Arrow Exploration Hits Record Production Milestone on Strong Financial Footing
Arrow Exploration Corp., a publicly traded oil and gas company, has reported record corporate production of over 6,000 barrels of oil equivalent per day. This milestone is supported by recent drilling successes, workovers, and the addition of the Thorsby field in Alberta. The company maintains a strong financial position with an estimated cash balance of US$21.8 million following the Thorsby acquisition payment.
The recent production increase was also bolstered by Arrow's IC-6 well at the Icaco field on the Tapir block in Colombia, which encountered a fault and was re-purposed as a water disposal well. This move is expected to lower operating costs and improve production efficiency.
Arrow continues to advance its growth strategy with ongoing drilling activities at the Icaco field, including the spud of the IC-7 well targeting multiple formations. The company also plans to expand drilling capacity on the Icaco pad and is engaging in constructive talks regarding a Tapir block extension amid a pro-business Colombian government.