Argenta Oil & Gas Inc.
TSX VENTURE : AZA

Argenta Oil & Gas Inc.

November 28, 2008 17:01 ET

Argenta Provides Default Status Update

TORONTO, ONTARIO--(Marketwire - Nov. 28, 2008) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Argenta Oil & Gas Inc. ("Argenta") (TSX VENTURE:AZA) is providing a further update in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). Management of Argenta is currently subject to a cease trade order in respect of securities of Argenta issued by the Ontario Securities Commission on November 5, 2008. The management cease trade order resulted from the delay in filing the Corporation's annual financial statements for the year ended June 30, 2008 which were required to be filed on October 28, 2008. The late filing of the required statements is due to a delay by management in finalizing the financial results of its operating subsidiary, Argenta Energia Inc.

Based on the work completed to-date and the availability of the Corporation's auditor, Argenta confirms that the annual financial statements will be filed by December 23, 2008. Argenta will continue to provide bi-weekly updates, as contemplated by NP 12-203, until the financial statements have been filed.

There has been no material change in the information contained in the notice of default dated October 31, 2008 and filed on SEDAR. Subsequent to the filing of the notice of default, there has not been any further default, however, due to the delay in the filing of the annual financial statements, Argenta anticipates being late in filing the interim financial statements for the period ending September 30, 2008, which are required to be filed on November 29, 2008. Argenta anticipates filing the interim financial statements concurrently with the annual financial statements on December 15, 2008.

Management of Argenta will continue to be subject to a cease trade order in respect of the securities of Argenta until both the annual financial statements and interim financial statements are filed with regulatory authorities. In the event that the outstanding filings are not filed as soon as they are available or within a reasonable period the Canadian securities regulatory authorities may impose an issuer cease trade order on the outstanding securities of Argenta. Argenta intends to satisfy the provisions of the Alternative Information Guidelines during the period Argenta remains in default of the filing requirements.

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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