Identified

Top C7: 6 feet net pay on logs

IP: 729 BOPD, 13% BS&W	IP: 1375 BOPD, 5% BS&W	IP: 714 BOPD, 0.7% BS&W
33.2 deg API	33 deg API	33.5 deg API

IP: 790 BOPD, 38% BS&W

28.9 deg API

C7C: 25 feet net pay on logs

Note: C7 sand correlations do not imply lateral continuity of sands between wells

ARROW EXPLORATION CORP. (TSXV: AXL)

PAGE 19

Carrizales Norte

Carrizales Field Extension Opportunity

• Carrizales Field: Discovered by C&C Energia in 2007 with the Carrizales-1 well. Frontera Energy is the current operator.
• Main producing formations are C7, Gacheta, and Ubaque.
• Limited production data is available, but as of Dec. 2019 the field had produced approximately 8.4 MMbbl oil and was producing at an average rate of 387 bopd.
• 24 wells have been drilled to date within field area (18 producers, five injectors, one dry hole).
• C&C acquired 3D seismic in 2006 that covered Carrizales and part of the Tapir block
• Seismic shows that the Carrizales Field extends onto Carrizales Norte
• Potentially 4-5 prospects

Carrizales	3D Survey Coverage
Norte:
Potential
Prospect Area

RCE-1 Well

RCE-3 Location

RCE-2 Location

Sources: ANH and ACIPET

* Arrow's 50% interest in the Tapir block is contingent on the assignment by Ecopetrol of such interest to Arrow.

ARROW EXPLORATION CORP. (TSXV: AXL)

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Carrizales Norte: Depth Structure Maps

Top C7

Top Gacheta

ARROW EXPLORATION CORP. (TSXV: AXL)

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Mateguafa Field

• Discovered in 1997 on 2D seismic
• Four wells drilled to date, all located significantly downdip from crest of structure
• 600k bbl has been produced from C7A sand in Mateguafa-1 & 3
• Significant attic oil potential in C7 and Ubaque plus missed pay in Guadalupe
• 3D seismic required to accurately map structure and fault location

Total Prov. + Prob. + Poss. Reserves*

Well	Interest (%)	Gross Reserves	Net Reserves	NPV10% US$M
(Mbbl)	(Mbbl)
MTG-5	50%	603	507	7,599
MTG-6	50%	603	505	8,102
Mateguafa Facility				(3,727)
Total	50%	1,206	1,012	11,974

* Reserves from Boury GEC NI 51-101 Reserve Report as of December 31, 2019 (50% working interest)

ARROW EXPLORATION CORP. (TSXV: AXL)

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Oso Pardo Overview

• Discovered in 2013 by Canacol while drilling for a deeper target
• 2 appraisal wells drilled

in 2014	Oso Pardo

• • Morsa -1 tested 800 bbl/d
• 150 ft proven oil column to Lowest Known Oil (LKO)
• Accordionero (2P reserves of 76MM bbl1) located 25 km to SE
• Covered by 3D seismic
  - exclusive to Arrow

Mono Arana

Oil Fields

Accordionero

1. From Gran Tierra corporate presentation - Sept 2019

ARROW EXPLORATION CORP. (TSXV: AXL)

PAGE 23

Caguan/Putumayo Development

Key Highlights

• Arrow has a 10% working interest in the Ombu Block which contains the Capella discovery, the most material and largest discovery in Colombia in the past 20+ years
• Capella is located within the massive heavy oil trend that extends from Venezuela to Ecuador
• 2019 ARROW 2P reserves of 4.2 mmbbl of 8-11 degree API heavy crude oil
• Field was producing ~2,400 bbl/d (240 bbl/d net to ARROW) before being shut-in during Q1 2020

Image source: Emerald Energy Colombia

ARROW EXPLORATION CORP. (TSXV: AXL)

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Steps to Value Creation

Resumed

production from the RCE-1 well (Tapir Block)

		Produced more			Create value
		barrels than	Drill up to 4-5	Drill the high-
Completed the	De-leveraging	booked	for shareholders
Rio Cravo Este	impact
reserves at Oso	via the ongoing
sale of the LLA-	the Company's	wells on Tapir	Carrizales Norte
Pardo -	strategic
23 Block	balance sheet	Block, Llanos	prospect (up to
continue to	alternatives
		Basin	4-5 wells)
		capture this	process
		upside

Underpinned By A Commitment to ESG Best Practices

(1) Resumption of production on the Ombu Block is subject to decisions by Emerald Energy, the operator of the Ombu Block, based on numerous factors beyond the Company's control

ARROW EXPLORATION CORP. (TSXV: AXL)

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Corporate Information	Max Satel
VP Corporate Development & Investor Relations
			T: [phone]
			E: [e-mail]

Auditors:	Deloitte LLP
Legal Counsel:	Gowling WLG (Canada) LLP

ARROW EXPLORATION LTD.