Arrow Exploration Corp. reported earnings and production results for the fourth quarter and year ended December 31, 2018. For the quarter, the company reported total natural gas and crude oil revenues, net of royalties was $5,911,425. Funds from operations was $922,280 or $0.01 per basic and diluted share compared to funds from used in operations of $2,887 or $0.00 per basic and diluted share a year ago. Net income was $1,242,936 or $0.02 per basic and diluted share compared to net loss of $3,078 or $0.00 per basic and diluted share a year ago.

For the year, the company reported total natural gas and crude oil revenues, net of royalties was $6,077,423. Funds from used in operations was $971,986 or $0.01 per basic and diluted share compared to $3,987 or $0.00 per basic and diluted share a year ago. Net loss was $665,123 or $0.01 per basic and diluted share compared to $4,228 or $0.00 per basic and diluted share a year ago.

For the quarter, the company reported natural gas was 733 (Mcf/d). Natural gas liquids was 7 (bbl/d). Crude oil was 1,553 (bbl/d). Total natural gas and crude oil production, before royalties was 1,682 (boepd). Natural gas negative was $1.97 ($/Mcf). Crude oil was $19.15 ($/bbl). Total operating netbacks was $16.88 ($/boe).

For the year, the company reported natural gas was 734 (Mcf/d). Natural gas liquids was 7 (bbl/d). Crude oil was 1,547 (bbl/d). Total natural gas and crude oil production, before royalties was 1,676 (boepd). Natural gas negative was $1.92 ($/Mcf). Crude oil was $19.22 ($/bbl). Total operating netbacks was $16.96 ($/boe).

The company provide 2019 corporate guidance of 1,600 boe/d – 1,700 boe/d average production and $14 - $15 million capital spending without accounting for any potential success at RCE-1. Following completion of RCE-1, production and capital guidance numbers will be adjusted accordingly.