Arrow Exploration Announces Proposed Private Placement and Grant of Stock Options

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CALGARY, Alberta, May 23, 2020 — ARROW Exploration Corp. (“Arrow” or the “Company”) (TSXV:AXL) announces a proposed non-brokered private placement (the “Private Placement”) of 13,000,000 common shares of the Company at a price of $0.025 per share for gross proceeds of $325,000.

The private placement will be subscribed for by certain insiders of the Company in an amount of $100,000 each, and a consultant to the Company in an amount of $25,000.  The Company has agreed to provide a loan of $100,000 to each of the insiders and a loan of $25,000 to the consultant, pursuant to promissory notes secured by the shares issued in the Private Placement.

The securities issued in connection with the Private Placement are subject to a hold period of four months and one day from the closing of the Private Placement. The Private Placement is subject to certain conditions, including approval of the TSX Venture Exchange (the “TSXV”).

No commission or finder’s fee will be paid in connection with the Private Placement.

The transaction is a related party transaction pursuant to National Instrument 61-101 (the “Policy”) however the transaction is exempt from formal valuation requirements of the Policy as well as the requirement for minority shareholder approval.  The transaction is part of the consideration offered to the subscribers pursuant to their employment or consulting agreements with the Company and was considered by the independent directors of the Company and determined to be in the best interest of the Company.

Following the closing of the Private Placement the Company will issue an aggregate 4,875,000 stock options (“Options”) to a director, officers and a consultant of the Company as part of Arrow’s compensation arrangements. Other than 375,000 of the Options which will vest on the one-year anniversary of their issuance, one-third of the options will vest on the first year anniversary of their issuance, one-third of the options will vest on the second year anniversary of their issuance, and one-third of the options will vest on the third year anniversary of their issuance. The Options shall have a strike price of $0.03. The Options will be issued pursuant to the Company’s Stock Option Plan.

About ARROW Exploration

Arrow Exploration Corp. (operating in Colombia via a branch of its 100% owned subsidiary Carrao Energy S.A.) is a publicly-traded company with a portfolio of premier Colombian oil assets that are under-exploited, under-explored and offer high potential growth. The Company’s business plan is to expand oil production from some of Colombia’s most active basins, including the Llanos, Middle Magdalena Valley (MMV) and Putumayo Basin. The asset base is predominantly operated with high working interests, and the Brent-linked light oil pricing exposure combines with low royalties to yield attractive potential operating margins. Arrow’s is led by a hands-on executive team, supported by an experienced board. Arrow is listed on the TSX Venture Exchange under the symbol “AXL”.

For further information contact:

Marshall Abbott Chief Executive Officer [email protected] (403) 651-5995

Neither the TSX Venture Exchange (TSXV) nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Statements

This news release contains certain statements or disclosures relating to Arrow that are based on the expectations of its management as well as assumptions made by and information currently available to Arrow which may constitute forward-looking statements or information (“forward-looking statements”) under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that Arrow anticipates or expects may, could or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words “continue”, “expect”, “opportunity”, “plan”, “potential” and “will” and similar expressions. The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of Arrow. Arrow believes the expectations and assumptions reflected in the forward-looking statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct.

The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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