Arrow Exploration - Arrow Announces Exercise of Stock Options
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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
+1 403 651 5995
Joe McFarlane, CFO
+1 403 818 1033
Canaccord Genuity (Nominated Advisor and Joint Broker)
Henry Fitzgerald-O’Connor
James Asensio
George Grainger
+44 (0)20 7523 8000
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 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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