CALGARY–ARROW Exploration Corp. announces that the Board of Directors has accepted Bruce McDonald’s resignation from his role as President and Chief Executive Officer and from the Board of Directors of Arrow effective October 16, 2019.
Jack Scott, Chief Operating Officer of Arrow, has been appointed by the Board of Directors as interim President & Chief Executive Officer of Arrow effective October 17, 2019, in addition to his role as Chief Operating Officer. A search will be initiated immediately for a new President and Chief Executive Officer.
Dominic Dacosta, Arrow Chairman, said “The Board is truly grateful for the many valuable contributions Bruce has made as the founder of the Company and for his leadership in executing a series of formative transactions to acquire its Colombian assets and complete a reverse takeover transaction to secure a public listing in September 2018. We wish Bruce the very best in his future endeavors.”
Jack Scott, COO of Arrow commented, “Our operational plan remains to focus on growing production through the drill bit, building our drillable prospect inventory and reducing costs by creating additional efficiencies throughout the Company”.
Arrow continues to pursue several initiatives which are expected to reduce operating costs, including the recent implementation of an improved water handling solution for the Rio Cravo Este-1 (“RCE-1”) well and purchasing rented oilfield equipment. The improved water handling solution has reduced operating costs for the RCE-1 well by approximately 30%. As previously press released, Arrow has identified approximately $4 million in oilfield equipment capitalization opportunities which would have a positive impact on operating costs once purchased. The Company plans to begin capitalizing identified equipment in stages and is in discussions with potential lenders to purchase the first stage of equipment.
As previously disclosed, Arrow has been working to secure a corporate credit facility to support its growth plan. The Company continues to engage in discussions with various potential credit facility providers and is evaluating alternative debt solutions in the event the Company is unable to close the credit facility as originally contemplated.
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”.