Americas Petrogas Spuds Second Vaca Muerta Shale Well on Los Toldos
II in Neuquen Basin, Argentina
CALGARY, ALBERTA -- (Marketwire) -- 10/16/12 -- Americas Petrogas
(TSX VENTURE:BOE) ("Americas Petrogas" or the "Company") is pleased
to announce that drilling has commenced on a second unconventional,
shale exploration well on Los Toldos II block (38,400 gross acres or
155 square kilometers or 60 sections) located in the Neuquen Basin of
Argentina. This second well on Los Toldos II block, Agua de Afuera
(ADA.x-1), has been spud and surface casing has recently been set.
The ADA.x-1 well, a vertical well, is planned for drilling to a total
depth of approximately 3,350 metres (or 10,991 feet) with the
principal target being the Vaca Muerta shale. The ADA.x-1 location is
approximately 9.3 kilometers (or 5.8 miles) west of the LTE.x-1
unconventional well which completed drilling earlier this year. The
LTE.x-1 well is currently being tested.
The ADA.x-1 well will primarily target the Vaca Muerta formation and
other conventional secondary targets such as the Mulichinco, Tordillo
and Quintuco formations.
Americas Petrogas is the Operator holding a 45% working interest in
the Los Toldos blocks; ExxonMobil also holds a 45% working interest,
with the remaining 10% held by Gas y Petroleo del Neuquen.
Mr. Barclay Hambrook, President and CEO of Americas Petrogas said,
"The Company continues to execute on its unconventional shale oil and
gas drilling program and to prove-up its assets."
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 and tight sands) oil and
gas interests in numerous blocks in the Neuquen Basin of Argentina.
Americas Petrogas has joint venture partners, including ExxonMobil,
Apache and Gran Tierra Energy, on various blocks in Argentina. For
more information about Americas Petrogas, please visit
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, proj
ections, 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) contained herein
regarding the expected depth of the well, the targeted formations,
and the proving-up of assets should all be viewed as forward looking
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.
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ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Americas Petrogas Inc.
Barclay Hambrook, P. Eng., MBA
President & Chief Executive Officer
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