Arrow announces Annual and Special Meeting results and appointment of new CFO

CALGARY, Oct. 22 /CNW/ - Arrow Energy Ltd. (TSX Venture: AOF) ("Arrow" or the "Company") is pleased to announce that Robyn Lore, Jason Pack, Sandford Gauchier, Jesse Gauchier, Giovanni DeFrancesco, John McLeod and Ross Clark constitute the new board of directors of Arrow. Although Glen Anderson was re-elected as a director at the Annual and Special Meeting, he has resigned and John McLeod was appointed to fill the vacancy. Robyn Lore, President and Chief Executive Officer of Arrow said that he was delighted with the new board and, in particular, with the addition of Giovanni DeFrancesco, John McLeod and Ross Clark since they each have significant experience in the oil patch.

Giovanni DeFrancesco is an Engineering Technologist with over 26 years experience in the oil and gas industry. He has worked for corporations ranging from growth orientated junior producers to midsize producers with increasing responsibility in technical, supervisory, corporate and management functions. He held the position of Vice President of Operations at American Leduc Petroleum Ltd. and Symmetry Resources Inc., and prior to that he held the position of Vice President of Corporate Development at Dorset Exploration Ltd.

John McLeod is a Professional Engineer with over 38 years of varied domestic and international oil and gas experience. He is the President of McLeod Petroleum Consulting Limited, President, CEO and a Director of Tuscany Energy Ltd., Paris Energy Inc. and California Oil and Gas Corporation. He has held positions and served on various boards including Constellation Oil & Gas Ltd. and CanArgo Energy Inc., as President and CEO of Arakis Energy Company, as VP, Operations of Pengrowth Gas Company, CEO and director of Rally Energy Corp. and Canoro Resources. Currently, Mr. McLeod serves as a director of Heritage Oil Plc, Diaz Resources Ltd. and March Resources Ltd.

Ross Clark is Executive Vice President of Arrow and has over 35 years of oil and gas experience internationally and in Canada. He has held management and executive positions with Berkana Energy Corp., Rosetta Exploration Inc., Coparex Canada Ltd., Search Energy Corp., and Canadian Hunter Exploration Limited. He has a Bachelor of Arts degree and a Bachelor of Science degree from Chapman University and Master of Science degree from the University of Southern California.

Arrow is also pleased to announce the appointment of Greg Florence, CMA as Chief Financial Officer. Mr. Florence has 28 years of experience in finance, corporate finance and private equity investing across many business sectors, 19 of which has been with public and private oil and gas companies. He also has sat as a director of several public and private companies. Most recently, Mr. Florence was Chief Financial Officer with a private Canadian oil company.

Robyn Lore commented that he was happy with the support shown by the Shareholders at the October 20, 2009 Annual and Special Meeting of Shareholders since approximately 51% of the Shareholders were represented in person or by proxy and resolutions were passed with respect to all matters and special business as follows: to consolidate the shares of the Company (approximately 95% for); to change the name of the Company to Kallisto Energy Corp. (approximately 96% for); to amend the Company's stock option plan such that the number of shares reserved for issuance under the plan be set at a maximum of 10% of the issued and outstanding shares (approximately 96% for); to grant stock options to Directors and Officers of the Company to replace previously cancelled stock options (approximately 92% for); and to amend the Company's by-laws (approximately 95% for).

The proposed share consolidation and name change are subject to acceptance by the TSX Venture Exchange. If approved, the shares will be consolidated on the basis of one (1) new share for four (4) existing shares and there will be approximately 9,520,932 shares outstanding post-consolidation. Management believes that the share consolidation is necessary to provide the Company with a share structure that will better attract capital financing and that will provide for future growth opportunities. Letters of transmittal will be mailed to all registered shareholders shortly. In order to obtain their new share certificates, each shareholder must complete and send the letter of transmittal along with their share certificates to the transfer agent, as explained in detail in the management information circular and the letter of transmittal.

Arrow is a Calgary-based junior resource company engaged in the exploration, development and production of natural gas and oil primarily in Alberta.

    
    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
    

SOURCE ARROW ENERGY LTD.

For further information: For further information: Robyn Lore, President, Telephone: (403) 237-9996, Facsimile: (403) 264-0416

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