CALGARY, ALBERTA--(Marketwire - May 24, 2012) - Americas Petrogas (TSX VENTURE: BOE) ("Americas Petrogas" or the "Company") is pleased to announce that preparations for the La Hoya.x-1 well in the Totoral block are complete and the drilling rig is expected on location in early June. The primary drilling target of the La Hoya.x-1 well is the Vaca Muerta shale. The Totoral block, of which Americas Petrogas is the operator and holds a 90% working interest, is approximately 293,600 acres or 1,188 square kilometers and is located in the southern region of the Neuquen Basin of Argentina. Gas y Petroleo del Neuquen holds the remaining 10% interest.
The La Hoya.x-1 well is planned for drilling to a total depth of approximately 2,000 metres with the principal target being the Vaca Muerta shale formation. This is a significant well for the Company since it will be the first Vaca Muerta test in this block, which lies in the Picun Leufu Sub Basin. The well is located 16.6 kilometres northwest of the Canadon CN.x-2 well drilled by YPF in 1962 which tested oil in the Quebrada del Sapo sandstone. The La Hoya.x-1 is located on a present day syncline where the Vaca Muerta reaches its deepest position in the block and where higher formation pressure is expected. Geochemical analysis indicates that the Vaca Muerta is in the early oil window. In addition to the Vaca Muerta, the Picun Leufu Sub Basin offers other opportunities in formations such as the Los Molles shale as well as conventional Pre-Cuyo, Mulichinco, Quintuco and Quebrada del Sapo. The Picun Leufu Sub Basin is a relatively unexplored depocentre.
Mr. Barclay Hambrook, President and CEO of Americas Petrogas said, "Our first exploration well in this depocentre is primarily targeting the Vaca Muerta shale. Subsequent drilling is expected to target Vaca Muerta and Los Molles shales, both at relatively shallow depths, as well as other targets. A discovery in any of these potential reservoirs would initiate a new play trend, de-risking a large area and adding significant value."
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 www.americaspetrogas.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) contained herein regarding the expected depth of the well, the targeted formations and the opportunities in the Picun Leufu Sub Basin 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.
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.
Contacts:
Americas Petrogas Inc.
Barclay Hambrook, P. Eng., MBA
President and CEO
(403) 685-1888
inquiries@americaspetrogas.com
www.americaspetrogas.com
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