Arrow Exploration Corp (TSE:AXL) has released an update.
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Arrow Exploration Corp. reported a strong first quarter in 2024, with $14.4 million in oil and gas revenue, a net income of $3.2 million, and a significant production increase of 139% to 2,730 barrels of oil equivalent per day (boe/d). The company’s successful drilling at the Carrizales Norte field in Colombia has led to new production and reserve additions, and ongoing horizontal drilling is expected to further boost production. Arrow’s robust financial position is highlighted by a cash balance of $11.6 million and an operating cash flow of $8.6 million, enabling them to continue their self-funded capital program focused on strategic field developments.
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