Arrow Announces IC-3, IC-4HZ, and IC-5HZ Well Results

About this update from Arrow Exploration Corp.

Icaco 3, Icaco 4 horizontal & Icaco 5 horizontal successfully drilled and on productionCalgary, Alberta--(Newsfile Corp. - August 7, 2026) - 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, is pleased to provide an update on operational activity at the Icaco field on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50 percent beneficial interest. Icaco-3 WellThe Icaco 3 well (IC-3) was spud on July 2, 2026, and reached target depth on July 9, 2026. The IC-3 well was drilled, on time and under budget, to a total measured depth of 7,710 TMD feet (Total Measured Depth), or 7,622 TVD feet (True Vertical Depth) and encountered multiple hydrocarbon-bearing intervals.Log analysis shows 18 feet of net pay in the Carbonera C7 formation ("C7"), 12 feet of net pay in the Gacheta formation and 20 feet of net pay in the Ubaque formation, for a total net pay of 50 feet TVD.The well is currently producing from the Gacheta formation at a restricted rate, 19/128 choke and 38 Hz pump frequency, of approximately 250 BOPD gross (125 BOPD net). The oil quality is 25.3° API and there is a lower than 1% water cut. Management considers the Gacheta production a very important feature in the Icaco discovery not only to prove reserves but also to determine the optimum way to develop the formation and maximize recovery from future wells. The results of the IC-3 production test will be reflected in reserves additions for Arrow at the next reserve report update.Icaco-4 Horizontal WellThe Icaco 4 horizontal well (IC-HZ4) was spud on June 13, 2026, and reached target depth on June 25, 2026. The IC-HZ4 well was drilled, on time and under budget, to a total measured depth of 12,617 feet TMD or 7,297 feet TVD and encountered multiple hydrocarbon-bearing intervals.Arrow put IC-HZ4, a short horizontal well, on production on July 2, 2026 in the Ubaque formation. The pay zone is a clean sandstone exhibiting an average porosity of 23% with high resistivities. An electric submersible pump ("ESP") has been inserted in the well after perforating. During the clean-up period the well reached a maximum rate of 799 BOPD gross (399 BOPD net) before settling into the current stable production rate of 150 BOPD gross (75 BOPD net).Although logs are showing extended ...

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