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Arrow Announces 2024 Audited Year End and Q4 2024 Results, Filing of Audited Financial Statements, MD&A and Reserves Report
Significant growth across key metrics including 65% increase in total revenue, increase in produc...
About this update from Arrow Exploration Corp.
[{"type":"text","content":"Arrow Announces 2024 Audited Year End and Q4 2024 Results, Filing of Audited Financial Statements, MD&A and Reserves ReportSignificant growth across key metrics including 65% increase in total revenue, increase in production of 63% and healthy cash positionCalgary, Alberta--(Newsfile Corp. - April 29, 2025) - 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, 2024 and the filing of its 2024 year-end reserves report, which are available on SEDAR+ (www.sedarplus.ca) and will also shortly be available on Arrow's website at www.arrowexploration.ca. Full Year 2024 Highlights:Significant 65% growth in total oil and gas revenue to $73.7 million, net of royalties (FY 2023: $44.7 million).Net income of $13.2 million inclusive of an impairment reversal of $0.7 million (FY: 2023: net loss of $1.1 million).Adjusted EBITDA of $48 million, which is 78% greater than last year (FY 2023: $27.1 million), with Q4 2024 EBITDA of $13.3 million compared to $7.1 million in Q4 2023.Cash position of $18 million at the end of 2024.Annual average corporate production up 63% to 3,542 boe/d (FY 2023: 2,167 boe/d) with Q4 2024 average corporate production more than doubling to 4,738 boe/d compared with Q4 2023 2,335 boe/d.Funds flow from operations of $35.6 million (FY 2023: $19.9 million) with Q4 2024 funds flow from operations of $12.5 million (FY 2023: $3.8 million).Increase in Proved Developed Producing reserves at year-end 2024 of 92% to 2.4 MMboe.Successfully drilled seven horizontal wells and five vertical wells at Carrizales Norte (CN), which added significant production to the Company.Drilled a successful exploratory well on the Alberta Llanos (AB Llanos) field in the Tapir block.All operations delivered safely, with no accidents or environmental incidents.Post Period End Highlights:So far in 2025, the Company has drilled three development wells on the CN field and two additional wells in the AB Llanos field in the Tapir Block, The AB-2 well is being recompleted as a water disposal well, the other new drills are all currently producing at restricted rates. Ramping produ...