BGX's Fritz 2-30 well begins initial production

Executive Summary

• Fritz 2‑30 well in Indiana has begun initial production, confirming oil, water and strong natural gas flow, and is moving toward full‑production status with an electric submersible pump (ESP) planned.
• Production facility construction at the Fritz field is substantially complete, enabling current operations and future expansion.
• In Argentina, BGX completed its environmental report for the El Carmen property with no material liabilities and secured registration on the national Operators Roster, positioning the company for further development there.

Key Details

• Initial production from Fritz 2‑30 well confirmed oil, water, and strong natural gas flow; well remains open to Jeffersonville and Geneva formations.
• ESP installation being engineered to lift liquids while managing high gas pressure from the Jeffersonville formation; pump size and parameters are under final design review.
• Production facility at Fritz field includes oil/water/gas separation equipment, durable fiberglass storage tanks, poly pipelines, electrical systems, and automation controls; facility is substantially complete and ready for operations.
• Facility equipped with truck‑loading capability for crude oil sales.
• Company expects Fritz 2‑30 well to achieve maximum production once ESP is installed and operational.
• Environmental report for El Carmen property (Argentina) shows no material environmental liabilities, confirming compliance with local regulations.
• BGX obtained registration on the Operators Roster of Oil and Gas (Registro de Empresas Petroleras) in Argentina, granting recognized operator status under the Secretariat of Energy.

Notable Quotes

“We are very excited with the developments at the Fritz 2‑30 facility in Indiana,” said Francisco Gulisano, CEO of BGX.
“We have already seen production and revenues from the well during the testing phase and are really excited for the well to advance into full production.”