Arrow Exploration announces record numbers as company unveils 3Q results

About this update from Arrow Exploration Corp.

[{"type":"text","content":"Arrow Exploration announces record numbers as company unveils 3Q results\n \n \n (NewsDirect)\n \n \n \n \n Arrow Exploration CEO Marshall Abbott\njoined Steve Darling from Proactive to announce the interim results\nfor the company's third quarter and first nine months of 2023.\n \n \n The company reported total oil and\nnatural gas revenue, net of royalties, of $13.9 million, nearly double\ncompared to the same period in 2022. Net income was $7.1 million, and\nadjusted EBITDA reached $9.8 million, both more than double compared\nto 2022. The company maintains a strong cash position with $12.8\nmillion at the end of Q3 2023.\n \n \n Abbott shared with Proactive the company's successful\ndrilling activities, including the Carrizales Norte-2 (CN-2) and\nCarrizales Norte-3 (CN-3) wells at the Tapir block, resulting in\nadditional production and reserve additions.\n \n \n The company has significantly increased\nits reserves from the Carrizales Norte discovery, adding more than\n3.92 million barrels of 2P reserves.\n \n \n Looking ahead, Abbott mentioned plans to drill two additional\nwells at Rio Cravo Este (RCE) by year-end and another development well\non the Oso Pardo Block in the Middle Magdalena Basin.\n \n \n In 2024, Arrow Exploration plans to\nexecute a $40 million capital program, which includes drilling 15\nwells. The focus will be on the Carrizales Norte discovery, with three\nhorizontal wells planned. Additionally, low-risk step-out and\nexploration wells are scheduled at the Mateguafa Attic and Baquiano\nprospects.\n \n \n \n Contact Details\n \n \n \n Proactive\nCanada\n \n \n +1 604-688-8158\n \n \n \n [email protected]\n \n \n \n Copyright (c) 2023 TheNewswire - All rights reserved.\n \n \n","length":2232,"tagName":"div"}]

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