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Arrow Exploration Corp. ("Arrow" or the "Company") 2021 Year-End Reserves
NPV-10 VALUES INCREASED 208% FOR 1P AND 146% FOR 2P RESERVES PDP RESERVES INCREASED 152%...
About this update from Arrow Exploration Corp.
[{"type":"text","content":"Arrow Exploration Corp. (\"Arrow\" or the \"Company\") 2021 Year-End ReservesNPV-10 VALUES INCREASED 208% FOR 1P AND 146% FOR 2P RESERVESPDP RESERVES INCREASED 152% TO 1.0 MMBOE ON THE BACK OF THE RECENT TIE-IN AT WEST PEPPER; PDP RESERVES REPRESENT 34% OF 1P RESERVES, REFLECTING AN ATTRACTIVE RATIO OF BASE PRODUCTION TO LOW-RISK DRILLING TARGETSBEFORE TAX NPV-10 PER SHARE OF US$0.14/SHARE, US$0.39/SHARE, AND US$0.63/SHARE FOR 1P, 2P, AND 3P RESERVE CATEGORIES, RESPECTIVELYCalgary, Alberta--(Newsfile Corp. - March 30, 2022) - Arrow Exploration Corp. (AIM: AXL) (TSXV: AXL) is pleased to announce the results of its 2021 year-end reserves evaluation by Boury Global Energy Consultants Ltd. (\"BouryGEC\"). Currency amounts are in United States dollars (unless otherwise indicated) and comparisons refer to December 31, 2020.Highlights- Proved (\"1P\") reserves: Increased by 4.1% to 3.0 million barrels of oil equivalent (\"MMboe\"), driven principally through uplift at Santa Isabel (Oso Pardo), Colombia; Net Present Value (before tax, discounted at 10% (\"NPV-10\")) is $29.4 million ($10.65/boe) for 1P reserves.- Proved plus Probable (\"2P\") reserves: Increased by 5.5% to 7.4 MMboe; NPV-10 is $84.1 million ($12.55/boe) for 2P reserves.- Proved plus Probable plus Possible (\"3P\") reserves: Increased by 10.1% to 11.5 MMboe;NPV-10 is $134.0 million ($12.94/boe) for 3P reserves.- NPV-10 values have increased 208% for 1P and 146% for 2P, over year-end 2020, due to reserves growth and an increase in the oil price forecast used by BouryGEC at year-end 2021;- 2021 Proved Developed Producing (\"PDP\") reserves increased 152% to 1.0 MMboe on the back of the recent tie-in at West Pepper, Canada; PDP reserves represent 34% of 1P reserves, reflecting an attractive ratio of base production to low-risk drilling targets; and- Before tax NPV-10 per share of US$0.14/share, US$0.39/share, and US$0.63/share for 1P, 2P, and 3P reserve categories, respectively.CEO CommentaryMarshall Abbott, CEO of Arrow, commented: \"Arrow delivered an increase in volumes and values across 1P, 2P and 3P reserves in 2021. We are pleased with the results of the BouryGEC reserves evaluation, which reinforces the significant value of our Colombian and Canadian assets.\"2021 Year-End Reserves SummaryThe summary below summarizes Arrow's reserves as at December 31, 2021, as prese...