Arrow Exploration Reports Strong Growth in 2023

Arrow Exploration Corp (TSE:AXL) has released an update.

Arrow Exploration Corp. reported a significant year-over-year growth for 2023, with a 79% increase in total revenue reaching $44.7 million and a 61% rise in production. Despite a net loss of $1.1 million due to an impairment loss, the company saw its adjusted EBITDA more than double to $27 million and ended the year with a healthy cash position of $12 million. The company also highlighted a 54% increase in proved and probable reserves and the successful drilling of multiple wells without any safety or environmental incidents.

For further insights into TSE:AXL stock, check out TipRanks’ Stock Analysis page.