Arrow Energy Ltd.
TSX VENTURE : AOF

Arrow Energy Ltd.

September 12, 2008 12:21 ET

Arrow Announces Appointment of Officers and Director

EDMONTON, ALBERTA--(Marketwire - Sept. 12, 2008) - Arrow Energy Ltd. (TSX VENTURE:AOF) ("Arrow") is pleased to announce the appointment of Robyn Lore as President and a director of Arrow. Mr. Lore was recently the Managing Director, Land of Berkana Energy Corp. ("Berkana"), a public company formerly listed on the TSX. Prior to this, Mr. Lore was Vice President of Heritage Oil Corporation, a publicly trading company listed on the TSX.

Arrow is further pleased to announce that Ross Clark has been appointed Executive Vice-President of Arrow. Mr. Clark was recently the Managing Director, Exploration of Berkana. Prior to this, Mr. Clark held the position of Manager, New Ventures for Coparex Canada and Executive Vice President and director of Search Energy Corp. (now Advantage Energy Income Trust).

Mr. Richard Edgar, Chairman and Executive Director of Arrow, states, "this is a significant development for Arrow and I am certain that Arrow will benefit from the leadership of both Messrs. Lore and Clark who are seasoned veterans in management of successful exploration, development and production of oil and gas in public companies."

As part of their employment packages, Messrs. Lore and Clark will each receive 1,000,000 stock options to purchase common shares of Arrow at an exercise price of $0.20 per common share effective September 10, 2008 pursuant to Arrow's stock option plan. The stock options expire September 10, 2013 and vest over a period of three years.

Furthermore, Arrow is pleased to announce that, subject to regulatory approval, it intends to complete a private placement (the "Private Placement") of $1,000,000 through the sale of 5,000,000 units ("Units") at a price of $0.20 per Unit. Each Unit is comprised of one (1) flow-through common share ("Flow-Through Share") and one (1) common share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one (1) additional common share of Arrow at a price of $0.30 per common share for a period of two (2) years following the date of closing.

Arrow intends to use the proceeds from the Private Placement for general working capital purposes, for strategic acquisitions and for exploration and development activity on its oil and natural gas exploration projects.

Arrow is a Calgary-based junior resource company engaged in the exploration, development and production of natural gas and oil primarily in the Peavine/Dawson, Westlock, and Redwater/Jeffrey areas of Alberta.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Arrow Energy Ltd.
    Richard N. Edgar
    (403) 237-9996 or Toll Free: 1-866-528-9996
    (403) 264-0416 (FAX)