Arrow Secures $12.36 Million Canadian Oil Asset Play

Arrow Exploration (TSX-V:AXL) has made its second major acquisition in recent months, shelling out $12.36 million for a 100% working interest in an oil-producing property in Thorsby, central Canada.

The asset, which produces 550 barrels of oil equivalent per day and generated C$2 million in operating income over the past year, boasts proved reserves of 4.97 million barrels of oil equivalent (boe) and total reserves of 7.54 million boe across 9,501 net acres.

A third-party reserve report valued the proven (1P) reserves at C$38 million and proved plus probable reserves (2P) at $71 million on a pre-tax net present value basis, discounted at 10%.