Amid Cash Crunch & Depressed Share Value, A Board Shakeup At Arrow Exploration

Toronto Based  Arrow Exploration Corp. (TSXV: AXL), parent company of Colombian Carrao Energy has announced new board appointments, after the resignation of two board members and the corporate secretary 3 weeks ago. James McFarland and Steven Smith resigned from the oil & gas explorer’s board of directors, and Adrienne O’Reilly resigned as corporate secretary. VP Exploration Juan Pablo Collazos and VP Finance & Investor Relations Eric Van Enk have also separated from the company.

The company, trading at 17 cents per share on the  TSX Venture Exchange, is down from a 52-week high of 52 cents per share. The firm had to renegotiate its debt and postpone payment of $5 million USD due Canacol Energy Ltd. (TSX: CNE, BVC: CNE.C, OTCQX: CNNEF). Late last year, Arrow announced that it was exploring strategic alternatives “including: a sale, merger or other business combination; a disposition of all or certain assets of Arrow Exploration.”

Last week, the firm announced that Tim de Freitas, Gustavo Antonio Dajer Barguil and Brian Hearst, have been appointed to the board of directors, and Mauricio Nuñez Restrepo has been appointed as corporate secretary. The board of directors now consists of Ravi Sharma, Juan Carlos Salazar, Dr. Luis Baena, Anthony Zaidi, Tim de Freitas, Gustavo Antonio Dajer Barguil and Brian Hearst.

Tim de Freitas was a co-founder, and CEO of Ikkuma Energy in 2014 and grew that company until its merger with Pieridae Energy in late 2018. He is currently a director of Pieridae Energy and Briko Energy. Before that he was cofounder, Vice President, Exploration, and COO at Manitok Energy until October 2013. He also was COO of Drako Energy and Amarok Energy for several years, and he managed producing and nonproducing assets in Colombia and the western US. Prior to that, he held various technical and managerial roles at Talisman, Nexen, Canadian Occidental, British Gas and Exxon/Imperial Oil.

Colombian lawyer Gustavo Antonio Dajer Barguil ‎is a former diplomat with the Colombia Mission to The United Nations in New York and the former Consul General of Colombia in London, England. He holds a Master of Administrative Science from Fairleigh Dickinson University.

Brian Hearst is a chartered accountant with two decades of experience as CFO with various energy companies. He has also been a team member in several public listing projects: for TSX and TSXV, London AIM Exchange, and the BVC in Colombia.

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