Arrow Exploration Spreads Wings into Canada with Alberta Oil Deal

Arrow Exploration Corp has expanded its operations to Canada by acquiring an oil property in Alberta for C$12.15 million, or approximately US$8.9 million. The company has taken a 100% working interest in the Thorsby property, which currently produces 550 barrels of oil equivalent per day and generated about C$2 million in operating income over the past year.

The Thorsby property covers 9,501 net acres, approximately 200km north of Calgary, with associated infrastructure included in the deal. A third-party reserve report estimates total proved reserves at 4.973 million barrels of oil equivalent, rising to 7.537 million on a proved plus probable basis.

Arrow's management has identified 22 drilling locations targeting the lower Cretaceous Sparky formation, which is expected to yield high returns exceeding 500% per well. The company remains debt-free following the purchase and plans to allocate capital against this new inventory of drilling targets.