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Argo Update – January 2024 – Cash Flow from Oil Production in a Lower Oil Price Environment

Argo continues to generate cash flow from oil production in the current lower oil price environment.

Since the beginning of October 2023, Argo has oil production from Lloyd as well as ongoing oil production from Lindbergh which came online in late March 2023.

Argo’s November oil production averaged 76 bbl/day and net operating cash flow for the month was $115,285.

In late November 2023, a second horizontal oil well was drilled at Lindbergh and has been on production since the end of November 2023.

LINDBERGH 1 Lindbergh 1 Oil Production Argo’s 37.5% interest Argo’s Oil Revenue Argo’s net operating cash flow
April 2023 115 bbl/day 43.4 bbl/day $90,334 $57,491
May 2023 92 bbl/day 34.5 bbl/day $69,615 $43,291
June 2023 132 bbl/day 49.5 bbl/day $97,483 $70,695
July 2023 130 bbl/day 48.6 bbl/day $115,890 $80,262
August 2023 135 bbl/day 50.6 bbl/day $130,461 $91,292
September 2023 115 bbl/day 43.4 bbl/day $115,536 $83,068
October 2023 124.5 bbl/day 46.7 bbl/day $114,146 $76,350
November 2023 88 bbl/day 33 bbl/day $60,429 $36,533
LLOYD Lloyd Oil Production Argo’s 18.75% interest Argo’s Oil Revenue Argo’s net operating cash flow
October 2023 217.3 bbl/day 40.7 bbl/day $103,627 $91,266
November 2023 230 bbl/day 43 bbl/day $89,208 $78,752
  • Argo is participating at Lindbergh and Lloyd with Croverro Energy – An Expert Oil Explorer and Operator
  • Expert Oil & Gas Consultants based in Calgary
  • Argo is an Alberta Energy Licensee
  • Significant Oil Opportunities in Canada
  • Argo has a Growth Agenda

Argo Gold is also the 100% owner of two gold projects in northwestern Ontario; the Uchi Gold Project and the Talbot Lake Gold Project.

Argo Gold currently has 72 M shares outstanding.  Institutions and insiders own 50% of the shares outstanding.  The current $7 million market capitalization is a compelling opportunity.


Judy Baker
CEO, Argo
(416) 786-7860

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.

Why Invest in Argo Gold

Argo Gold is an oil producer and is developing more West Canadian Oil & Gas projects

Argo Gold is advancing its  100% owned Uchi Lake Gold Project in the Red Lake District

As a result of the last financing, Eric Sprott is now the largest shareholder of Argo Gold with a 19% interest

Argo Gold (CSE:  ARQ) has 69.7 M shares outstanding and a market capitalization of C$7 million

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