REPEAT-Americas Petrogas Successfully Drills Another Shale Oil/Gas
Well in Argentina: Los Toldos II
CALGARY, ALBERTA -- (Marketwire) -- 01/07/13 -- Americas Petrogas
(TSX VENTURE:BOE) ("Americas Petrogas" or the "Company") is pleased
to announce that the Agua de Afuera (ADA.x-1) unconventional, shale
exploration well has reached total depth ("TD"). The well drilled
through 340 meters or 1,115 feet of the primary target Vaca Muerta
shale formation with oil and gas shows through most of this shale
section. Hydrocarbon shows were also encountered in secondary targets
such as the Agrio, Quintuco and Tordillo. The ADA.x-1 well was
drilled to a TD of 3,448.5 meters or 11,311 feet. A complete suite of
logs has been run and conventional and side wall cores were cut and
recovered. Casing has been successfully set and cemented to a total
depth of approximately 3,442 meters or 11,290 feet in preparation for
a planned well test. The Company will begin detailed analysis of the
cores and cuttings at international service company laboratories in
Argentina and in the USA, in the near future.
The ADA.x-1 well is located approximately 9 kilometers west of the
LTE.x-1 unconventional, shale well, which was a new oil discovery
(http://americaspetrogas.com/news_2012_nov28.html) on the Los Toldos
II block (38,400 gross acres or 155 square kilometers or 60
The ADA x-1 well is the third unconventional, shale well with primary
target the Vaca Muerta, relating to the Los Toldos farmout agreement
with ExxonMobil. 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 ("G&P").
Mr. Barclay Hambrook, President and CEO of Americas Petrogas said,
"As this is the second well in the Los Toldos II block, this new well
will help to determine the extent and potential resources of the Vaca
Muerta, and will also provide valuable information on several other
potential horizons of interest."
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, 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) contained herein
regarding plans to begin analysis of cores and cuttings at
international service labs in Argentina should all be viewed as
forward-looking statements. The presence of hydrocarbon shows is not
necessarily indicative that hydrocarbons are capable of being
successfully produced in commercial quantities. There is no assurance
reserves will be assigned to such hydrocarbon bearing formations.
There is no assurance that future wells will be drilled on the Los
Toldos blocks or that if drilled, such wells will be successful.
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 press 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, if these beliefs, estimates and opinions or other
circumstances should change, except as required by applicable law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Americas Petrogas Inc.
Barclay Hambrook, P. Eng., MBA
President and CEO
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