Apco Continues Exploration Efforts in Colombia Business Wire TULSA, Okla. -- April 22, 2013 Apco Oil and Gas International Inc. (NASDAQ:APAGF) participated in the drilling of two exploration wells in Colombia’s Llanos 32 block during the first quarter of 2013. Apco participates in the block with a 20 percent working interest. The first well, the Bandola #1, is located near Apco’s previous Maniceno discovery and reached a total depth of 11,594 feet. From the Mirador formation, the well flow tested an average rate of 3,094 gross barrels of oil per day over a nine-hour period with a water cut of less than 1 percent. The well began production in early April and is currently producing at a natural flow rate of 2,600 gross bopd. The second well, the Llanita #1, is located on a seismically identified prospect in the southern half of the block. It was drilled to a total depth of 11,100 feet targeting the Mirador formation. After evaluating the well’s electric logs, Apco decided not to participate in casing operations to further investigate the well. Apco now plans to test its Turpiales #1 exploration well before the end of April. Log interpretations made at the time of drilling in late 2012 indicate the presence of oil requiring testing. Going forward, Apco will participate in the acquisition of 100 square kilometers of additional 3D seismic in the Llanos 32 block during 2013. Apco also plans to drill its second exploration well in the Turpial block this year and begin the construction of well sites to support its 2014 drilling campaign in the Llanos 40 block. “We are satisfied with the results we have achieved so far in Colombia where we have drilled five exploration wells. Three have been tested as oil discoveries and a fourth well is about to be tested for its oil potential,” said Michael Kyle, Apco’s chief operating officer. “We are hopeful that over the balance of 2013 and into 2014 we can continue our efforts to make Colombia an important contributor to Apco’s income and cash flow,” Kyle added. About Apco Oil and Gas International Inc. (NASDAQ: APAGF) Apco Oil and Gas International Inc. is an international oil and gas exploration and production company with interests in nine oil and gas concessions and two exploration permits in Argentina, and three exploration and production contracts in Colombia. More information is available at www.apcooilandgas.com. Go to http://www.b2i.us/irpass.asp?BzID=1671&to=ea&s=0 to join our e-mail list. Our reports, filings, and other public announcements may contain or incorporate by reference statements that do not directly or exclusively relate to historical facts. Such statements are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We make these forward looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. You typically can identify forward-looking statements by various forms of words such as "anticipates," "believes," "seeks," "could," "may," "should," "continues," "estimates," "expects," "forecasts," "intends," "might," "goals," "objectives," "targets," "planned," "potential," "projects," "scheduled," "will" or other similar expressions. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to management and include, among others, statements regarding: *Amounts and nature of future capital expenditures; *Volumes of future oil, natural gas, and LPG production; *Expansion and growth of our business and operations; *Financial condition and liquidity; *Business strategy; *Estimates of proved gas and oil reserves; *Reserve potential; *Development drilling potential; *Cash flow from operations or results of operations; *Seasonality of natural gas demand; and *Oil and natural gas prices and demand. Forward-looking statements are based on numerous assumptions, uncertainties and risks that could cause future events or results to be materially different from those stated or implied in this announcement. Many of the factors that will determine these results are beyond our ability to control or predict. Specific factors that could cause actual results to differ from results contemplated by the forward-looking statements include, among others, the following: *Availability of supplies (including the uncertainties inherent in assessing, estimating, acquiring and developing future oil and natural gas reserves), market demand, volatility of prices, and the availability and cost of capital; *Inflation, interest rates, fluctuation in foreign currency exchange rates, and general economic conditions (including future disruptions and volatility in the global credit markets and the impact of these events on our customers and suppliers); *The strength and financial resources of our competitors; *Development of alternative energy sources; *The impact of operational and development hazards; *Costs of, changes in, or the results of laws, government regulations (including climate change regulation and/or potential additional regulation of drilling and completion of wells), environmental liabilities and litigation; *Political conditions in Argentina, Colombia and other parts of the world; *The failure to renew participation in hydrocarbon concessions granted by the Argentine government on reasonable terms; *Risks related to strategy and financing, including restrictions stemming from our loan agreement and the availability and cost of credit; *Risks associated with future weather conditions, volcanic activity and earthquakes; *Acts of terrorism; and *Additional risks described in our filings with the Securities and Exchange Commission ("SEC"). Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we caution investors not to unduly rely on our forward-looking statements. We disclaim any obligations to and do not intend to update the above list or to announce publicly the result of any revisions to any of the forward-looking statements to reflect future events or developments. In addition to causing our actual results to differ, the factors listed above may cause our intentions to change from those statements of intention set forth in this announcement. Such changes in our intentions may also cause our results to differ. We may change our intentions, at any time and without notice, based upon changes in such factors, our assumptions, or otherwise. Investors are urged to closely consider the disclosures and risk factors in our most recent annual report on Form 10-K filed with the SEC and our quarterly reports on Form 10-Q available from our offices or from our website at www.apcooilandgas.com. Contact: Apco Oil and Gas International Inc. Media Contact: Kelly Swan, 539-573-4944 or Investor Contact: David Sullivan, 539-573-9360
Apco Continues Exploration Efforts in Colombia
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