Argenta Oil & Gas Inc.
TSX VENTURE : AZA

Argenta Oil & Gas Inc.

November 05, 2009 08:00 ET

Argenta Announces Glenn Van Doorne as Chairman, Year-End Filings and Shares for Debt

TORONTO, ONTARIO--(Marketwire - Nov. 5, 2009) -

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Argenta Oil & Gas Inc. ("Argenta") (TSX VENTURE:AZA) announces that the Company has appointed Glenn Van Doorne as Chairman of the Board. Mr. Van Doorne who joined the Board on August 5th has over 30 years of experience in the oil and gas industry in Europe, North Africa, Middle East, Asia and the Americas. He was previously associated with Solana Resources Ltd., a company that merged with Gran Tierra Energy Inc. after increasing its net reserves from 700,000 boe to over 7 million boe and production from 400 boepd to over 5,000 boepd and he was the Founder of IbrizOil Inc., which was acquired by Blue Sky Energy Corp. and Hurricane Hydrocarbons Inc. which changed its name to PetroKazakhstan after growing from 50 bopd to over 70,000 bopd.

Year-End Filing

The Company filed its audited financial statements and associated Management Discussion & Analysis (MD&A) for year ended June 30, 2009 on October 28th on SEDAR. The Company has re-filed the MD&A due to an early draft being filed in error. The financial results are presented in accordance with Canadian GAAP and the reporting currency is Canadian dollars. The financial statements and associated MD&A have been posted on the Company's website and can also be accessed on the Company's SEDAR profile at www.sedar.com/DisplayProfile.do?lang=EN&issuerType=03&issuerNo=00025393.

Shares for Debt

In other news, the Company announces that the TSX Venture Exchange has accepted the Company's proposal to settle $248,236.51 of indebtedness through the issuance of 4,964,730 common shares ("Common Shares") of the Company at a price of $0.05 per share, of which 4,230,407 Common Shares were issued in consideration for services provided by officers and directors of the Company. The securities issued are subject to a four month hold period.

For further information on Argenta Oil & Gas; please visit the Company's website at www.argentaoilandgas.com.

This press release was prepared by Argenta Oil & Gas Inc. which accepts the responsibility as to its accuracy.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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