CHUBUT PROVINCE, ARGENTINA

Location and Geological Significance

BGX-Black Gold Exploration Corp. holds a 95% interest in the El Carmen hydrocarbon project in Chubut Province, Argentina, near the Atlantic coast. Located in the San Jorge Basin, the second-largest producing basin in Argentina, the region has proven oil reserves of 1 billion barrels, with only 35% fully explored. The area is a prolific producer with strong infrastructure, offering high exploration potential.

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Ownership and Rights

BGX acquired the 2,000-hectare property in 2000, and its mine status grants full ownership of hydrocarbons beneath the surface, exempt from federal leasing rules. This unique position enhances the project’s appeal.

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Argentina's Hydrocarbon Regulations and Royalties

Under Argentina’s Old Mining Concession system, royalties on oil and gas production are capped at 8%, offering favorable conditions for future development.

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Strategic Plans and Partnership Opportunities

BGX aims to partner with an experienced oil exploration company, ideally one with operations in Argentina. Similar projects in Alberta, Canada, receive significant lease bonus payments, highlighting the commercial potential of El Carmen.