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Argo Update – September 2023 – Argo is now an Oil Producer and cash flow margins continue to increase

  • Argo is now an oil producer at Lindbergh
  • Argo’s 37.5% share of oil production at Lindbergh is ~ 44 bbl oil/day
  • Lindbergh has Significant Oil Production Growth Profile as there are locations for 5 additional drill ready development wells where Argo’s capital cost is 37.5% for 37.5% of oil production. The north half of the Lindbergh property is estimated to have another 6 oil well locations subject to completion of technical work.
  • Argo has an opportunity to participate for 18.75% in the Lloyd Sparky oil well in Q3 2023 where Argo’s share of oil production at Lloyd is estimated to be ~ 30 bbl oil/day
  • The Lloyd oil well is adjacent to a very successful Baytex well drilled and brought on production in January 2023 and produced 187 bbl/day, 304 bbl/day, 287 bbl/day and 205 bbl/day for February, March, April and May
  • 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 is also completing a private placement offering of up to ­12,000,000 shares at a price of $0.10 per share, for gross proceeds of up to $1,200,000 and a finder’s fee of 8%.  The proceeds of the financing will be used for; participation in the Sparky Oil Wells at Lindbergh and Lloyd and general corporate purposes.

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 recently received an exploration permit for the Talbot Lake Gold Project.  Argo also owns 100% of the Hurdman Silver-Zinc Project, 50 square kilometres of Marshall Lake copper-nickel claims, and the Keelow Lake Cobalt Project.

Argo Gold currently has 69 M shares outstanding.  About 40% of the shares are held by institutions.  The current $7 million market capitalization is a compelling opportunity.


Judy Baker
CEO, Argo
(416) 786-7860

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