REG - Arrow Exploration - Grant and PDMR Exercise of Stock Options
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RNS Number : 9837X Arrow Exploration Corp. 25 March 2026
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JURISDICTION.
ARROW ANNOUNCES GRANT AND PDMR EXERCISE OF STOCK OPTIONS
CALGARY, March 25, 2026 - Arrow Exploration Corp. (AIM: AXL; TSXV: AXL)
("Arrow" or the "Company"), the high-growth operator with a portfolio of
assets across key Colombian hydrocarbon basins, is pleased to announce a stock
options grant and exercise of stock options, by certain Directors and Persons
Discharging Managerial Responsibilities (PDMRs).
Stock Options Grant
The Company has granted 2,881,296 stock options ("Options") to Directors,
officers and employees, pursuant to the Company's Stock Option Plan (the
"Plan"). The Plan is intended to assist in attracting, retaining, engaging and
rewarding directors, officers and employees of the Company, provide additional
incentive to these people for their efforts on behalf of the Company, and to
align with the enhancement of shareholder value. The Plan was re-approved by
shareholders at the Company's Annual General Meeting held on 24 September
2025. Under the Plan, the Company is able to issue Options to a maximum of 10%
of the number of issued and outstanding common shares in the Company from time
to time. The following PDMRs have been granted the Options listed below:
PDMR Options Granted Total options Held following Grant & Exercise
Marshall Abbott 1,292,408 5,615,001
Gage Jull 400,000 4,515,000
Joe McFarlane 400,000 4,515,000
Ravi Sharma 127,778 1,931,667
Grant Carnie 211,111 966,666
Ian Langley 100,000 966,667
Total PDMR Options Granted 2,531,297 18,510,001
The Options granted above have a strike price of CAD 0.375, and vest in thirds
on each of the first, second and third anniversaries of grant. The Options
expire six months after vesting. Following these grants and the exercises
outlined below, the Company has a total of 20,845,001 options issued under the
Plan.
In line with previous awards, the Options being granted today are to
compensate the recipient for previous awards that have recently lapsed or been
exercised meaning that their total interest in shares under option remains
approximately constant.
Stock Options Exercise
On March 23 2026 the Company accepted exercising notices from PDMR 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 as
a resolution by shareholders 24 September 2025, 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 for
the option exercise.
A summary of the options exercised is as follows:
options Exercised Volume Weighted Average Trading Price
Strike Price
Gage Jull 900,000 CAD 0.05 CAD 0.408
Joe McFarlane 900,000 CAD 0.05 CAD 0.408
Ravi Sharma 83,334 CAD 0.26 CAD 0.408
Grant Carnie 333,334 CAD 0.26 CAD 0.408
Ian Langley 333,333 CAD 0.33 CAD 0.408
Total 2,550,001
For further Information, contact:
Arrow Exploration
Marshall Abbott, CEO +1 403 651 5995
Joe McFarlane, CFO +1 403 818 1033
Canaccord Genuity (Nominated Advisor and Joint Broker)
Henry Fitzgerald-O'Connor +44 (0)20 7523 8000
James Asensio
George Grainger
Auctus Advisors (Joint Broker)
Jonathan Wright +44 (0)7711 627449
Rupert Holdsworth Hunt
Hannam & Partners (Joint Broker)
Leif Powis +44 20 7970 8500
Samuel Merlin
Camarco (Financial PR)
Owen Roberts +44 (0)20 3781 8331
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 Options to subscribe for common shares of nil par value (ISN:CA04274P1053)
code
Nature of the Transaction Grant of Options
Price(s) and volume(s)
Name Exercise Price Options
Marshall Abbott CAD 0.375 1,292,408
Aggregated information N/A
Date of the transaction March 23, 2026
Place of the transaction Outside a trading venue
Aggregated information
N/A
Date of the transaction
March 23, 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 Options to subscribe for common shares of nil par value (ISN:CA04274P1053)
code
Nature of the Transaction Grant of Options
Price(s) and volume(s)
Name Exercise Price Options
Gage Jull CAD 0.375 400,000
Aggregated information N/A
Date of the transaction March 23, 2026
Place of the transaction Outside a trading venue
