Arrow Exploration Corp Reports 65% Revenue Growth and Record Production in Colombia

Arrow Exploration Corp Achieves Remarkable Growth in Colombia's Hydrocarbon Sector

Arrow Exploration Corp., a prominent player in Colombia's hydrocarbon industry, announces impressive financial and operational results for the year and fourth quarter ended December 31, 2024. The company reports a staggering 65% surge in total oil and gas revenue, reaching $73.7 million, an increase from $44.7 million in the previous year. This remarkable growth is underscored by a net income of $13.2 million, a dramatic turnaround from a net loss of $1.1 million in 2023. The adjusted EBITDA also climbs significantly, up 78% to $48 million, while cash reserves at year-end stand robust at $18 million.

Production figures further illustrate Arrow's success, with an annual average production increase of 63%, now totaling 3,542 barrels of oil equivalent per day (boe/d). In the fourth quarter alone, production more than doubles compared to the same timeframe last year, reaching 4,738 boe/d. This growth is largely attributed to the company's strategic drilling initiatives at the Carrizales Norte field, where it has successfully drilled seven horizontal and five vertical wells. As Arrow moves into 2025, it has already drilled three development wells and plans to mobilize additional rigs to sustain its upward trajectory in production.

CEO Marshall Abbott emphasizes that 2024 represents a record year for Arrow Exploration, crediting the company's disciplined capital allocation strategy for its success. This strategy not only supports ongoing growth but also facilitates further investment in operational enhancements. The significant 92% increase in Proved Developed Producing reserves, now totaling 2.4 million barrels of oil equivalent (MMboe), positions Arrow favorably for future endeavors in the highly competitive Colombian hydrocarbon market.

In addition to its operational advancements, Arrow Exploration’s commitment to sustainable practices sets it apart in the industry. The company actively seeks to balance growth with environmental responsibility, ensuring that its expansion does not compromise ecological standards. This commitment enhances Arrow's reputation as a responsible operator in the region.

Looking ahead, Arrow Exploration remains optimistic about its production capabilities and financial health. With a strong foundation established in 2024 and continued investment in development, the company is poised for further success in Colombia's dynamic hydrocarbon sector.