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Arrow Announces 2022 Audited Year End and Q4 2022 Results, Filing of Audited Financial Statements, MD&A and Reserves Report
Calgary, Alberta--(Newsfile Corp. - May 1, 2023) - Arrow Exploration Corp. (AIM: AXL) (TSXV: AXL)...
About this update from Arrow Exploration Corp.
[{"type":"text","content":"Arrow Announces 2022 Audited Year End and Q4 2022 Results, Filing of Audited Financial Statements, MD&A and Reserves ReportCalgary, Alberta--(Newsfile Corp. - May 1, 2023) - 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, announces the filing of its Annual Audited Financial Statements and Management's Discussion and Analysis (\"MD&A\") for the quarter and year ended December 31, 2022 and the filing of its 2022 year-end reserves report, which are available on SEDAR (www.sedar.com) and will also shortly be available on Arrow's website at www.arrowexploration.ca. Full Year Highlights:Recorded $25 million of total oil and natural gas revenue, net of royalties (FY 2021: $6.5 million).Generated record results from operations and an increase in production since its listing on AIM in October 2021: FY 2022 EBITDA of $12.5 million (FY 2021: $0.8 million), with Q4 2022 EBITDA of $4.5 million compared to $0.5 million in Q4 2021.FY 2022 average corporate production up 223% to 1,345 boe/d (FY 2021: 461 boe/d) with Q4 average corporate production of 1,736 boe/d compared to Q4 2021 140 boe/d and Q3 2022 1,503 boe/d.Realized FY 2022 corporate operating netbacks of $42.40/boe, and $41.95/boe in Q4 2022, due in each case to increased production and better prices of crude oil. Cash position of $13 million at the end of 2022.Generated positive operating cashflows in Q4 2022 of $7.5 million. Proven and probable reserves at year-end 2022 increased 4% to 7.69 MMboe; representing a reserve replacement ratio of 164%.Drilled two successful wells at Rio Cravo Este (RCE) resulting in material production additions. Successfully completed two workovers in the RCE-1 and RCS-1 wells at Rio Cravo. These operations targeted additional hydrocarbon bearing zones which resulted in material production additions.The East Pepper Montney gas well was tied in adding to Canadian production. This resulted in reserve reclassification and displays the commercial viability of drilling and completing Montney gas wells in the Hinton Area, all of which were part of the 2022 capital program. All operations delivered safely, with no accidents or environmental incidents.Post Period End Highlights:So far in 2023, the Company has drilled three development wel...