Aggregated information
N/A
Date of the transaction
March 23, 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 Options to subscribe for common shares of nil par value (ISN:CA04274P1053)
code
Nature of the Transaction Grant of Options
Price(s) and volume(s)
Name Exercise Price Options
Joe McFarlane CAD 0.375 400,000
Aggregated information N/A
Date of the transaction March 23, 2026
Place of the transaction Outside a trading venue
Aggregated information
N/A
Date of the transaction
March 23, 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 Options to subscribe for common shares of nil par value (ISN:CA04274P1053)
code
Nature of the Transaction Grant of Options
Price(s) and volume(s)
Name Exercise Price Options
Ravi Sharma CAD 0.375 127,778
Aggregated information N/A
Date of the transaction March 23, 2026
Place of the transaction Outside a trading venue
Aggregated information
N/A
Date of the transaction
March 23, 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 Options to subscribe for common shares of nil par value (ISN:CA04274P1053)
code
Nature of the Transaction Grant 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 March 23, 2026
Place of the transaction Outside a trading venue
Aggregated information
N/A
Date of the transaction
March 23, 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 Options to subscribe for common shares of nil par value (ISN:CA04274P1053)
code
Nature of the Transaction Grant 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 March 23, 2026
Place of the transaction Outside a trading venue
Aggregated information
N/A
Date of the transaction
March 23, 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, Executive Chairman
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 Stock Options
code
(ISN:CA04274P1053)
Nature of the Transaction Cashless exercise of options
Price(s) and volume(s) Options Exercise Price
900,000 CAD 0.05
Aggregated information 900,000 at an exercise price of CAD 0.05
Date of the transaction March 23, 2026
Place of the transaction Outside a trading venue
Aggregated information
900,000 at an exercise price of CAD 0.05
Date of the transaction
March 23, 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 Stock Options
code
(ISN:CA04274P1053)
Nature of the Transaction Cashless exercise of options
Price(s) and volume(s) Options Exercise Price
900,000 CAD 0.05
Aggregated information 900,000 at an exercise price of CAD 0.05
Date of the transaction March 23, 2026
Place of the transaction Outside a trading venue
Aggregated information
900,000 at an exercise price of CAD 0.05
Date of the transaction
March 23, 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 Stock Options
code
(ISN:CA04274P1053)
Nature of the Transaction Cashless exercise of options
Price(s) and volume(s) Options Exercise Price
83,334 CAD 0.26
Aggregated information 83,334 at an average exercise price of CAD 0.26
Date of the transaction March 23, 2026
Place of the transaction Outside a trading venue
Aggregated information
83,334 at an average exercise price of CAD 0.26
Date of the transaction
March 23, 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 Stock Options
code
(ISN:CA04274P1053)
Nature of the Transaction Cashless exercise of options
Price(s) and volume(s) Options Exercise Price
333,334 CAD 0.26
Aggregated information 333,334 at an average exercise price of CAD 0.26
Date of the transaction March 23, 2026
Place of the transaction Outside a trading venue
Aggregated information
333,334 at an average exercise price of CAD 0.26
Date of the transaction
March 23, 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 Stock Options
code
(ISN:CA04274P1053)
Nature of the Transaction Cashless exercise of options
Price(s) and volume(s) Options Exercise Price
333,333 CAD 0.33
Aggregated information 333,333 at an average exercise price of CAD 0.33
Date of the transaction March 23, 2026
Place of the transaction Outside a trading venue
Aggregated information
333,333 at an average exercise price of CAD 0.33
Date of the transaction
March 23, 2026
Place of the transaction
Outside a trading venue
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