Americas Petrogas Inc.
TSX VENTURE : BOE

Americas Petrogas Inc.

December 06, 2011 09:00 ET

Americas Petrogas Spuds Well in Neuquen Basin, Argentina With Primary Target the Vaca Muerta Shale Formation

CALGARY, ALBERTA--(Marketwire - Dec. 6, 2011) - Americas Petrogas (TSX VENTURE:BOE) ("Americas Petrogas" or the "Company") is pleased to announce the spudding of the Los Toldos Este well that targets the Vaca Muerta shale formation in the Los Toldos blocks (163,500 gross acres or 255 sections or 660 square kilometers) located in the Neuquen Basin of Argentina. The well has been spudded on Los Toldos II and is planned for drilling to a total depth of approximately 3250 metres with the principal target being the Vaca Muerta Shale along with other secondary traditional targets.

Mr. Barclay Hambrook, President and CEO of Americas Petrogas said, "We are pleased about our joint venture with ExxonMobil and Gas y Petroleo del Neuquen and are excited to begin drilling the first of several wells that primarily target the rich, thick Vaca Muerta shale formation along with several stacked potential conventional formations."

This is the first well within the farmout agreement between Americas Petrogas and ExxonMobil Exploration Argentina that was announced in August 2011.

The Los Toldos Este well will be a vertical pilot where the objective is to accumulate the maximum amount of information on the shale characteristics from logging, cores and samples to determine from subsequent analysis the optimum zones for testing and completion. Americas Petrogas is the operator of the well.

About Americas Petrogas Inc.

Americas Petrogas Inc. is a Canadian company whose shares trade on the TSX Venture Exchange under the symbol "BOE". Americas Petrogas has conventional and unconventional (shale and tight sands) oil and gas interests in numerous blocks in the Neuquen Basin of Argentina. Americas Petrogas has joint venture partners, including ExxonMobil, Apache and Gran Tierra Energy, on various blocks in Argentina. For more information about Americas Petrogas, please visit www.americaspetrogas.com.

Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements". These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

In particular, statements (express or implied) contained herein regarding the expected depth of the well and the targeted formations, the success and expected information to be derived from the well, and the drilling of wells in the future and their targets should all be viewed as forward looking statements.

There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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