BGX Outlines Strategy for Expansion

Core Viewpoint - Black Gold Exploration Corp. (BGX) has announced a significant development in its strategic partnership with LGX Energy Corp., focusing on the drilling and development of 20 to 25 additional wells in the Illinois Basin, leveraging its 10% interest in the Fritz 2-30 well and surrounding Area of Mutual Interest (AMI) [1][2]. Group 1: Development Strategy - The AMI includes a corridor of oil-bearing leases within the Illinois Basin, where 3D seismic technology has been utilized to map subsurface structures, leading to the identification of high-potential drilling locations [2]. - The Fritz 2-30 well serves as a template for the multi-well development strategy, having validated the seismic analysis and demonstrated the potential for further development [2][4]. Group 2: Production Insights - The Fritz 2-30 well produced over 500 barrels in its first 10 days of production, although production is currently offline for further drilling to access additional pay zones [3]. - A detailed update on production is expected once the company receives its first payout from the Fritz 2-30 well, anticipated next quarter [3]. Group 3: Financial Considerations - BGX is expected to participate in up to 10% of each new well developed in the AMI, with estimated costs for drilling and development ranging from $25,000 to $45,000 (USD) per well [4]. - The company aims to bring the 20+ wells online by the end of 2026 and plans to fund its share of the developments through additional capital raises [4].