ARROW Exploration Corp. is pleased to provide the following corporate update.
Due to logistics and delays caused by the COVID-19 virus, Arrow is relying on the exemption provided in Alberta Blanket Order 51-517 Temporary Exemption from Certain Corporate Finance Requirements (the “Alberta Order”) of the Alberta Securities Commission and similar exemptions provided by the other securities commissions to postpone the filing of the following continuous disclosure documents (collectively with the Q1 Documents, the “Documents”):
According to the Alberta Order during the period from March 23, 2020 to June 1, 2020, a person or company required to make certain filings as described in the Alberta Order has an additional 45 days from the deadline otherwise applicable under Alberta securities laws to make the filing. Arrow expects to file the Documents by no later than June 12, 2020.
Arrow intends to file its Interim Financial Statements and Management’s Discussion & Analysis for the quarter ended March 31, 2020 (the “Q1 Documents”) by no later than July 14, 2020.
Until the Company has filed the Documents, members of the Company’s management and other insiders are subject to an insider trading black-out period as per its internal Insider Trading Policy that is consistent with the principles in Section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions. Until the Company has filed the required Documents, members of the Company’s management and other insiders will observe a trading blackout consistent with the principles in Section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
The Company is also providing the following update on material business developments since the date of the Company’s last press release of April 27, 2020, which disclosed that the Company would be relying on the Alberta Order:
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 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”.
For further information contact:
Marshall Abbott
Chief Executive Officer
mabbott@arrowexploration.ca
(403) 651-5995