CALGARY, ALBERTA--(Marketwire - April 23, 2012) -
Americas Petrogas Inc. (TSX VENTURE:BOE) ("Americas Petrogas" or the "Company") is aware of recent events in Argentina regarding the government and Repsol YPF SA. None of these events affect Americas Petrogas. The Company, in conjunction with its joint venture partners, is proceeding with its exploration, production and development plans for the next 12 to 18 months which include drilling approximately 30 conventional wells and 10 shale wells primarily targeting Vaca Muerta shale and other unconventional formations (shale oil, shale gas and liquids, and tight sands).
The Company is pleased to announce it:
- Has commenced its drilling program at Medanito Sur subsequent to receiving the exploitation license from the La Pampa province, as reported on March 19, 2012;
- Is preparing to spud a Vaca Muerta shale well at Totoral, Yerba Buena, Bajada Colorada (90% working interest) with partner Gas y Petroleo del Neuquen. These contiguous blocks are located in the southwest region of the Neuquen Basin.
- Is preparing to drill, with joint venture partner, ExxonMobil, its second deep well on its Los Toldos blocks that primarily targets the Vaca Muerta formation and other formations; and
- Is expanding its crude oil facilities at Medanito Sur in order to be able to handle the expected additional crude oil to be produced from the current drilling program.
Mr. Barclay Hambrook, President of Americas Petrogas, commented, "All of our blocks are in good standing with the applicable government authorities. With our recent financing, we are well-funded. Americas Petrogas is fully committed to enhancing shareholder value through exploration and production in Argentina. We intend to expand our exploration and development with the objectives of increasing production and increasing reserves in both our conventional and unconventional oil and gas blocks. Regarding Huacalera's shale well, as previously reported, testing is ongoing."
About Americas Petrogas Inc.
Americas Petrogas Inc. is a Canadian company whose shares trade on the TSX Venture Exchange under the symbol "BOE". Americas Petrogas has conventional and unconventional shale oil and gas and tight sands oil and gas interests in numerous blocks in the Neuquen Basin of Argentina. Americas Petrogas has joint venture partners, including ExxonMobil and Apache, on various blocks in the shale oil and gas corridor in the Neuquen Basin, Argentina.
Americas Petrogas also owns an 80% interest in GrowMax Agri Corp., a private company involved in the exploration and potential development of a potash, phosphates and other minerals project in Peru.
For more information about Americas Petrogas, please visit www.americaspetrogas.com
About GrowMax Agri Corp.
GrowMax Agri Corp., a subsidiary of Americas Petrogas Inc., is exploring and potentially developing a surface potash (KCl or Muriate of Potash) brine reservoir and evaporite deposit at Bayovar in the Sechura Desert of Northwest Peru. Additional mineral potential includes Phosphate, Bromine and others. GrowMax Agri Corp. is owned 80% by Americas Petrogas and 20% by the Indian Farmers Fertiliser Co-operative Limited and its subsidiary, Kisan International Trading FZE.
For more information about GrowMax Agri Corp., please visit www.growmaxagricorp.com
Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements". These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
In particular, statements (express or implied) regarding exploration and development plans, including the number of wells and their timing, status of the blocks with applicable government authorities, and expansion of exploration, development, reserves and production should all be viewed as forward looking statements.
There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.