Arrow Exploration reports on its “best year”
Last updated: 12:23 29 Apr 2025 EDT, First published: 08:23 29 Apr 2025 EDT
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) released results for what it described as its “best year on all fronts”.
“We saw substantial growth in production, revenue and EBITDA and our healthy balance sheet supports the aggressive capital program planned for 2025,” said chief executive Marshall Abbott.
“Our strategy remains to maintain a disciplined approach to capital allocation which allows Arrow to grow production while maintaining positive cash flow and a growing cash position, which today's results show clear success in doing.”
For the twelve months ended 31 December, oil and gas revenue rose 65% to $73.73 million, whilst net income amounted to $13.18 million, reversing a $1.1 million net loss in the preceding year.
Earnings (adjusted EBITDA) increased by 78% to US$48.14 million.
The performance was driven by a 63% rise in production, to 3,542 barrels of oil equivalent per day, as the company delivered horizontal wells in Colombia.
In all, it drilled seven horizontal and five vertical wells at Carrizales Norte, significantly boosting production levels.
Arrow ended the year with $18.8 million of cash and cash equivalents.
Its year-end reserves report outlined a 92% increase in Proved Developed Producing reserves to 2.38 million barrels of oil equivalent.
Arrow's US-listed shares gained around 4.8% on Tuesday morning to trade around $0.22 over the counter.
