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 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 proving-up of assets 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.
Americas Petrogas Inc.
Barclay Hambrook, P. Eng., MBA
President & Chief Executive Officer
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