Black Gold Exploration today announced another significant development in its Illinois Basin operation. Through its joint venture partner LGX Energy (“LGX”), the Company has confirmed the presence of four discrete, hydrocarbon-bearing formations within a single vertical column at the now-producing Fritz 2-30 oil and gas well in Clay County, Indiana, highlighting the potential for multi-zone development at the Well.

Stacked Pay Zones: Four Formations, One Platform

In addition to the Geneva Dolomite zone, which is currently in production, three additional pay zone formations have now been identified within the same platform, including the Jeffersonville Limestone Formation, the North Vernon Formation, and the Carper Sand Formation.

“This is the kind of stacked pay profile we hoped for as a Company, where it is not just one pay zone but the opportunity for up to four pay zones from just one well,” said Francisco Gulisano, CEO of BGX.

“We are now setting ourselves up to systematically unlock the multiple pay zones of value sitting beneath the Fritz platform, formation by formation.” continued Mr. Gulisano.

A Platform for Scalable, Repeatable Growth

The multi-zone architecture of the Well allows for selective perforation and staged stimulation, minimizing risk and maximizing reservoir management. Also, the platform’s data-rich profile will guide the Company’s next wave of wells, giving the Company a clear runway for development of additional offset wells across these new formations.

“I believe we are just starting to unlock the potential in this region and we at LGX are delighted to have BGX as a partner in the Basin,” stated Howard Crosby, CEO of LGX.