Arrow Exploration Corp. · TSXV:AXL
Arrow Exploration — Investor Presentation (September 2026)
37 slides from Arrow Exploration's investor presentation, September 2026
Slide 1: Arrow Exploration Corporate Presentation
AIM | TSXV : AXL ARROW EXPLORATION Growing & Socially-Responsible Energy Company Corporate Presentation | September 2026 All amounts in USD unless otherwise noted Unless stated otherwise, all dollar figures refer to US dollars
Slide 2: Disclaimer
Disclaimer Important Information The content of information contained in this presentation (the “Presentation”) has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 (“FSMA”). Reliance upon this Presentation for the purpose of engaging in any
Slide 3: Arrow Exploration
arrow EXPLORATION JP”
Slide 4: Who is Arrow Exploration?
Who is Arrow Exploration? Explorers Developers • 5 Arrow discoveries including Icaco, RCE, CN, MA, and • Over 50 wells drilled, 26.6 kms of roads built, 5 well pads Alberta Llanos • Drilled 10% of all wells in Colombia in 2024 (ex-Ecopetrol) • Over 215 km² of 3D seismic acquired across 2 contracts M
Slide 5: Corporate Snapshot
Corporate Snapshot $145MM 6,000 + 21.4mmbbl Market Cap – Sept 14, 2026 BOE/D 2026 MY 2P Reserves $200 Million CAD Production $52.44/bbl $21.7MM $57.7M Oil Netbacks Cash/No debt Revenue, net of royalties H1 2026 (Brent - $87) September 1, 2026 H1 2026 Valuation Metrics Share Ownership 2P NAV/Share: $
Slide 6: 2026 Share Performance
2026 Share Performance aN aS S as S S —Arrow Exploration << Brent - USD/bbl 160% 140% 120% 100% 80% 60% 40% 20% 0% -20% anow >
Slide 7: 2026 Mid-Year Reserves
2026 Mid-Year Reserves Independent reserve evaluation by Boury GEC | Effective date August 15, 2026 HISTORICAL 1P, 2P AND 3P VOLUMES 40,000 1P 2P 3P $ 731 MM 35,000 RESERVES VOLUMES, MBbls 30,000 34,474 25,000 $524 MM $ 409 MM The 1P reserves have been prepared 20,000 $473 MM assuming the Tapir bloc
Slide 8: Total Production
Total Production • Improved resource recovery rates and reduced downtime, contributing to higher overall production • Clear pathway for future growth established, with ongoing projects and exploration set to further boost production • Broad production spread across wells – reduces concentration risk
Slide 9: Brent vs. Netback
arrow Brent vs. Netback Soa Brent vs. Netback $120.00 $100.00 $80.00 $60.00 $40.00 $20.00 $- $60.00 $70.00 $80.00 $90.00 $100.00 Brent mNetback mOpex mRoyalties m Differentials
Slide 10: HZ Well Program Returns
HZ Well Program Returns Carrizales Norte The horizontal well program at Carrizales Norte delivers exceptional returns, validating Arrow's development strategy and capital allocation discipline. Proven Economics Repeatable Model Industry-leading returns driven by low-cost operations and high-quality
Slide 11: Colombian Oil Portfolio
Colombian Oil Portfolio Llanos Basin
Slide 12: Llanos Basin- Home to Arrow's core Tapir Block
Llanos Basin- Home to Arrow’s core Tapir Block The ‘Park Avenue’ of Colombia’s Oil Industry – Safe, Secure and Highly-Desirable • Largely flat-lying areas with little vertical relief • Strong community support Parex acquired Frontera assets
Slide 13: The Tapir Block
The Tapir Block • The Tapir contract expires in February 2028 • The contract contains two, 5-year extensions provisions that can be granted at the discretion of Ecopetrol • All obligations for the extensions listed in the contract, financial, production, communities, have been fulfilled • The partne
Slide 14: Development on the Tapir Block
Development on the Tapir Block
Slide 15: Icaco Discovery
Icaco Discovery B Icaco-2 A Icaco-1 • Icaco-1 well drilled in 5 days Pay in the C7, Gacheta and Ubaque formations • Icaco-2, 3, 4, 5 delineation also drilled and on production • Icaco-6 disposal well • Development plan includes horizontal and deviated wells
Slide 16: Icaco Main Ubaque Development
Icaco Main Ubaque Development Besides the two existing horizontal wells, up to 4 more horizontals could be drilled
Slide 17: Icaco C7 Development
Icaco C7 Development Besides the 5 C7 penetrations we have already (soon 3 producers), at least 9 more locations to properly drain the reserves
Slide 18: Mateguafa Attic Discovery
Mateguafa Attic Discovery Scope and Repeatability- C7 Development Plan Top C7 depth structure • Mateguafa field discovered in 1998. Four wells drilled, two C7 producers A B (M1-M3, Cumed 630k bbls) MAT-1 M-19 M-20 • Stratigraphic and Structural trapping A M-18 MAT-3 C7, Guadalupe, Gacheta and Ubaque
Slide 19: Mateguafa C9 Development Plan
Mateguafa C9 Development Plan 4000 to 5000 feet of Horizontal Section Homogenous oil charged sandstone Mat-HZ-7 was drilled in December 2025 Cumed 110 K Bbls so far Mat-HZ-9 was drilled in January 2026 On production Mat-HZ-12 was drilled in April 2026 On production C9 Producers Mateguafa-5 (
