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.
Forward-looking Statements
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.