Argenta Oil & Gas Inc.

Argenta Oil & Gas Inc.

October 15, 2007 12:46 ET

Argenta to Commence Drilling in Neuquen Basin, Argentina

TORONTO, ONTARIO--(Marketwire - Oct. 15, 2007) -


Argenta Oil & Gas Inc. ("Argenta") (TSX VENTURE:AZA) is pleased to announce the commencement of its initial drilling program on its 100% owned Loma El Divisadero Block, located in the Neuquen Basin in Argentina. The first well is scheduled to spud within the next week and drilling is planned to a total depth of 5,200 feet. This campaign is the result of the integration of newly acquired information composed of approximately 200 square kilometers of 3D seismic and two recent non-commercial workovers which altogether helped to identify a number of significant new prospects with some new potential pay zones for Loma El Divisadero Block. Pride International SRL will be responsible for drilling and Copetco SRL will be completing each well. Richard Cole, Argenta's Chief Operating Officer stated: "Each exploration well is expected to take approximately four weeks to drill and case. Depending on results, Argenta will begin an aggressive appraisal and development plan following this 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

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.

Contact Information