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ARROW ANNOUNCES ISSUANCE OF STOCK OPTIONS

CALGARY, September 9, 2022 - Arrow Exploration Corp. (AIM: AXL; TSXV: AXL) ("Arrow" or the "Company"), announces the issuance of a total of 2,250,000 stock options ("Options"), pursuant to the Company's Stock Option Plan ("the Plan") to certain Directors as detailed below.

The Plan is intended to assist in attracting, retaining, engaging, and rewarding directors, officers, employees, and consultants of the Company, provide additional incentive to these people for their efforts on behalf of the Company, and to align with shareholder interests. Under the Plan, the Company can issue Options to a maximum of 10 per cent of the number of issued and outstanding common shares in the Company from time to time.

Included in the total issuance of Options above, the following have been awarded to directors/PDMRs:

The Options issued have an exercise price of CAD $0.26, the closing market price of the Company's common shares trading on the TSX Venture Exchange on September 7, 2022. The Options vest in thirds, with one third vesting upon each of the first, second and third anniversaries of issuance, and expire on six (6) months after vesting. The grant of the Options is subject to regulatory acceptance. Following the issuance of these Options, the Company shall have a total of 18,095,000 options issued under the Plan.

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About Arrow Exploration Corp.

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 underexploited, 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 50% interest in the Tapir Block is contingent on the assignment by Ecopetrol SA of such interest to Arrow. Arrow's seasoned team is led by a hands-on executive team supported by an experienced board. Arrow is listed on the AIM market of the London Stock Exchange and on TSX Venture Exchange under the symbol "AXL".