Acquisition Targets Key Oil and Gas Leases in Indiana
Oct. 22, 2024 — Black Gold Exploration Corp. (“Black Gold” or the “Company”) (CSE: BGX) (FSE: P30) has announced a significant expansion of its oil and gas lease holdings in Indiana. The company has added 822 acres to its existing joint venture with LGX Energy Corp. (“LGX”), increasing the total leased acreage in Clay and Vigo Counties to 911.9 acres.
When the joint venture was first announced on August 7, 2024, it covered only 89.9 acres. The recent addition of land highlights LGX’s confidence in the partnership and sets a strong foundation for future success in these promising oil-producing regions.
Strategic Location and Exploration Efforts
The new acreage is strategically located near LGX’s existing production sites. LGX is leveraging its extensive proprietary 2D seismic data and has begun advanced 3D seismic exploration. This technology aims to pinpoint high-potential drilling sites on the leases, with the goal of significantly increasing oil and gas production in Clay and Vigo Counties.
Responding to Market Demands
The ongoing conflict in the Middle East has heightened the demand for stable and secure energy sources. The robust infrastructure in Clay and Vigo Counties, along with LGX’s advanced seismic technology, positions Black Gold’s joint venture to capitalize on immediate production opportunities. This focus not only targets current energy needs but also lays the groundwork for future exploration and growth.
In a volatile energy market, this strategic approach underscores the potential for sustained returns and enhanced energy security. It makes the joint venture an appealing option for stakeholders navigating the changing energy landscape.
Commitment to Domestic Energy
Francisco Gulisiano, CEO of Black Gold, expressed enthusiasm about the expanded lease holdings. “We are very excited about the larger land parcel that LGX Energy Corp. has secured for our joint venture. This acquisition reinforces our commitment to providing stable, domestic energy sources in a market impacted by global instability. We hope that LGX’s advanced exploration efforts with 3D seismic technology will ensure we continue to identify high-potential drilling locations,” he stated.
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