Argo finished calendar 2024 with an ownership interest in 5 operating oil wells in the Lloydminster area of Alberta, Canada. During 2023 and 2024, Argo invested capital of CAD $2.6 million to participate in the development drilling of 5 new horizontal oil wells – 3 oil wells at Lindbergh into the Sparky formation and 2 oil wells at Lloyd, 1 oil well in the Sparky formation and 1 oil well in the General Petroleum. All 5 oil wells were successfully drilled, completed, equipped, and brought on production, except for Lloyd 2. After 6 weeks of oil production at Lloyd 2 (mid September – end of October), of approximately 5,000 barrels of oil (Argo’s share 1,500 barrels), the oil well collapsed, and production has been minimal. For Full Year 2024, Argo’s oil production was 39,739 barrels; generating oil revenue of $2.9 million (before royalty payments) and a net operating cash flow total of $1.7 million (before non-cash oil depreciation and accretion). For Q1 2025, Argo’s oil production was 9,765 barrels; generating oil revenue of $0.705 million (before royalty payments) and a net operating cash flow total of $0.422 million (before non-cash oil depreciation and accretion). Argo’s Year-End 2024 Oil Reserves summarized below includes the five current operating oil wells and five future planned oil wells at Lindbergh and Lloyd. Argo’s Plan for 2025 CSE: ARQ, OTC: ARBTF and XFRA, XSTU, XBER: A2ASDS Judy Baker Argo Gold – May 2025 Update [EN]
Full Year 2024 Argo’s oil production Argo’s 2024 Oil Revenue Argo’s 2024 net operating cash flow Lindbergh 1, Lloyd 1, Lindbergh 2, Lloyd 2, Lindbergh 3 39,739 barrels $2.9 million $1.7 million Q1 2025 Argo’s oil production Argo’s Q1 2025 Oil Revenue Argo’s Q1 2025 net operating cash flow Lindbergh 1, Lloyd 1, Lindbergh 2, Lloyd 2, Lindbergh 3 9,765 barrels $0.705 million $0.422 million Year-End 2023 Oil Reserves Argo Gross Oil Argo Oil net of Royalties 0% NPV 10% NPV 15% NPV Total Proved plus Probable 466,300 bbl 400,000 bbl $24 million $16.2 million $13.8 million
CEO, Argo
(416) 786-7860
jbaker@argogold.caSubscribe to company news
To unsubscribe, click the “ Unsubscribe ” link at the bottom of your latest ArgoGold.ca email. We will instantly unsubscribe you from all future emails.