Arrow Exploration’s Third Horizontal Well on Carrizales Norte Pad Surpasses Production Expectations

Proactive - Interviews for investors

Arrow Exploration CEO Marshall Abbott joined Steve Darling from Proactive to discuss the company’s latest operational success with Steve Darling from Proactive. Abbott revealed that the third horizontal well on the Carrizales Norte “B” pad, known as CNB HZ-4, has begun production and is significantly exceeding initial expectations. The well currently boasts a flow rate exceeding 2,500 barrels of oil per day (BOPD) gross, and production is still on the rise. The CNB HZ-4 well, which was drilled to a total measured depth of 13,335 feet, includes a horizontal section spanning approximately 3,940 feet. It commenced production on August 26, 2024, utilizing an electric submersible pump (ESP). Despite a current 8% water cut while still recovering load fluid, management expects the well to achieve initial production (IP) rates comparable to the company’s first two horizontal wells on the pad. Early results indicate that CNB HZ-4 displays similar reservoir characteristics to the previously successful CNB HZ-1. In addition to this operational achievement, Abbott shared the company’s impressive financial performance for the second quarter of 2024. Arrow Exploration recorded total oil and natural gas revenue, net of royalties, of $15.1 million, representing a 47% increase compared to the same period in 2023. The company reported a net income of $1.2 million and an adjusted EBITDA of $8.9 million, marking a 53% increase from the previous year. Arrow also maintained a strong cash position of $10.8 million at the end of Q2 2024 and generated operating cash flows of $15.7 million during the first half of the year. This combination of strong production results and robust financial performance highlights Arrow Exploration's continued growth and success in the energy sector. #proactiveinvestors #arrowexplorationinc #aim #axl #tsxv #axl #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews