Arrow Exploration (AXL) investor relations material

Corporate and financial snapshot

• Production above 6,000 BOE/d; H1 2026 oil netbacks $52.44/bbl at Brent of $87/bbl, with revenue net of royalties of $57.7M.

• Cash of $21.7M and no debt as of Sept. 1, 2026; market capitalization of CAD $200M as of Sept. 14, 2026.

• Mid-year 2026 2P reserves of 21.4 MMbbl; 2P NAV/share of $1.43 USD and market cap/trailing 12-month operating cash flow of 3.5x.

Reserves and Tapir contract

• Independent Boury GEC reserve evaluation effective Aug. 15, 2026: 1P 11,380 MBbls, 2P 21,419 MBbls and 3P 34,474 MBbls.

• 1P assumes the Tapir contract expires in Feb. 2028; 2P assumes the first five-year extension and 3P assumes the second five-year extension.

• Tapir covers 65,154 acres; the beneficial 50% working interest is contingent on Ecopetrol assignment, and extension obligations are fulfilled as discussions with Ecopetrol continue.

• Tapir has five producing zones: Carbonera C7, Guadalupe, Ubaque, Gacheta and Umir; cumulative Tapir production is 8.6 MMbbls.

Producing assets and development

• Carrizales Norte’s first horizontal well began production in June 2024 at over 3,000 bbl/d gross, or 1,500 net; nine additional horizontal wells were brought on production at similar rates.

• Carrizales Norte Ubaque has up to 80 feet of oil-charged sands; low-viscosity crude and strong water drive support estimated recovery factors of 30–35%.

• Icaco-1 found pay in C7, Gacheta and Ubaque; Icaco-2 through Icaco-5 were drilled as delineation wells and put on production, with up to four additional Ubaque horizontals considered.

• Mateguafa HZ-7 had cumulative production of 110,000 bbls; HZ-9 and HZ-12 were on production, with HZ-13 identified as a future C9 well.

• Horizontal-well economics at Carrizales Norte are highlighted at 500% IRR, with the development model described as repeatable across the Colombia portfolio.