Americas Petrogas Inc.
TSX VENTURE : BOE

Americas Petrogas Inc.

November 23, 2009 09:25 ET

Americas Petrogas Reaches Agreement to Deliver Oil

CALGARY, ALBERTA--(Marketwire - Nov. 23, 2009) - Americas Petrogas Inc. (TSX VENTURE:BOE) ("the Company" or "API") is pleased to announce that it will begin delivering oil in December, 2009 from its Medanito Sur operation to a facility owned by a neighboring major oil company. The major oil company has agreed to receive the oil, treat it and transport it via pipeline to a refinery. API will truck the oil approximately 35 kilometers from API's gathering facilities on Medanito Sur to the neighboring site, where API is in the process of installing a 320 cubic metre (approximately 2,000 barrel) tank to store the oil prior to treatment.

Based on an encouraging well logging program, the Company plans to complete and test its 4th well, El Calden XS-4 early in 2010. This well is located approximately 400 metres from the discovery well El Calden X-1. As previously reported, the El Calden X-1 discovery well was drilled to 996 metres and flowed 491 bopd of 32 degree oil with no water from an 8 metre zone and 57 bopd from a second 8 metre zone.

Mr. Barclay Hambrook, President, stated that "Oil production and resulting cash flow from our Medanito Sur block will allow us to budget for future drilling on this block, where we have identified over 25 drillable prospects."

Certain statements in this Press Release constitute forward-looking statements under applicable securities legislation. 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 future results, performance or achievements expressed or implied by such forward-looking statements. 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.

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