CALGARY, May 3, 2019 /CNW/ - ARROW Exploration Corp. ("Arrow" or the "Company:") (TSXV: AXL), is pleased to announce that this afternoon Mr. Bruce McDonald accepted the permanent appointment as Arrow's President & Chief Executive Officer, and existing independent director, Mr. Dominic Dacosta, accepted the appointment as Chairman of Arrow's Board of Directors (the "Board"), both appointments effective immediately.
The Company previously announced on April 30, 2019 that in contemplation of the upcoming retirement of Mr. Gary Wine, the Board accepted Mr. Wine's resignation as Arrow's President & Chief Executive Officer effective May 1, 2019, and at that time appointed Mr. McDonald as interim President & Chief Executive Officer. Earlier today, Mr. Wine also tendered his resignation from the Board, which was accepted effective immediately. The Board continues to evaluate candidates and anticipates appointing a new independent director in the near future.
The Board is pleased to confirm that Mr. McDonald has accepted its request to lead the Company as permanent President & Chief Executive Officer and to relinquish his current role as Executive Chairman.
In addition to the appointment of Mr. Dacosta as Board Chair, Mr. Dacosta has also been appointed to the Company's Audit Committee in place of Mr. McDonald, who today stepped down from that role in conjunction with his appointment as President and CEO, and Mr. James McFarland has been appointed today to sit on the Company's Reserves Committee in place of Mr. Wine, who has resigned.
In addition, Arrow also announces the issuance this afternoon of a total of 1,665,000 stock options ("Options"), pursuant to the Company's Stock Option Plan (the "Plan"), to Directors, Officers and Employees of the Company, subject to regulatory approval. 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 the enhancement of shareholder value. Under the Plan, the Company is able to issue Options to a maximum of 10% of the number of issued and outstanding common shares in the Company from time to time.
The 1,665,000 Options granted on May 3, 2019 have a strike price of CAD$0.31, rounded up to the nearest whole cent from today's closing market price of the Company's common shares trading on the TSX Venture Exchange, May 3, 2019. The grant of Options is subject to regulatory approval. The Options were issued pursuant to the Plan, vest in thirds, with one third vesting upon each of the first, second and third anniversaries of issuance, and expire on May 3, 2029.
About ARROW Exploration
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 rapidly 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".
Neither the TSX Venture Exchange (TSXV) nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements or disclosures relating to Arrow that are based on the expectations of its management as well as assumptions made by and information currently available to Arrow which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that Arrow anticipates or expects may, could or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words "expect", "future", "guidance", "will" and similar expressions. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the Company's officers, directors and advisors. The forward-looking statements contained in this news release reflect several expectations and assumptions of Arrow. Arrow believes the expectations and assumptions reflected in the forward-looking statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE ARROW Exploration Corp.
For further information: Bruce McDonald, President & CEO, P: (403) 606-9784, E: firstname.lastname@example.org; John Newman, Chief Financial Officer, P: (403) 237-5700 ext. 107, E: email@example.com; Eric Van Enk, CFA, VP Finance & IR, P: (403) 237-5700 ext. 104, E: firstname.lastname@example.org