Arrow Exploration Acquires Alberta Oil Asset for $12.15 Million

Arrow Exploration Corp. has acquired a producing oil and gas property in central Alberta, Canada for C$12.15 million.

The acquisition gives Arrow a 100% working interest in the asset, which is currently producing around 550 barrels of oil equivalent per day (boepd) and generated approximately C$2 million of operating income over the past 12 months.

The property carries third-party estimated reserves of 4.97 million boe proved (1P) and 7.54 million boe proved plus probable (2P), with pre-tax net present value (NPV10) values of C$38 million and C$71 million respectively.

Arrow has identified 22 potential drilling locations across the 9,501-acre property, primarily targeting the lower Cretaceous Sparky reservoir.