Argo's Lindbergh Oil Well on Production

Argo Gold Inc. announces that the Lindbergh Area Sparky oil well was drilled in mid-March 2023 and is now on production at anticipated rates. Argo participated for 37.5% of the Lindbergh well and Argo's share of production is expected to yield 55 to 70 barrels oil/day.

Argo has an area of mutual interest at Lindbergh whereby Argo can participate in additional oil wells for 37.5% of the drilling, completion and equipping costs associated with any future wells drilled on the Lindbergh prospect. Argo will have 37.5% of any production from future wells. In the area proximal to the current Lindbergh oil well, the operator has identified up to 6 additional oil well development locations.

As announced on February 1, 2023, Argo is currently completing a private placement of 12,000,000 shares at a price of $0.10 per share, for gross proceeds of up to $1,200,000. The proceeds of the financing will be used for; participation in the Sparky oil wells, advancement of the Nisku Oil Farm-ins, and general corporate purposes. Finder's fees may be payable to qualified individuals pursuant to which the finder may receive a finder's fee equal to 8% of the gross proceeds of the financing attributable to such finder.