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 -7th 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 and on Argo Gold's website at . Argo Gold is listed on the Canadian Securities Exchange () (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.
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