08:50 AM EDT, 06/12/2025 (MT Newswires) -- Black Gold Exploration (BGX.CN) on Thursday 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, part of the Illinois Basin operation in Clay County, Indiana.

The company said the development highlighted the potential for multi-zone development at the well.

In addition to the Geneva Dolomite zone, which is currently in production, Black Gold said it identified three additional pay zone formations 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 Black Gold.

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

Black Gold has a joint-venture agreement with LGX Energy that gives it a 30% interest in strategically positioned parcels of 911 acres located in the Illinois Basin.