Argenta Oil & Gas Inc.

Argenta Oil & Gas Inc.

November 19, 2009 15:01 ET

Argenta Tests Gas with Light Condensate in Covunco Block

TORONTO, ONTARIO--(Marketwire - Nov. 19, 2009) -


Argenta Oil & Gas Inc. ("Argenta") (TSX VENTURE:AZA) is pleased to announce that it has started a long term production test in well OA x-1, Covunco block, Neuquen basin, Argentina. Early results indicate a reservoir with gas and light condensate with stabilized rates of 706.6 mscfpd at a pressure of 350 psi on an 8 mm choke and 16 bpd of condensate. The gas is flowing from perforations between 6,220 and 6,306 feet in the Tordillo Formation. Well OA x-1 was initially drilled by YPF in the 1980´s and then stimulated by Alberta Energy in the 1990's, but was never put on production.

Testing activity will continue for several days to determine whether the Company should proceed with re-stimulating the reservoir with state of the art technology and to estimate the recoverable reserves through the interpretation of the newly acquired flow and pressure data.

Argenta Oil & Gas is a Canadian energy resource company with oil and gas assets in the Neuquén 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. For further information on Argenta Oil & Gas, please visit the Company's website at

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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