Argenta Oil & Gas Inc.
TSX VENTURE : AZA

Argenta Oil & Gas Inc.

November 25, 2009 14:42 ET

Argenta Enters into Agreement with Trayectoria Oil & Gas, Colombia

TORONTO, ONTARIO--(Marketwire - Nov. 25, 2009) -

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Argenta Oil & Gas Inc. ("Argenta") (TSX VENTURE:AZA) announces that the Company has finalized an agreement with Trayectoria Oil and Gas S.A. ("Trayectoria"), a Colombian based private company, for the completion of its commitment to acquire and process 50 square kilometers of 2D seismic data on the La Mona Block in Colombia. This program is needed to finalize the TEA (Technical Evaluation Agreement) work obligations and, if warranted, to enter into an Exploration and Production contract.

The terms of the agreement provide for Trayectoria to pay the seismic contractor GeoEnergy Ltda. (a company controlled by Trayectoria), US$650,000, equivalent to approximately 50% of the cost of the seismic acquisition and processing program. The remaining portion will be paid by Argenta out of its funds deposited in the escrow account, as required under the Contract with the Agencia Nacional de Hidrocarburos. Once the acquisition and processing is completed, Argenta has agreed to issue Trayectoria 8 million common shares of Argenta, such issuance to be subject to regulatory approval and a four month hold and Trayectoria has agreed to assign to Argenta, in exchange for an additional consideration, to be negotiated, an interest of Argenta's choice in one or more of its hydrocarbon blocks in Colombia.

In addition to its oil and gas interests in Colombia, Brazil, Peru and Ecuador, Trayectoria is part of a group of local service companies that provide seismic acquisition, mobilization, rig and well site services to several E&P companies based in Colombia.

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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