Argo's March 2024 Oil Production

Rhea-AI Summary

Argo Gold Inc. reported a total of 3,269 barrels of oil production in March 2024, with an average of 105 barrels per day. The oil prices averaged CDN$73 per barrel, resulting in March oil revenue of $239,334 and a net operating cash flow of $138,860. Argo's interest in Lindbergh 1, Lloyd, and Lindbergh 2 contributed to the production and revenue figures.

Positive

• March 2024 oil production reached 3,269 barrels with an average of 105 barrels per day, indicating operational success.
• Oil prices averaged CDN$73 per barrel, leading to a significant revenue of $239,334 for Argo Gold Inc.
• The net operating cash flow for March 2024 was $138,860, reflecting financial stability and profitability.

Negative

• None.

Toronto, Ontario--(Newsfile Corp. - May 7, 2024) - Argo Gold Inc's. (CSE: ARQ) (OTC Pink: ARBTF) (XFRA: A2ASDS) (XSTU: A2ASDS) (XBER: A2ASDS) ("Argo" or the "Company") March 2024 oil production was a total of 3,269 barrels for the month, averaging 105 barrels per day. Oil prices averaged CDN$73 per barrel and Argo's March oil revenue was $239,334 and net operating cash flow was $138,860.

March 2024	Oil Production	Argo's interest	Argo's Oil Revenue	Argo's net operating cash flow
Lindbergh 1 (37.5% interest)	105 bbl/day	39 bbl/day	$89,213	$43,652
Lloyd (18.75% interest)	203 bbl/day	38 bbl/day	$87,188	$58,505
Lindbergh 2 (37.5% interest)	75 bbl/day	28 bbl/day	$62,933	$36,703

 

About Argo Gold
Argo Gold is a Canadian mineral exploration and development company, and an oil producer. Information on Argo Gold can be obtained from SEDAR at www.sedarplus.ca and on Argo Gold's website at www.argogold.com. Argo Gold is listed on the Canadian Securities Exchange (www.thecse.com) CSE: ARQ as well as OTC: ARBTF and XFRA, XSTU, XBER: A2ASDS.

Judy Baker, CEO
(416) 786-7860
jbaker@argogold.ca
www.argogold.com

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to the financing not being completed in its entirety, or at all, delays or uncertainties with drilling and surface preparation work, and not achieving hoped for exploration success. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208203