Argo Gold Update
Argo Gold Update
Toronto, Ontario--(Newsfile Corp. - July 22, 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 (CSE:
ARQ
) (OTCQB:
ARBTF
) (XFRA, XSTU, XBER:
A2ASDS
)
has been
entering into Letters of Intent to pursue oil & gas exploration and development opportunities.
Argo Gold confirms that is plans to proceed with the two LOI's for Devonian mineral lands in southern
Alberta.
Argo Gold will earn a 100% working interest in the two 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 Devonian 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 also confirms that both parties have mutually agreed to cancel its Letter of Intent and Area of
Mutual Interest Agreement to earn into oil and gas lands in southern Alberta, with exploration and
development potential in Cretaceous clastic reservoirs.
However, the parties have agreed to continue
discussions.
Argo Gold has also cancelled its agreement to settle an aggregate of $250,000 of indebtedness of the
Company with various arm's length and non-arm's length creditors through the issuance of an aggregate
of 2,500,000 common shares ("
Common Shares
") at a price of $0.10 per Common Share.
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/131712