Americas Petrogas Inc.
TSX VENTURE : BOE

Americas Petrogas Inc.

April 28, 2010 09:22 ET

Americas Petrogas Argentina- Drilling Plans for 2010

CALGARY, ALBERTA--(Marketwire - April 28, 2010) -

Americas Petrogas Inc. ("Americas Petrogas") (TSX VENTURE:BOE) is pleased to announce commencement of its 2010 Argentina exploration and development program as follows:

  1. Drilling a minimum of 15 wells.
  1. Completing a minimum of 2 seismic programs.

With the recently completed private placement financings and expected operating cash flows from Medanito Sur, the Company is well-funded to implement this budgeted plan. 

The program involves either drilling wells or running seismic over the Company areas including:

  • Medanito Sur
  • Los Toldos II
  • Loma Ranqueles
  • Totoral
  • Yerba Buena
  • Gobernador Ayala IV
  • Vaca Mahuida (farm-in)

(Note: these 7 areas cover approximately 1,602,000 acres of the company's approximately 1,808,000 acres in Argentina's Neuquen Basin).

Speaking about the Company's drilling plans, Mr. Güimar Vaca Coca, Americas Petrogas Argentina S.A.'s Managing Director, said "We are excited to embark on this exploration and development program on our expansive land position in the Neuquen Basin. We expect to gain valuable information about our areas, increase our production and expand our reserves of both oil and gas." He went on to say, "With this exploration and development program, we hope to advance our vision of growth in Argentina."

About Americas Petrogas Inc.

Americas Petrogas Inc. is a Canadian company whose shares trade on the TSX Venture Exchange under the symbol "BOE". The Company has oil and gas exploration, development and production activities and holds over 1,808,000 acres of land in Argentina's most prolific Neuquen Basin. In Peru, the Company is developing a surface potash (and other minerals) brine reservoir and evaporite deposit at Bayovar in the Sechura Desert of Northwest Peru.

Certain statements in this Press Release constitute forward-looking statements under applicable securities legislation. These statements include references to plans for exploration and development (particularly drilling and seismic work), budgeted amounts, the location of where the drilling and seismic work will occur, and the expectation of obtaining valuable information, increasing production and expanding reserves. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any plans, future results, performance or achievements expressed or implied by such forward-looking statements. In particular, there is no assurance as to where any drilling or seismic work will occur, if at all, and if they do occur, there is no assurance that they will be successful or will result in any valuable information, any increase in production or any new reserves. As well, the actual cost of the work can vary depending on geological formations encountered and other exploration factors. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels and timing of activity and achievements to differ materially from those expressed or implied by such information.

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.

Contact Information