Mr. Francisco Gulisano reports

BGX BLACK GOLD EXPLORATION CORP. CLOSES SHARES FOR DEBT SETTLEMENT

BGX -- Black Gold Exploration Corp. has closed the debt settlement transaction announced on Feb. 6, 2026, whereby the company agreed with certain of its creditors to issue an aggregate of 116,000 common shares in exchange for outstanding accounts payable in the aggregate amount of $58,000. The settlement shares were issued at a price of 50 cents, in accordance with the policies of the Canadian Securities Exchange.

The company is completing the share-for-debt transaction to improve its financial position by reducing its existing liabilities. All settlement shares will be subject to a four-month-and-one-day hold period. No new control person of the company will be created pursuant to the share-for-debt transaction. The share-for-debt transaction constitutes a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, as it is anticipated that Francisco Gulisano (chief executive officer of BGX), will be issued settlement shares in connection with the debt settlement. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the share-for-debt transaction with the forgoing insiders does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101. The company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the debt settlement, which the company deems reasonable in the circumstances as the company wishes to improve its financial position by reducing its existing liabilities.

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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