Arrow Announces Exercise of Stock Options

Arrow Exploration Corp.

30 September 2026

 

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ARROW ANNOUNCES EXERCISE OF STOCK OPTIONS

CALGARY, September 30, 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, announces the exercise of stock options by certain Directors and Persons Discharging Managerial Responsibilities (PDMRs).

Stock Options Exercise

On September 28, 2026 the Company accepted exercising notices from holders who elected to use a “cashless” exercise of options. Using this method, which is permissible under the terms of the Company’s share option plan, as approved by a resolution of shareholders on September 18, 2026, the Company pays the option holder the value of the option (volume weighted average trading price less strike price) from cash reserves. Accordingly, no new shares were issued in connection with the option exercise.

A summary of the options exercised is as follows: 

	Options Exercised	Strike Price	Volume Weighted Average Trading Price
Marshall Abbott	527,222 1,159,074	CAD 0.280 CAD 0.375	CAD 0.696 CAD 0.696
Gage Jull	505,000 400,000 418,333	CAD 0.280 CAD 0.375 CAD 0.475	CAD 0.696 CAD 0.696 CAD 0.696
Joe McFarlane	505,000 400,000 418,333	CAD 0.280 CAD 0.375 CAD 0.475	CAD 0.696 CAD 0.696 CAD 0.696
Ravi Sharma	144,445 127,778 159,259	CAD 0.280 CAD 0.375 CAD 0.475	CAD 0.696 CAD 0.696 CAD 0.696
Grant Carnie	211,111	CAD 0.375	CAD 0.696
Ian Langley	100,000	CAD 0.375	CAD 0.696
Total	5,075,555

For further Information, contact:

Arrow Exploration
Marshall Abbott, CEO	[phone]
Joe McFarlane, CFO	[phone]
Canaccord Genuity (Nominated Advisor and Joint Broker)
Henry Fitzgerald-O’Connor James Asensio George Grainger	[phone]
Auctus Advisors (Joint Broker)
Jonathan Wright	[phone]
Rupert Holdsworth Hunt
Hannam & Partners (Joint Broker)
Leif Powis	[phone]
Samuel Merlin
Camarco (Financial PR)
Owen Roberts	[phone]
Rebecca Waterworth

About Arrow Exploration Corp.

Arrow Exploration Corp. (operating in Colombia via a branches of its 100% owned subsidiary Arrow Exploration Switzerland GmbH) 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. Pursuant to certain private agreements entered between Arrow and its partner, Arrow is entitled to receive 50% of the production from the Tapir block and has the right to request approval to Ecopetrol S.A. for the assignment of 50% of all rights, interests and obligations under the Tapir Association Contract. 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 global pandemics, 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.

Details of the person discharging managerial responsibilities / person closely associated
Name	Marshall Abbott
Reason for the notification
Position/status	CEO, Director
Initial notification / Amendment	Initial notification
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Name	Arrow Exploration Corp.
LEI	9845000FDF0856QD9031
Details of the transaction(s): section to be repeated for (i) each type of instrument: (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conduct
Description of the Financial instrument, type of instrument identification code	Options to subscribe for common shares of nil par value (ISN:CA04274P1053)
Nature of the Transaction	Cashless exercise of options
Price(s) and volume(s)	Name Exercise Price Options Marshall Abbott CAD 0.280 527,222 Marshall Abbott CAD 0.375 1,159,074
Aggregated information	N/A
Date of the transaction	September 28, 2026
Place of the transaction	Outside a trading venue

Details of the person discharging managerial responsibilities / person closely associated
Name	Gage Jull
Reason for the notification
Position/status	Director
Initial notification / Amendment	Initial notification
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Name	Arrow Exploration Corp.
LEI	9845000FDF0856QD9031
Details of the transaction(s): section to be repeated for (i) each type of instrument: (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conduct
Description of the Financial instrument, type of instrument identification code	Options to subscribe for common shares of nil par value (ISN:CA04274P1053)
Nature of the Transaction	Cashless exercise of options
Price(s) and volume(s)	Name Exercise Price Options Gage Jull CAD 0.280 505,000 Gage Jull CAD 0.375 400,000 Gage Jull CAD 0.475 418,333
Aggregated information	N/A
Date of the transaction	September 28, 2026
Place of the transaction	Outside a trading venue

Details of the person discharging managerial responsibilities / person closely associated
Name	Joe McFarlane
Reason for the notification
Position/status	CFO
Initial notification / Amendment	Initial notification
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Name	Arrow Exploration Corp.
LEI	9845000FDF0856QD9031
Details of the transaction(s): section to be repeated for (i) each type of instrument: (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conduct
Description of the Financial instrument, type of instrument identification code	Options to subscribe for common shares of nil par value (ISN:CA04274P1053)
Nature of the Transaction	Cashless exercise of options
Price(s) and volume(s)	Name Exercise Price Options Joe McFarlane CAD 0.280 505,000 Joe McFarlane CAD 0.375 400,000 Joe McFarlane CAD 0.475 418,333
Aggregated information	N/A
Date of the transaction	September 28, 2026
Place of the transaction	Outside a trading venue

Details of the person discharging managerial responsibilities / person closely associated
Name	Ravi Sharma
Reason for the notification
Position/status	Director
Initial notification / Amendment	Initial notification
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Name	Arrow Exploration Corp.
LEI	9845000FDF0856QD9031
Details of the transaction(s): section to be repeated for (i) each type of instrument: (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conduct
Description of the Financial instrument, type of instrument identification code	Options to subscribe for common shares of nil par value (ISN:CA04274P1053)
Nature of the Transaction	Cashless exercise of options
Price(s) and volume(s)	Name Exercise Price Options Ravi Sharma CAD 0.280 144,445 Ravi Sharma CAD 0.375 127,778 Ravi Sharma CAD 0.475 159,259
Aggregated information	N/A
Date of the transaction	September 28, 2026
Place of the transaction	Outside a trading venue

Details of the person discharging managerial responsibilities / person closely associated
Name	Grant Carnie
Reason for the notification
Position/status	Director
Initial notification / Amendment	Initial notification
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Name	Arrow Exploration Corp.
LEI	9845000FDF0856QD9031
Details of the transaction(s): section to be repeated for (i) each type of instrument: (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conduct
Description of the Financial instrument, type of instrument identification code	Options to subscribe for common shares of nil par value (ISN:CA04274P1053)
Nature of the Transaction	Cashless exercise of options
Price(s) and volume(s)	Name Exercise Price Options Grant Carnie CAD 0.375 211,111
Aggregated information	N/A
Date of the transaction	September 28, 2026
Place of the transaction	Outside a trading venue

Details of the person discharging managerial responsibilities / person closely associated
Name	Ian Langley
Reason for the notification
Position/status	Director
Initial notification / Amendment	Initial notification
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Name	Arrow Exploration Corp.
LEI	9845000FDF0856QD9031
Details of the transaction(s): section to be repeated for (i) each type of instrument: (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conduct
Description of the Financial instrument, type of instrument identification code	Options to subscribe for common shares of nil par value (ISN:CA04274P1053)
Nature of the Transaction	Cashless exercise of options
Price(s) and volume(s)	Name Exercise Price Options Ian Langley CAD 0.375 100,000
Aggregated information	N/A
Date of the transaction	September 28, 2026
Place of the transaction	Outside a trading venue

 

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