Mr. Francisco Gulisano reports

MULTIPLE PAY ZONES DISCOVERED IN SUCCESSFUL DRILL PROGRAM

Drilling at the Fritz 2-30 oil and gas well in Clay county, Indiana, has been completed. BGX -- Black Gold Exploration Corp. holds a 10-per-cent working interest in the well and an option to participate in any offset developmental wells drilled within a 210-acre area of mutual interest surrounding the well from LGX Energy Corp.

Multiple pay zones discovered

The drill program set out to test potential pay zones based on geological features identified by 3-D seismic analysis. There were multiple zones with suspected high porosity and LGX has now confirmed multiple pay zones in the Carper Sand and Devonian formations. All these horizons are above 1,900 feet of total depth.

"These results confirm the accuracy of our analysis of the 3-D seismic and other data we have compiled. We are very happy with the results of this drill program and believe there continues to be even more untapped value in this oil field," commented Howard Crosby, chief executive officer of LGX.

Potential for several offset wells

Through the drill program, it was also determined that, based on these initial results, there is the potential for several more offset wells based on this discovery well. This would include additional Carper Sand wells and multiple Devonian well locations.

"We are thrilled with the results of the drill program. Not only did we uncover multiple pay zones, but we now anticipate the potential for several more offset wells," stated Francisco Gulisano, chief executive officer of BGX.

Path to production and continued growth

The drill program showed that the well can be completed and turned into a producing well within the next 30 to 60 days. The company is now working with LGX to complete the well and commence extraction. Within the coming weeks, the operator for LGX will perform a swab test and flow test to assess the well's productivity and reservoir characteristics. Based on the results of these tests, the company expects to be able to estimate production from the well and further details regarding plans for offset wells.

"I am very happy to be able to report to our shareholders that our strategy in the Illinois basin has paid off. Not only do we have the potential to start producing cash flow for the company as early as next quarter, but it appears the Fritz well may be just the beginning of a lucrative partnership with LGX," added Mr. Gulisano.

Growing awareness

BGX's rapid growth in the Illinois basin has started attracting attention

About BGX -- Black Gold Exploration Corp.

BGX is an oil and gas exploration company dedicated to creating shareholder value through the acquisition, exploration and development of oil and gas projects. BGX currently has assets in Argentina and the United States.

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