Source: Argo Gold
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  • Argo Gold (ARQ) has signed several LOIs to pursue oil & gas exploration and development opportunities in Southern Alberta
  • Argo Gold will earn a 100 per cent working interest in the two prospect lands in exchange for drilling one test well per prospect
  • Estimated yield on the two initial test wells is estimated to be 100 bbl/day to 150 bbl/day in range
  • Argo Gold has also cancelled its agreement to issue  2,500,000 common shares in order to settle $250,000 of indebtedness
  • Argo Gold is a Canadian mineral exploration and development company
  • Argo Gold Inc. (ARQ) opened trading at C$0.085

Argo Gold (ARQ) has signed several LOIs to pursue oil & gas exploration and development opportunities for Devonian mineral lands in southern Alberta.

Argo Gold will earn a 100 per cent working interest in the two prospect lands, subject to a gross overriding royalty (GOR) to the holder, in exchange for drilling one test well per prospect. The oil prospects are seismically defined and are located within in a well-known producing trend with proven oil zones and surrounding infrastructure.

Four additional well locations have been identified on the two Devonian prospects. Estimated yield on the two initial test wells is estimated to be 100 bbl/day to 150 bbl/day in range and the estimated ultimate recovery (EUR) of the two initial wells is expected to be 275,000 bbl oil and 300,000 bbl oil respectively.

Both parties have mutually agreed to cancel Argo’s LOI and Area of Mutual Interest Agreement to earn into oil and gas lands in southern Alberta, with exploration and development potential in Cretaceous clastic reservoirs. However, the parties have agreed to continue discussions.

Argo Gold has also cancelled its agreement to issue  2,500,000 common shares in order to settle $250,000 of indebtedness of the company.

Argo Gold is a Canadian mineral exploration and development company.

Argo Gold Inc. (ARQ) opened trading at C$0.085.


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