Arrow Exploration Acquires Thorsby Oil Property in Alberta

Arrow Exploration Corp has acquired an oil-producing property in Alberta, Canada for CAD12.2 million (around USD8.9 million). The Calgary-based oil and gas company purchased a 100% working interest in the Thorsby property from a private company.

The asset covers 9,501 net acres and includes 22 potential drilling locations in the lower Cretaceous Sparky reservoir.

Arrow expects two-mile horizontal wells at Thorsby to cost around USD1.6 million each, with initial production rates of approximately 300 barrels of oil per day and quick payback periods.