Arrow Exploration Surpasses 5,000 bbl/d Production Threshold with New Colombian Wells

Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) announced that its gross corporate production has surpassed 5,000 barrels of oil equivalent per day. This milestone comes after three new wells on the Tapir Block in Colombia entered production.

The strongest contributor among these new wells is IC-HZ5, which is producing 1,270 barrels of oil per day gross, with Arrow retaining a net interest of 635 bopd. The well was drilled on time and within budget, and it encountered around 20 feet of net oil pay in the C7 formation.

The vertical well IC-3 is producing approximately 250 bopd gross, or 125 bopd net to Arrow, at a restricted rate from the Gacheta. This well encountered 50 feet of combined net pay across three formations. Meanwhile, IC-HZ4 is producing 150 bopd gross after water reduced its output from a peak of 799 bopd.

Arrow has an estimated cash balance of US$27.5 million as of August 1 and remains debt-free. Additionally, five further drilling cellars have been constructed at Icaco, with IC-6 planned as a vertical well targeting the C7, Gacheta, and Ubaque formations.