Arrow Appoints New Chairman
January 16 2020 - 5:00PM
ARROW Exploration Corp. (“
Arrow” or the
“
Company”) (
TSXV: AXL) announces
that Mr. Dominic Dacosta has resigned from the role of Chairman of
the Company given growing business commitments outside of Arrow,
but will continue to serve on the Board of Directors.
The Board has accepted Mr. Dacosta’s resignation
as Chairman and has approved the appointment of Mr. Anthony Zaidi
as Chairman of the Board of Directors effective immediately. Mr.
Zaidi is also the VP of Business Development and General Counsel at
Canacol Energy Ltd. and was appointed to the Arrow Board of
Directors on December 31, 2019. Mr. Zaidi’s appointment to the
Board of Directors remains subject to regulatory approvals,
including the TSX Venture Exchange.
Mr. Zaidi, Chairman, said, “The Board is
grateful for the valuable contribution that Mr. Dacosta has made as
Chair, and are pleased that he will stay on as a Director.”
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 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”.
For further information contact:
Felix Betancourt |
|
John Newman |
|
Eric Van Enk, CFA |
Interim Chief Executive Officer |
|
Chief Financial Officer |
|
VP Finance & IR |
E: fbetancourt@arrowexploration.ca |
|
P: (403) 237-5700 ext.107 |
|
P: (403) 237-5700 ext. 104 |
|
|
E: jnewman@arrowexploration.ca |
|
E: ericvanenk@arrowexploration.ca |
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 “continue”, “expect”, “opportunity”, “plan”, “potential”
and “will” and similar expressions. The forward-looking statements
contained in this news release reflect several material factors and
expectations and assumptions of Arrow, including without
limitation: approval by regulatory authorities including the TSX
Venture Exchange for Mr. Anthony Zaidi’s appointment to the
Arrow Board of Directors; potential of Arrow’s Colombian assets to
offer high potential growth; and Arrow’s business plan to expand
oil production and achieve attractive potential operating margins.
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.
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