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BRIEF-Arrow Exploration Provides Corporate Update

Published 2020-04-27, 09:02 a/m
© Reuters.

April 27 (Reuters) - Arrow Exploration Corp AXL.V :

* ARROW EXPLORATION PROVIDES CORPORATE UPDATE

* ARROW EXPLORATION - CO & ADVISOR REMAIN COMMITTED TO STRATEGIC ALTERNATIVES PROCESS,INTEND TO PROVIDE UPDATES AS DETERMINED TO BE APPROPRIATE BY BOARD

* ARROW EXPLORATION CORP - JOE MCFARLANE HAS BEEN APPOINTED TO POSITION OF CHIEF FINANCIAL OFFICER OF COMPANY, EFFECTIVE APRIL 24TH, 2020

* ARROW EXPLORATION-NO GUARANTEES AS TO WHETHER STRATEGIC ALTERNATIVES PROCESS TO RESULT IN TRANSACTION OR TERMS OR TIMING OF ANY RESULTING TRANSACTION

* ARROW EXPLORATION CORP - ESTIMATES ITS Q1 2020 PRODUCTION AVERAGED APPROXIMATELY 1,072 BBLS/D

* ARROW EXPLORATION CORP - HAS TEMPORARILY SHUT-IN PRODUCTION AT OSO PARDO, WITH OMBU SHUT IN BY OPERATOR SINOCHEM

* ARROW EXPLORATION - EMPLOYEES AND CONTRACTORS ARE REDUCING SALARIES AND RATES TO HELP CO REDUCE ITS OVERALL SPENDING DURING THIS DIFFICULT PERIOD

* ARROW EXPLORATION CORP - WITNESSED A SLOWDOWN IN MERGERS AND ACQUISITIONS ACTIVITY, AS WELL AS A DECLINE IN DEBT AND EQUITY FINANCINGS

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