Arrow Expands into Canadian Market with Thorsby Acquisition

Arrow Exploration Corp., an operator of high-growth assets in Colombian hydrocarbon basins, has acquired a property in Alberta, Canada.

The company purchased a 100% working interest in a 550 boepd oil-producing property in Thorsby, Central Alberta, for $12.15 million CAD (approximately $8.9 million USD), funded directly from its on-hand cash reserves.

The acquired asset has generated $2.0 million CAD of operating income over the last 12 months and boasts a significant reserve base with 4.973 million boe of total proved reserves (1P) and 7.537 million boe of total proved plus probable reserves (2P).

Arrow's management plans to deploy a development program across the lower Cretaceous Sparky reservoir, having identified 22 low-cost, quick-payout drilling locations on the property.