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Message: Initial drill and production results
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| October 16, 2008 Americas Petrogas Inc. And Its Partners Discover First Oil In Argentina And Americas Petrogas Acquires Interest In Potash Concession In Bayovar, Peru |
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Calgary, Alberta, October 16, 2008 - Americas Petrogas Inc. ("API" or the "Company") is pleased to provide the following operations update on its Argentinean oil and gas operations and to announce an important potash acquisition in Peru. Update on oil and gas operations in Argentina The Company is pleased to announce the results of the first three exploration wells drilled in the Neuquen Basin, Argentina. API is partnered with Pampetrol, Enarsa and Raiser S.A. The recently acquired and interpreted 3D seismic program on Medanito Sur block provided 14 drilling prospects. Three of these prospects were selected for the first round of drilling. All three wells discovered light (30 degree API) sweet crude oil at depths ranging from 996 to 1419 metres. The El Puma X-1 well was drilled to a depth of 1420 metres and flowed 83 bopd from an 8 metre zone; the El Jabili X-1 well was drilled to a depth of 1220 metres and flowed 151 bopd from a net 9 metre interval; and the El Calden X-1 well was drilled to 996 metres and flowed 491 bopd from an 8 metre zone and 57 bopd from a second 8 metre zone. All three wells have been cased and completed with flow and/or pumping equipment to place them on production. The Company intends to proceed with additional exploratory and appraisal drilling on the block and to assess commercial development options once the drilling results of these wells are integrated with the Company's 3D seismic database. Commenting on progress, Barclay Hambrook, President and CEO, stated, "These three oil discoveries represent a significant achievement for Americas Petrogas Inc. as they confirm the hydrocarbon potential of the block. This sets the stage for future growth of the company. I congratulate our experienced technical and management team on their success and wish to thank our Argentinean partners and API shareholders for their ongoing support of the Company." Americas Petrogas Awarded Potash Concession in Bayovar, Peru Americas Petrogas Inc. is pleased to announce it has formalized its agreement with ProInversion (a privatization agency of the Peruvian government) to acquire a 70% working interest in the Bayovar potash concession located in the Sechura Desert. This concession is located adjacent to the Pacific Ocean in Northern Peru and covers an area of approximately 84,000 hectares (202,000 acres). Under the terms of the agreement, the Company paid US$656,000 and committed to spend US$600,000 towards further studies during the first two years. The benefit to Americas Petrogas is the exploitation of this deposit for the worldwide fertilizer market. Americas Petrogas Inc. Americas to Commence Trading on TSX Venture Exchange on October 17, 2008 Americas Petrogas has now satisfied all of the listing conditions of the TSX Venture Exchange. Accordingly the common shares of Americas are scheduled to commencing trading as a Tier 1 oil and gas issuer on the TSX Venture Exchange commencing on October 17, 2008. The Company's shares will trade under the symbol "BOE". About Americas Petrogas Inc. Americas Petrogas is a junior international oil and gas exploration and development company focused primarily on the acquisition, exploration and development of oil and gas properties in Latin America. Americas currently has working interests ranging from 40% to 75% (and averaging 68% working interest) in eleven oil and gas concessions in Argentina, covering an area of approximately 1.37 million acres. In addition to its oil and gas properties, Americas also now holds a 70% working interest in the Bayovar potash concession located in northern Peru. For more information, please contact: Americas Petrogas Inc. Barclay Hambrook, P. Eng., MBA President and CEO Phone: (403) 685-1888 Fax: (403) 685-1880 email: [email protected] www.americaspetrogas.com |
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