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Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) told investors that group production climbed above 6,000 barrels of oil equivalent per day, a company record, as the IC-6 well at its Icaco field, in Colombia, was repurposed for water disposal after drilling problems forced an early finish. The production record rate includes production from the recently acquired Thorsby field in Alberta alongside Arrow's recent drilling successes and workovers.
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) said its second quarter was its “best quarter yet”, with adjusted EBITDA rising 300% year on year to US$25.1 million as revenue more than doubled. Revenue net of royalties increased 116% to US$34.2 million, while average production climbed 30% to 4,902 barrels of oil equivalent per day and was 4% higher than the first quarter.
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) has bought its first producing asset outside Colombia, acquiring an oil property in Alberta for C$12.15 million, or roughly US$8.9 million. The AIM and TSX Venture-listed producer has taken a 100% working interest in the Thorsby property in central Alberta, funding the purchase entirely from cash reserves.
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) said gross corporate production has risen above 5,000 barrels of oil equivalent per day after three new Icaco wells entered production on the Tapir Block in Colombia. The strongest initial contribution came from IC-HZ5, which is producing 1,270 barrels of oil per day gross, or 635 bopd net to Arrow, from the Ubaque formation while the well continues to clean up.
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