Argo Gold Finalizes Letters of Intent for Oil & Gas Exploration and Development
Argo Gold Finalizes Letters of Intent for Oil &
Gas Exploration and Development
Toronto, Ontario--(Newsfile Corp. - June 23, 2022) - As a result of an increase in oil and gas prices,
world energy supply issues, and the abundance of oil and gas exploration and development
opportunities in Canada, Argo Gold Inc. (CSE:
ARQ
) (OTCQB:
ARBTF
) (XFRA, XSTU, XBER:
A2ASDS
) ("
Argo Gold
")
has finalized two letters of intent to earn into oil and gas exploration and
development mineral lands.
The mineral lands are two separate Devonian oil prospects in southern Alberta.
Argo Gold will earn a
100% working interest in the prospect lands, subject to a gross overriding royalty (GOR) to the holder of
the mineral lands, in exchange for drilling one test well per prospect. The oil prospects are seismically
defined and are located within in a well-known producing trend with proven oil zones and surrounding
infrastructure.
Four additional well locations have been identified on the two prospects.
Estimated yield
on the two initial test wells is estimated to be 100 bbl/day to 150 bbl/day in range and the estimated
ultimate recovery (EUR) of the two initial wells is expected to be 275,000 bbl oil and 300,000 bbl oil
respectively.
Argo Gold paid finder's fees of $4,000 for the two oil prospects.
About Argo Gold
Argo Gold is a Canadian mineral exploration and development company.
Information on Argo Gold can
be obtained from SEDAR at
www.sedar.com
and on Argo Gold's website at
www.argogold.com
.
Argo
Gold is listed on the Canadian Securities Exchange (
www.thecse.com
) (CSE:
ARQ
) as well as
(OTCQB:
ARBTF
) and (XFRA, XSTU, XBER:
A2ASDS
).
For more information please contact:
Judy Baker, CEO
(416) 786-7860
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES
PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information"
within the meaning of applicable securities law.
Forward-looking information is frequently
characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate"
and other similar words, or statements that certain events or conditions "may" or "will" occur.
Forward-
looking statements are based on the opinions and estimates at the date the statements are made,
and are subject to a variety of risks and uncertainties and other factors that could cause actual events
or results to differ materially from those anticipated in the forward-looking statements including, but not
limited to delays or uncertainties with regulatory approvals, including that of the CSE.
There are
uncertainties inherent in forward-looking information, including factors beyond the Company's control.
The Company undertakes no obligation to update forward-looking information if circumstances or
management's estimates or opinions should change except as required by law.
The reader is
cautioned not to place undue reliance on forward-looking statements.
Additional information
identifying risks and uncertainties that could affect financial results is contained in the Company's
filings with Canadian securities regulators, which filings are available.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/128765