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Arrow Exploration Corp.: 2021 Annual Results, Filing of Audited Financial Statements, MD&A and Reserves Report
Calgary, Alberta--(Newsfile Corp. - April 26, 2022) - Arrow Exploration Corp. (AIM: AXL) (TSXV...
About this update from Arrow Exploration Corp.
[{"type":"text","content":"Arrow Exploration Corp.: 2021 Annual Results, Filing of Audited Financial Statements, MD&A and Reserves ReportCalgary, Alberta--(Newsfile Corp. - April 26, 2022) - Arrow Exploration Corp. (AIM: AXL) (TSXV: AXL), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, is pleased to announce the filing of its Annual Audited Financial Statements and MD&A for the year and quarter-ended December 31, 2021 and the filing of its 2021 year-end reserve report, which are available on SEDAR (www.sedar.com). All dollar figures are in U.S. dollars, except as otherwise noted. Arrow Exploration's Audited Financial Statements together with the notes related thereto, as well as Arrow's Management's Discussion and Analysis for the years ended December 31, 2021 and 2020, will be available shortly on Arrow's website at www.arrowexploration.ca.FINANCIAL AND OPERATING HIGHLIGHTSFinancial and operating highlights for quarter include the following:Three months ended December 31, 2021Year ended December 31, 2021Three months ended December 31, 2020Year ended December 31, 2020Total natural gas and crude oil revenues, net of royalties 3,038,832 6,512,493 368,139 5,320,565 Funds flow from (used in) operations (1) (403,007) (145,503) (1,535,047) (4,006,609)Per share - basic ($) and diluted ($) (0.00) (0.00) (0.02) (0.06)Net income (loss)6,960,035 5,693,532 (7,953,001)(32,233,092)Per share - basic ($) and diluted ($) 0.04 0.06 (0.12) (0.47)Adjusted EBITDA (1)540,642 804,674 (1,210,966) (2,903,782)Weighted average shares outstanding: Basic171,345,885 94,553,391 68,674,602 68,674,602 Diluted173,035,572 96,243,07868,674,602 68,674,602 Common shares end of period213,389,623 213,389,623 68,674,602 68,674,602 Capital expenditures1,991,163 2,221,643 89,198 889,928 Cash and cash equivalents10,878,508 10,878,508 11,473,204 11,473,204 Current assets12,806,502 12,806,502 15,958,652 15,958,652 Current liabilities 4,800,428 4,800,428 17,891,592 17,891,592 Working capital (deficit) (1)8,006,074 8,006,074 (1,932,940) (1,932,940)Long-term portion of restricted cash (2) - - 460,283 460,283 Total assets41,195,798 41,195,798 33,532,299 33,532,299 OperatingNatural gas and crude oil production, before royaltiesNatural gas (Mcf/d)1,550704442530Natural gas liquids (bbl/d)-756Crude oil (bbl/d)45534462367Total (boe/d)712468140461Operating netba...