CALGARY, May 15, 2019 /CNW/ - ARROW Exploration Corp.
("Arrow" or the "Company") (TSXV: AXL) is pleased to announce
preliminary results of the Rio Cravo Este-1 ("RCE-1") exploration
well located on the Tapir Block in the Llanos Basin of Colombia in which Arrow holds a 50% beneficial
interest. The RCE-1 exploration well was spud on April 25th, 2019 and Arrow's
petrophysical analysis of the LWD logs indicates 103 feet true
vertical depth ("ft tvd") of oil pay in multiple conventional
sandstone reservoirs within the C7, Gacheta and Ubaque formations.
The RCE-1 well was designed to test the above-mentioned formations
within a fault bounded structural closure. RCE-1 was drilled ahead
of schedule and below budget reaching total depth ("td")
approximately 19 days after spud. Arrow intends to complete and
flow test RCE-1 with the Weatherford 839 rig currently onsite.
The RCE-1 well has been drilled and cased to a depth of 10,000
feet measured depth ("ft md"). The top of the C7 zone was
penetrated at a depth of approximately 8,642 ft md. Within the C7
zone, 50 ft tvd of potential net oil pay has been encountered in
two separate sands, with an average porosity of 29%. The top of the
Gacheta Formation was encountered at a depth of approximately 9,396
ft md. Within the Gacheta Formation, approximately 37 ft tvd of
potential net oil pay has been identified within multiple sands
with average porosities of 20% to 30%. The top of the Ubaque
Formation was penetrated at a depth of approximately 9,876 ft md.
Within the Ubaque Formation, approximately 12 ft tvd of potential
net oil pay has been identified with an average porosity of 12%.
Additional minor potential net pay of four ft tvd has been
identified within the C3 and Mirador zones.
Bruce McDonald, President and CEO
of Arrow, commented "We're pleased to have encountered a number of
potential pay zones within the targeted reservoirs with the
Company's second exploration well drilled in Colombia. If testing proves positive, we
anticipate the well should be on production by early June and
appraisal locations are currently being assessed which would be
drilled off the same pad as RCE-1."
About ARROW Exploration
Arrow Exploration Corp. (operating in Colombia via its 100% owned subsidiaries
Carrao Energy S.A. and Samaria Llanos Exploration S.A.) is a
publicly-traded company with a portfolio of premier Colombian oil
assets that are underexploited, underexplored and offer high
potential growth. The Company's business plan is to rapidly expand
oil production from some of Colombia's most active basins, including the
Llanos, Middle Magdalena Valley (MMV) and Caguan/ Putumayo Basin.
The asset base is 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 seasoned
team is led by a hands-on and in-country executive team supported
by an experienced board. Arrow is listed on the TSX Venture
Exchange under the symbol "AXL".
Reader Advisory
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.
This press release contains certain forward-looking
statements within the meaning of applicable securities laws.
Forward-looking statements are frequently characterized by words
such as "plan", "expect", "project", "target", "intend", "believe",
"anticipate", "estimate" and other similar words, or statements
that certain events or conditions "may", "should" or "will" occur.
In particular, this news release contains forward-looking
statements and information related to drilling at RCE-1 and the
Company's analysis of well logs and other technical data, as
well as statements relating to anticipated production from the
RCE-1 well and associated timelines as well as oil pricing.
Although Arrow believes that the expectations and assumptions on
which the forward-looking statements and information are based are
reasonable, undue reliance should not be placed on the
forward-looking statements and information because Arrow cannot
give any assurances that they will prove to be correct. Since
forward looking statements and information addresses future events
and conditions, by their very nature they involve inherent risks
and uncertainties. Forward-looking statements are based on the
opinions and estimates of management at the date the statements are
made and are subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements,
including but not limited to future exploration at Rio Cravo Este,
expectations and assumptions concerting Arrow's ability to develop
the assets and obtain the benefits thereof, the ability to
efficiently integrate the assets, results of operations,
performance, delays or changes in plans with respect to exploration
and development or capital expenditures, failure to obtain
necessary regulatory approvals for planned operations, and health,
safety and environmental risks, and including other material risks
and assumptions discussed in the Company's Annual Information Form
dated April 30, 2019 under the
headings "Forward Looking Statements" and "Risk Factors". Arrow
cautions that the foregoing list of risks and uncertainties is not
exhaustive. The Company cannot assure that actual results will be
consistent with these forward-looking statements. They are made as
of the date hereof and are subject to change and the Company
assumes no obligation to revise or update them to reflect new
circumstances, except as required by law.
SOURCE ARROW Exploration Corp.