Arrow Expands into Alberta with $8.9M Oil Property Acquisition

Arrow Exploration Corp has made its first move in Alberta by acquiring the Thorsby oil property for C$12.15 million (approximately US$8.9 million). The purchase includes 9,501 net acres and infrastructure, with current production of 550 barrels of oil equivalent per day.

The property boasts nearly 5 million barrels of proved reserves, with potential to increase to over 7.5 million barrels. Arrow plans to further drill in the Sparky formation, expecting high returns from this low-risk opportunity.

The acquisition aligns with Arrow's strategy of expanding its portfolio, leveraging similar geology found in its Colombian assets. As a result of this purchase, Arrow remains debt-free and sees potential for growth in Alberta.