The Company will post an updated investor presentation to its website later this week.
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 oil and gas and tight sands oil and gas interests in numerous blocks in the Neuquen Basin of Argentina. Americas Petrogas has joint venture partners, including ExxonMobil and Apache, on various blocks in the shale oil and gas corridor in the Neuquen Basin, Argentina. Americas Petrogas also owns an 80% interest in GrowMax Agri Corp., a private company involved in the exploration for near-surface potash, phosphates and other minerals, and potential development of a fertilizer project in Peru. Indian Farmers Fertiliser Co-operative Limited (IFFCO) owns a 20% interest in GrowMax Agri Corp. For more information about Americas Petrogas Inc., please visit www.americaspetrogas.com.
This Press Release contains forward-looking information including, but not limited to, the Company's goals and growth, estimates of reserves, production and cash flows, new fields in the Medanito Sur block, testing and production of the ALL.x-1 well on the Los Toldos I block, connecting of the ALL.x-1 well to a regional gas pipeline, testing and production of the LTE.x-1 well on the Los Toldos II block, testing of the ADA.x-1 well on the Los Toldos II block, testing of the LHO.x-1 well on the Totoral block, advancement of the Company's phosphates project in Peru, the potential for phosphates and other minerals on the recently staked concession land in the Sechura Desert, exercising and pending approval of the option to acquire an interest in the Bayovar concession, analysis and testing of the cores in respect of the 19-borehole drilling program on the southeastern block at Bayovar, exploration, appraisal and development activities related to conventional oil and gas, drilling of unconventional wells on the Loma Ranqueles block and the Totoral-Yerba Buena-Bajada Colorada concession, additional drilling and testing in 2013, and other exploration, development and production activities in respect of the projects in Argentina and Peru. There can be no assurance that the Company will successfully exercise the option to acquire an interest in the Bayovar concession. Additional forward-looking information is contained in the Company's Annual MD&A for December 31, 2012, and reference should be made to the additional disclosures of the assumptions, risks and uncertainties relating to such forward-looking information in that MD&A document.
Forward-looking information is based on management's expectations regarding the Company's future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity (including the timing, location, depth and the number of wells), environmental matters, business prospects and opportunities and expectations with respect to general economic conditions. Such forward-looking information reflects management's current beliefs and assumptions and is based on information, including reserves information, currently available to management. Forward-looking information involves significant known and unknown risks and uncertainties. A number of factors could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including but not limited to, risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production, delays or changes to plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of geological interpretations; the uncertainty of estimates and projections in relation to production, costs and expenses and health, safety and environment risks), the risk of commodity price and foreign exchange rate fluctuations, the uncertainty associated with negotiating with foreign governments and third parties located in foreign jurisdictions and the risk associated with international activity.
Although the forward-looking information contained herein is based upon assumptions which management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with this forward-looking information. This forward-looking information is made as of the date hereof and the Company assumes no obligation to update or revise this information to reflect new events or circumstances, except as required by law. Because of the risks, uncertainties and assumptions inherent in forward-looking information, prospective investors in the Company's securities should not place undue reliance on this forward-looking information.
Any references in this Press Release to test rates, flow rates, initial test or production rates, and/or early production rates are useful in confirming the presence of hydrocarbons, however, such rates are not necessarily indicative of long-term performance or of ultimate recovery. Such rates may also include recovered "frac" fluids used in well completion stimulation. Readers are cautioned not to place reliance on such rates in calculating the aggregate production for the Company.
Where applicable, natural gas has been converted to barrels of oil equivalent ("BOE") based on 6 Mcf:1 BOE. The BOE rate is based on an energy equivalent conversion method primarily applicable at the burner tip and does not represent a value equivalent at the wellhead. Use of BOE in isolation may be misleading.
The Company's reserve estimates have been prepared in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook"). Accordingly, the Company classifies its reserves as proved, probable or possible. Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable - it is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves - it is equally likely that the actual remaining quantities recovered will be greater or less than the sum of estimated proved plus probable reserves. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves - it is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves. Statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered.
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 THE RELEASE.
Americas Petrogas Inc.
Barclay Hambrook P. Eng., MBA
President and CEO
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