Argo To Participate in Sparky Oil Well
Argo To Participate in Sparky Oil Well
Toronto, Ontario--(Newsfile Corp. - November 3, 2022) - Argo Gold Inc. (CSE:
ARQ
) (OTCQB:
ARBTF
)
(XFRA, XSTU, XBER:
A2ASDS
)
("
Argo Gold
") is pleased to announce it has entered into a Farmout
Agreement to participate in a horizontal Sparky Oil Well in the Lindbergh Area proximal to Lloydminster,
Alberta.
The agreement is a one-well farmout with Croverro Energy Ltd. of Calgary, Alberta whereby Argo Gold
(the Farmee) will pay the operator 50 per cent of the cost to drill, complete, and fully equip or abandon
the well to earn a 37.5-per-cent interest. The horizontal well is based on similar wells drilled in the Sparky
formation by the operator.
The oil well is expected to be completed before year-end and upon successful
completion, total yield on the well is estimated to be 90 bbl/day.
Commented James Bell, VP Corporate Development of Argo Gold: "We are extremely excited about
drilling an oil well with an experienced partner.
This is a great step for Argo as we continue to grow and
identify opportunities in the Western Canada Basin."
Argo Gold paid a finder's fees of $4,000 for
sourcing the opportunity.
Argo Gold is also pleased to announce it has a Calgary office to increase its presence in the energy
sector.
The office is located at 2800, 350 -7
th
Avenue SW, Calgary, AB T2P 3N9.
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/142872