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FRITZ 2-30
FRITZ 2-30
CLAY COUNTY, INDIANA, USA
The Fritz 2-30 Well (Fritz 2-30) is a strategic oil and gas exploration project situated in Clay County, Indiana, at the heart of the Illinois Basin, which is one of the most historically prolific hydrocarbon-producing regions in the United States. In January 2025, BGX secured a working interest in the well through a joint venture with LGX Energy Corp. (LGX), who has a seasoned and experienced operating team deployed in the basin. The joint venture with LGX grants BGX a foothold in a proven asset and includes a valuable option to participate in any future development across a defined Area of Mutual Interest (AMI), providing significant potential to scale into several more wells.
Fritz 2-30 aligns with BGX’s strategic focus on conventional, low-cost oil targets in the Illinois Basins. The Fritz 2-30 benefits from favorable macroeconomic tailwinds, including strong domestic energy demand and policy-driven incentives that favor domestic production. Initial drilling( (see Recent Developments below) identified multiple hydrocarbon-bearing pay zones, supporting the commercial viability of the well and setting the stage for near-term production and future development.
BGX is leveraging its partners experienced technical team and land packages to rapidly de-risk and monetize its position within the Illinois Basin, while remaining positioned for scalable growth through additional drilling opportunities within the AMI. The Fritz 2-30 stands as a foundational asset within BGX’s expanding U.S. energy portfolio.
RECENT DEVELOPMENTS
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Drilling commenced in February 2025 and was completed by April 2025.
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Results have confirmed the presence of multiple pay zones, signaling robust hydrocarbon saturation
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Near-term production viability with 30–60-day flowback potential
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Results validate the geological analysis of the seismic data and derisk the asset
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Results signal future developmental drilling within the AMI
KEY HIGHLIGHTS
Strong Location
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Capitalizing a resurgence in domestic oil and gas demand, aligning its exploration strategy with U.S. energy security priorities.
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First Well in the Illinois Basin Strategy
With a history of producing over 4 billion barrels of oil, the Illinois Basin remains underexplored by modern standards. BGX’s entry into this mature yet opportunity-rich region offers both geological and operational upside.
Proven Pay Zones & Rapid Production Potential
Initial drilling data suggests strong initial production prospects from multiple pay zones, with potential for early cash flow from short-cycle development.
Scalable Growth via Offset Wells
AMI offers a clear runway for follow-on drilling and asset expansion, significantly multiplying the long-term value of its initial stake.
Experienced Leadership
BGX is led by a seasoned management team with deep technical and operational experience
Strong Partnerships
The JV with LGX provides BGX with an experienced team of industry veterans and seismic experts to execute its strategy within the Illinois Basin
MILESTONES
