Argenta Oil & Gas Inc.
TSX VENTURE : AZA

Argenta Oil & Gas Inc.

August 27, 2009 15:12 ET

Argenta Announces Private Placement

TORONTO, ONTARIO--(Marketwire - Aug. 27, 2009) -

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Argenta Oil & Gas Inc. ("Argenta") (TSX VENTURE:AZA) announces that the Company is undertaking a private placement of between $2 and $3 million. Toll Cross Securities Inc. has been engaged as the exclusive agent for the private placement. The private placement will consist of units priced at $0.04 per unit and each unit will comprise one common share and one-half common share purchase warrant. Each full warrant will entitle the holder to purchase an additional common share at a price of $0.10 per share for a period of 18 months from closing of the private placement. Toll Cross Securities Inc. will receive a commission of 6% in cash and 6% in broker warrants, with each broker warrant exercisable into one common share at $0.10 for a period of 18 months. The private placement is expected to close early September and securities issued on closing will be subject to a four-month hold period and regulatory approvals.

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.

For further information on Argenta Oil & Gas; please visit the Company's website at www.argentaoilandgas.com.

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.

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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