BGX WELCOME A NEW ERA FOR THE OIL INDUSTRY IN ARGENTINA

The company comments on how new government policies strengthen the growth, innovation and stability necessary for investment

VANCOUVER, BC, May 22, 2024 (GLOBE NEWSWIRE) — BGX – Black Gold Exploration Corp. (“Business” Or “BGX“) (CSE: BGX), a leading oil exploration company in Argentina, is pleased to see significant changes taking place in the country’s economic and regulatory landscape following the new government’s decision to reduce price controls in the oil sector^AND. This monumental change heralds a new era of opportunity, growth and sustainability.

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Reducing price controls is a key step forward in bringing the Argentine oil market into line with global economic rules. This policy change allows for more flexible, market-driven pricing, which is essential to the health and growth of the oil sector and environmental protection and sustainability. This allows companies like ours to plan with greater certainty and invest safely in exploration and production activities.

The new government’s approach promises to revitalize the industry by supporting a more competitive environment and respect for the international rule of law. This benefits not only the oil companies, but also the entire Argentine economy.

“As market constraints ease, we are well positioned to introduce more innovative and efficient exploration and production technologies. These advances are critical to minimizing environmental impact, reducing operating costs and improving safety measures, all while increasing production capacity in the active oil producing region in which we operate, where more than 4 billion barrels of oil have been produced to date.”, stated Francisco Gulisano, CEO of BGX.

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BGX looks forward to a productive dialogue with all stakeholders, including government, local communities and industry partners, to ensure the benefits of these policy changes are realized for our local stakeholders and shareholders.

On behalf of the company,

Francisco Gulisano
Chief Executive Officer

About BGX

BGX – Black Gold Exploration Corp. (CSE: BGX) is an oil and gas exploration company committed to creating shareholder value through the acquisition, exploration and development of oil and gas projects. It is currently developing the El Carmen project located in the San Jorge Basin in Chubut Province, Argentina, close to existing and operational pipelines in a well-established oil producing area. More information can be found at https://www.bgxcorp.com

Further information: [email protected] or 236-259-0279

Forward-looking statements

The information contained in this press release includes certain information and statements regarding management’s views on future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based on assumptions that involve risks and uncertainties. Forward-looking statements contained in this press release include, but are not limited to, the impact of any new Argentine policy on the Argentine petroleum sector, environmental protection and sustainability, the Company’s operations, including, but not limited to, the introduction of more innovative and efficient exploration and extraction technologies. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot assure you that the expectations reflected in any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions or changes in factors affecting such future-looking statements or otherwise. A comprehensive review of all risks that may affect the Company is included in the Final Full Prospectus, a copy of which was filed on January 29, 2024 and is available on SEDAR+.

Neither CSE nor CSE Regulation Services Provider (as that term is defined in the policies of CSE) accepts responsibility for the accuracy of this release.

^AND https://www.economicsobservatory.com/what-economic-challenges-does-argentina-face-today#:~:text=Since%20Milei%20assumed%20office%20on,eradicating%20the%20large%20fiscal%20deficit.

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