Argenta Oil & Gas Inc.
TSX VENTURE : AZA

Argenta Oil & Gas Inc.

October 18, 2007 09:59 ET

Argenta Commences Operating El Corte Property in Neuquen Basin, Argentina

TORONTO, ONTARIO--(Marketwire - Oct. 18, 2007) -

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Argenta Oil & Gas Inc. ("Argenta") (TSX VENTURE:AZA) is pleased to announce that Argenta Energia S.A., a 100% owned subsidiary of Argenta, has entered into a joint venture with Hidrocarburos del Neuquen Sociedad Anonima ("Hidenesa"), the state-owned Neuquen provincial oil and gas company awarding Argenta a 90% working interest in El Corte exploration permit. The property comprises 71,700 net acres located in the Neuquen basin adjacent to one of the Company's other properties in Neuquen Basin, known as Covunco.

Claudio Larotonda, President and CEO commented: "The El Corte Block has very good oil potential which will balance our gas potential of Covunco. We are very excited about the prospects for these two properties and we will likely integrate the development of the El Corte Block and Covunco Block as one major project. The El Corte and Covunco Blocks are near significant producing oil and gas fields operated by Apache and Repsol."

Argenta is committed to a three year work program for El Corte which will include the acquisition of 200 square kilometers of 3D seismic. The Company has identified two very good prospects and many leads from 2D seismic data. The 3D acquisition is expected to be acquired and processed in early 2008. This will help improve the definition of the prospects and determine the well locations for the next drilling campaign.

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

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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