Argenta Oil & Gas Inc.

Argenta Oil & Gas Inc.

January 10, 2008 08:00 ET

Argenta Appoints CFO & Provides an Update on Drilling Program

TORONTO, ONTARIO--(Marketwire - Jan. 10, 2008) -


Argenta Oil & Gas Inc. ("Argenta") (TSX VENTURE:AZA) is pleased to announce the appointment of Maria Jose Taveira as Chief Financial Officer of the Company. Ms. Taveira, who is based in Argenta's principal operating office in Buenos Aires, is a CPA with 20 years experience in investment banking and in the oil and gas industry in South America, primarily with Repsol YPF. Her industry experience includes new business developer, negotiation manager, redesign of processes in strategic management for exploration and production at a worldwide level. Mrs. Taveira has been granted 250,000 options exercisable at $0.50 for a period of five years. Colin Grant, who has been Chief Financial Officer of the Company throughout 2007, has been appointed Treasurer of the Company.

In other news, Argenta is pleased to report that it has finished its initial four-well drilling program in Loma El Divisadero Block. All four wells have been drilled and cased. The Company has just re-commenced testing on the first well (LEDO x-2) after a Christmas break. The completion and testing of the other three wells will take place after the first well.

Argenta Oil & Gas is a Canadian energy resource company with oil and gas assets in the Neuquen Basin of Argentina and in Colombia's Lower Magdalena Basin. Argenta owns and operates all of its assets. The Company is focusing on low risk development for growth and is currently pursuing a number of opportunities. Argenta's world class management team has over 300 plus years of combined local and international experience.

This press release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of Management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the oil and gas industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Argenta Oil & Gas Inc. to obtain all permits, consents or authorizations required for its operations and activities; and health safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Argenta Oil & Gas Inc. to fund the capital and operating expenses necessary to achieve the business objectives of Argenta Oil & Gas Inc., the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Argenta Oil & Gas Inc. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Argenta Oil & Gas Inc. should not place undue reliance on these forward-looking statements. Statements in relation to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.

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