Pink: ARBTF) (XFRA: A2ASDS) (XSTU: A2ASDS) (XBER: A2ASDS) (" Argo " or the " Company ") oil production results for October 2023 are: October 2023 Oil Production Argo's interest Argo's Oil Revenue Argo's net operating cash flow
Argo Update
Toronto, Ontario--(Newsfile Corp. - December 12, 2023) - Argo Gold Inc's.
(CSE: ARQ)
(OTC
Pink: ARBTF)
(XFRA: A2ASDS) (XSTU: A2ASDS) (XBER: A2ASDS)
("
Argo
" or the
"
Company
") oil production results for October 2023 are:
October 2023
Oil Production
Argo's interest
Argo's Oil
Revenue
Argo's net operating
cash flow
Lindbergh
(37.5% interest)
124.5 bbl/day
46.7 bbl/day
$114,146
$76,350
Lloyd
(18.75% interest)
217.3 bbl/day
40.7 bbl/day
$103,627
$91,266
In late November, a second horizontal oil well was drilled and completed at Lindbergh in the Sparky
formation.
The well is on production since the end of November and Argo's interest in the second
Lindbergh oil well is 37.5%.
Argo is also cancelling the remainder of its previous announced non-brokered 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 company
closed two tranches of the financing on May 2, 2023 and November 2, 2023 for a total of $635,000.
On December 11, 2023, Argo engaged Undervalued Investor Media Inc. to perform market awareness
and marketing services for a term of six months. The nature of the services to be provided by
Undervalued Investor Media Inc. include, but are not limited to, marketing services to communicate to the
financial community information about the Company. Undervalued Investor Media Inc. is a marketing
services firm based in Canada. The Company has agreed to pay Undervalued Investor Media Inc.
$100,000 CAD plus applicable taxes.
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)
(OTC Pink:
ARBTF)
(XFRA: A2ASDS) (XSTU: A2ASDS) (XBER:
A2ASDS)
.
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/190682