|By Marketwired .||
|September 27, 2012 07:36 PM EDT||
CALGARY, ALBERTA -- (Marketwire) -- 09/27/12 --
Americas Petrogas (TSX VENTURE:BOE) ("Americas Petrogas" or the "Company") is pleased to announce that the Aguada Los Loros x-1 (ALL.x-1) unconventional, shale exploration well has reached total depth. The ALL.x-1 well was drilled on the Los Toldos I block (98,300 gross acres or 398 square kilometers or 154 sections) to a total depth ("TD") of 3,217 meters or 10,554 feet and has been successfully cased and cemented. A complete suite of logs and conventional cores have been acquired. Casing has been successfully set to a total depth of approximately 3,213 meters or 10,541 feet in preparation for a planned well test. The well drilled through 562 meters or 1843 feet of the primary target Vaca Muerta Formation with oil and gas shows through most of the shale section. Hydrocarbon shows were also encountered in secondary targets. The ALL.x-1 location is approximately 10 kilometers (or six miles) south of the CLN.x-2 well (drilled and completed as a conventional well in 1979 by YPF in the Los Toldos I block).
The Company is expecting to begin detailed analysis of the cores and cuttings at international service company laboratories in Argentina and in the USA, in the near future.
After releasing the rig from the ALL.x-1 location (on Los Toldos I block), the rig is now being mobilized back to Los Toldos II to drill the next well within the farmout agreement between Americas Petrogas and ExxonMobil. The first well in the Los Toldos II block, LTE.x-1, was drilled earlier this year (38,400 gross acres or 155 square kilometers or 60 sections) and the testing on that well is ongoing.
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, "The Company continues to execute on its unconventional Shale oil and gas drilling program and prove-up its assets with partners ExxonMobil and Gas y Petroleo del Neuquen, and is pleased to report the rig is now moving back to Los Toldos II in order to drill another well with the Vaca Muerta as primary target."
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 plans to begin analysis of cores and cuttings at international service labs in Argentina and the drilling of another well under the farmout agreement 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 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.