CALGARY, May 10, 2019 /CNW/ - ARROW Exploration Corp.
("Arrow" or the "Company") (TSXV: AXL), is pleased to
announce it has entered into a 'costless collar' structure to hedge
approximately 600 bbl/d of Brent oil for the period June 1 to December 31, 2019. The 'costless
collar' has a floor price of US $65
per barrel and a ceiling price of US $71 per barrel. This hedging structure provides a
floor price of US $65 for 18,000
barrels of oil per month for the 7-month period June 1 to December 31, 2019 which represents
approximately 35% of Arrow's current corporate production.
Updated Corporate Presentation
Arrow is also pleased to announce that it has updated its
corporate presentation available on its website at
www.arrowexploration.ca
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 rapidly 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".
Neither the TSX Venture Exchange (TSXV) nor its regulation
services provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this
release.
This press release contains certain forward-looking
statements within the meaning of applicable securities laws.
Forward-looking statements are frequently characterized by words
such as "plan", "expect", "project", "target", "intend", "believe",
"anticipate", "estimate" and other similar words, or statements
that certain events or conditions "may", "should" or "will" occur.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made and are subject
to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from
those projected in the forward-looking statements. The Company
cannot assure that actual results will be consistent with these
forward-looking statements. They are made as of the date hereof and
are subject to change and the Company assumes no obligation to
revise or update them to reflect new circumstances, except as
required by law.
SOURCE ARROW Exploration Corp.