Argenta Oil & Gas Inc.
TSX VENTURE : AZA

Argenta Oil & Gas Inc.

April 21, 2009 08:00 ET

Argenta Engages Drilling Rig Contractor to Drill Loma El Divisadero

TORONTO, ONTARIO--(Marketwire - April 21, 2009) -

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

Argenta Oil & Gas Inc. ("Argenta") (TSX VENTURE:AZA) is pleased to announce that it has finalized the drilling contracts with Ensign Argentina SA to provide the rig operations to drill and complete the appraisal program in the Company's Loma El Divisadero Block (80% WI) located in the Neuquen Basin, Argentina. A total of two wells will be funded by joint venture partner Unitec Energy SA and it is anticipated that the first well in the program will spud by the end of April to a total depth of 3,750 feet. The goal of the appraisal program is to define the development program (oil, gas or both) from the Chorreado Member (Huitrin Formation).

Ricardo Pescara, Vice President of Operations commented:

"Each well will take approximately 16 days to drill, complete and test. Location and roads are being finalized and will be ready to spud the first well by the last week of April."

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.

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