Slide 20: Mateguafa C9 Structural Cross Section
Mateguafa C9 Structural Cross Section A B OIL 20
Slide 21: Alberta Llanos Field
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Slide 22: Alberta Llanos Field
Alberta Llanos Field • Typical Llanos Basin prospect: three-way structural closure against a fault • Multiple zone discovery: C7, Guadalupe, Gacheta, & Ubaque 121 feet (Hydrocarbon bearing reservoir) • Located approximately 3.5 km northeast of Carrizales Norte discovery on same fault trend
Slide 23: Carrizales Norte Field
arrow Carrizales Norte Field EXPLORATION JP
Slide 24: Carrizales Norte: Horizontal Well Program
Carrizales Norte: Horizontal Well Program • The first horizontal well was spud on May 14, 2024. A 622 m horizontal section was drilled within the Main Ubaque reservoir. The well was brought on production on June 15, 2024 and initial production Main Ubaque depth structure was over 3,000 bbl/d gross (
Slide 25: Carrizales Norte: C7 Potential
Carrizales Norte: C7 Potential • Reservoirs consist of channelized sand bodies with excellent Carrizales Norte Conceptual C7 Existing Wells characteristics – porosity of 28 – 34% and multi-Darcy permeabilities Development Plan Current C7 • Light oil (>30o API) and strong water drive allow for very h
Slide 26: Rio Cravo Este Field
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Slide 27: RCE Development
RCE Development RCE-HZ-10 drilled in 2025 targeting Ubaque RCE- 9 drilled in 2025 targeting C7 Future Ubaque HZs Future C7 drills Future Gacheta drills C7 Structure Map Ubaque Structure Map
Slide 28: Tapir Block: Fields, Prospects & Leads
Tapir Block: Fields, Prospects & Leads – Scope and Repeatability Inventory and Running Room • The Tapir Block contains the Icaco, Carrizales Norte (CN), RCE, Alberta and Mateguafa Fields, all of which are producing and have demonstrated significant oil potential, providing a strong foundation for fu
Slide 29: Macoya Prospect – Scope and Repeatability
Macoya Prospect – Scope and Repeatability Top Ubaque depth Structure Top C7 depth Structure a MACOYA-1 MACOYA-1 b 500 M 500 M MACOYA-1 MACOYA-1 logs – C7 MACOYA-1 logs – Ubaque • The Macoya-1 was drilled in April-1993, by Heritage Colombia, based on available 2D seismic • The well encountered reserv
Slide 30: Caporal Sur Prospect
Caporal Sur Prospect A B C7 Guadalupe Gacheta Ubaque Paleozoic Guadalupe depth structure 1 KM A Caporal Sur B • Caporal sur is a 4-way dip closure mapped over the Tapir Sur 3D survey • The structure is observed on the depth migrated volume • The structure extends from the Ubaque to the C7 reservoirs
Slide 31: Oxbow Prospect
Oxbow Prospect Downdip extent Channel edge (stratigraphic) and structural dip acting as trap Alberta pad surface location • Oxbow is a stratigraphically trapped prospect • C7 is the primary target. • The channel geometry can be mapped from 3D seismic amplitudes • Oxbow can be reached from existing A
Slide 32: Water Disposal Capacity
Water Disposal Capacity • Licensed to dispose of >130,000 BPD • Arrow received ANLA (Colombian environmental agency) approval for increased water disposal, enhancing their ability to support production growth
Slide 33: Financial Resources
Financial Resources Prepayment Facility - Prepayment On May 30, 2025, Facility Arrow announced it had entered into a two-year crude prepayment agreement with an integrated energy major • On May 30, 2025, Arrow announced it had - The agreement provides access for up to 20 million USD in entered prepa
Slide 34: Thorsby Canada Producers and Potential Locations
Thorsby Canada Producers and Potential Locations Shale plug Proved and Producing Wells • 14 producing wells • Total Proved development plan includes 18-22 locations on 5 pads • Additional possible locations not included in economic runs Well Year Pad Count 2027 02-06 3 2028 09-31 3 2029 05-27 3 13-2
Slide 35: Development Plan
Development Plan Total Proved Development Plan – Management Estimates • Drilling one pad per year grows production significantly and can easily be accelerated • Asset grows within cashflow
Slide 36: Near Term Catalysts – Scope and Repeatability
Near Term Catalysts – Scope and Repeatability 5 Major Discoveries to Date 2026 Focus 5 Major Discoveries to Date – 47 Successful RCE Wells Drilled Alberta Llanos Mateguafa Attic Exploration RCE Mateguafa Attic and Development Carrizales Norte Alberta Llanos Icaco Mateguafa Attic I
Slide 37: 203, 2303 – 4th Street SW Calgary Alberta T2S 2S7
Marshall Abbott CEO T: 1 (403) 651 5995 E: mabbott@arrowexploration.ca Joe McFarlane CFO T: 1 (403) 818 1033 203, 2303 – 4th Street SW E: jmcfarlane@arrowexploration.ca Calgary Alberta T2S 2S7 Auditors: Ernst & Young LLP Legal Counsel: Gowling WLG (Canada) LLP NOMAD: Canaccord Genuity Limited Broker
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