Argo 2023 Oil Production
Argo finished calendar 2023 with an ownership interest in 3 operating oil wells in the Lloydminster area of Alberta, Canada.
During 2023, Argo invested capital of CDN $1.8 million to participate in the development drilling of 3 new horizontal oil wells into the Sparky formation.
All 3 oil wells were successfully drilled, completed, equipped, and brought on production.
Argo’s total oil production for 2023 was 17,533 barrels oil generating 2023 oil revenue of $1.17 million (before royalty payments) and a net operating cash flow total of $0.78 million (before non-cash oil depreciation and accretion).
Argo 2023 Production
| Full Year 2023 | Argo’s Oil Production | Argo’s 2023 Oil Revenue | Argo’s 2023 net operating cash flow | ||
| Lindbergh 1, Lindbergh 2, Lloyd 1 | 17,533 barrels | $1.17 million | $0.78 million | ||
Argo Q1 2024 Oil Production
| Q1 2024 | Argo’s Oil Production | Argo’s Q1 Oil Revenue * | Argo’s Q1 Net Operating Cash Flow** | |||
| Lindbergh 1, Lindbergh 2, Lloyd 1 | 10,072 barrels | $669,473 | $396,787 | |||
-Before non-cash depreciation and accretion for oil and gas assets