Argo's Lindbergh Oil Production
Argo's Lindbergh Oil Production
Toronto, Ontario--(Newsfile Corp. - June 1, 2023) - Argo Gold Inc. (CSE: ARQ)
(OTCQB: ARBTF) (XFRA, XSTU, XBER: A2ASDS)
("
Argo
") announces that Argo's 37.5% share of the
Lindbergh oil well in the Sparky started production in late March 2023.
In April 2023, the Lindbergh well
produced 115 barrels of oil per day, and Argo's 37.5% share of the production was 43.4 barrels of oil
per day, generating revenue of $90,334 and $57,491 operating cash flow net to Argo.
Argo also has a mutual area of interest at Lindbergh, whereby Argo can participate in additional oil wells
for 37.5% of the production for 37.5% of the oil well cost.
In the area proximal to the current Lindbergh oil
well, there are drilling locations for five oil wells based on current seismic coverage.
Argo is currently completing a private placement of 12,000,000 shares at a price of $0.10 per share, for
gross proceeds of up to $1,200,000.
The proceeds of the financing will be used for participation in the
Sparky oil wells at Lloyd and Lindbergh, and for general corporate purposes.
Finder's fees may be
payable to qualified individuals pursuant to which the finder may receive a finder's fee equal to 8% of the
gross proceeds of the financing attributable to such finder.
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
www.argogold.com
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 the financing not being completed in its entirety, or at all, delays or uncertainties with drilling
and surface preparation work, and not achieving hoped for exploration success.
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/168370