Arrow Announces Exploration Well IC-1 Log Results

Icaco 1 successfully drilled and logs analyzed

Calgary, Alberta--(Newsfile Corp. - May 13, 2026) - Arrow Exploration Corp. (AIM: AXL) (TSXV: AXL) ("Arrow" or the "Company"), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, is pleased to provide an update on operational activity at the Icaco field on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50 percent beneficial interest.

Icaco-1 Exploration Well

The Icaco 1 exploration well (IC-1) was spud May 5, 2026, and reached target depth on May 9, 2026. The IC-1 well was drilled, on time and under budget, to a total measured depth of 7800 feet (7524 feet true vertical depth) and encountered multiple hydrocarbon-bearing intervals.

Log analysis shows 30 feet of pay in the Carbonera C7 formation, 15 feet of pay in the Gacheta formation and 26 feet of pay in the Ubaque formation.

Arrow plans to production test the IC-1 well in the three formations that are hydrocarbon-bearing on petrophysical analysis, the Carbonera C7, Gacheta and Ubaque. After tests and clean up of the wells has been completed, over the coming weeks, Arrow will provide production testing results.

Marshall Abbott, CEO of Arrow commented:

"We are very encouraged by the well log results of the Icaco 1 exploration well. The upcoming tests, and any subsequent development wells, will give Arrow an indication of the magnitude of the discovery. These initial drilling results are better than we anticipated and display once again the hydrocarbon density of the Tapir Block."

"The Icaco prospect, highlighted by the proprietary 3-D seismic, supports the scope and repeatability of this suite of conventional reservoirs in Tapir Block."

"Arrow has now drilled five successful exploration wells in the Tapir Block which have subsequently resulted in 40 development wells. This demonstrates significant value additions to the Company. Management looks forward to updating shareholders on the exciting progress at Icaco in the near term."

For further Information, contact:

Arrow Exploration
Marshall Abbott, CEO	[phone]
Joe McFarlane, CFO	[phone]
Canaccord Genuity (Nominated Advisor and Joint Broker)

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