BGX.CN · 2025-02-20 12:00:00

Black Gold Announces Commencement of Drilling in the Illinois Basin

Exploration Programs

Black Gold Announces Commencement of Drilling in the

Illinois Basin

Drilling Has Commenced at the Fritz Well in Clay County

V ANCOUVER, B.C., February 20 , 2025 – BGX - Black Gold Exploration Corp. (the

“Company” or “ BGX) (CSE: BGX) (FRE: P30) is pleased to announce that drilling has

commenced on the Fritz 2-30 oil and gas well (the “Well”) in Clay County, Indiana. Earlier this

month, BGX acquired a 10% working interest in the Well and an option to participate in any

offset developmental wells in a 210-acre area of mutual interest from the operator, Adler Energy,

LLC (the “Operator”).

This prospect offsets the Fritz 1 well, which was drilled approximately 17 years ago and

discovered both oil and gas pay horizons , but never produced due to a variety of factors,

including a drop in oil prices at the time. The Well is in a known productive oil zone known as

the Terra Haute Reef Bank, in Southwestern Indiana.

“We believe that the drilling in this region is the Company’s most significant short -term

milestone to date and we are delighted to have the opportunity to participate in the Well, which

not only gives us the potential for early cash flow but is also aligned with our longer-term

plan to expand our footprint in the Illinois Basin ,” commented Francisco Gulisano, Chief

Executive Officer of BGX.

The Illinois Basin has a history of producing 10 to 12 million barrels of oil annually. 1 The

Operator has completed an 8 square mile 3D seismic evaluation of th e area, including the Fritz

2-30, showing both shallow and deeper stacked pay horizons. The Well plans to test a minimum

of ten potential oil pay zones. Deep seated fractures clearly visible on 3D seismic are

demonstrating migratory pathways for oil into multiple zones with high porosity, including the

Devonian, Trenton, St. Peter Sand, Black River and the Knox. These zones all show over 100

feet of closure, giving room for large reservoirs of oil.

"Based on the 3D seismic and other data we have complied, our experienced technical team

could not be more excited about the Fritz 2-30 well and we are very happy to be working with

BGX in discovering what we believe is tremendous untapped value," commented John Miller,

President of Adler Energy.

“Given the history of the Fritz wells, we are looking to take advantage of overlooked

opportunities to hopefully not only jump start our cash flows but also unlock value in one of

the oldest and most productive oil basins in North American history,” concluded Mr. Gulisano.

On behalf of the Company,

Francisco Gulisano

236-266-5174

Chief Executive Officer

About BGX

BGX – Black Gold Exploration Corp. (CSE: BGX ) (FRE: P30) is an oil and gas exploration

company dedicated to creating shareholder value through the acquisition, exploration and

development of oil and gas projects. BGX currently has assets in Argentina and the United

States of America. For more information visit https://www.bgxcorp.com.

Forward-Looking Statements

The information in this news release includes certain information and statements about

management’s view of future events, expectations, plans, and prospects that constitute

forward-looking statements. These statements are based upon assumptions that are subject to

risks and uncertainties. Forward - looking statements in this news release include, but are not

limited to statements respecting: (i) drilling of the Well and the purpose thereof ; (ii) the

potential for early cash flow ; (iii) the Company’s plan to expand its footprint in the Illinois

Basin and (iv) the Company’s hope to unlock value in one of the oldest and most productive

oil basins in North American history . Although the Company believes that the expectations

reflected in forward -looking statements are reasonable, it can give no assurances that the

expectations of any forward-looking statement will prove to be correct. Except as required by

law, the Company disclaims any intention and assumes no obligation to update or revise any

forward-looking statements to reflect actual results, whether as a result of new information,

future events, changes in assumptions, changes in factors affecting such forward -looking

statements, or otherwise. For a comprehensive overview of all risks that may impact the

Company, please see the Company’s continuous disclosure documents filed on SEDAR+.

1 https://www.usgs.gov/publications/new-albany-shale-illinois-emerging-play-or-prolific-

source

Neither the CSE nor the C S E ’s Regulation Services Provider (as that term is defined in the

policies of the CSE) accept responsibility for the accuracy of this release.

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