Argenta Oil & Gas Inc.
TSX VENTURE : AZA

Argenta Oil & Gas Inc.

August 29, 2007 08:05 ET

Argenta Oil & Gas to Commence Trading on the TSX Venture Exchange on August 29, 2007-Symbol "AZA"

TORONTO, ONTARIO--(Marketwire - Aug. 29, 2007) -

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 been informed by the TSX-V that the events that arose from the issuance of duplicate shares described in Argenta's press release of August 8th, 2007 have been satisfied. As a result, the trading halt has been lifted and Argenta's shares will commence trading on the TSX Venture Exchange under the trading symbol "AZA" on August 29, 2007.

Claudio Larotonda, the Company's President and CEO stated:

"The commencement of trading marks a significant event for the Company and enables Argenta Oil & Gas to access the breadth of the international capital markets. Since 2005, we've acquired 100% working interests in two significant assets, Loma El Divisadero and Covunco, both in the Neuquen Basin, one of the most prolific basins of Argentina. For these assets, we have registered 300 km2 of 3D seismic and we're now identifying the best prospects. We are expecting to drill our first well on our Loma El Divisadero block during the third quarter of 2007. In addition to our activities in Argentina, we've also opened offices in Colombia and Trinidad to pursue exploration and production opportunities there. These two countries, in addition to Argentina, will be our main focus for corporate growth in Latin America and the Caribbean."

"The events that occurred relating to the over issuance of shares were unfortunate and outside of Argenta's control and the Company regrets any inconvenience caused by this error."

"In reply to a number of requests from investors, Argenta confirms that it has no exposure to the asset-backed commercial paper market as its cash balances in Canada are held in cash and cashable GIC's at a Canadian Chartered Bank."

The management team of Argenta Oil & Gas is located in Argentina and brings together over 300 years of combined international exploration and development experience to the Company. The Argenta management team comprises:

- Jose Luis Perez, Director who was former president of Amoco in Colombia, former Country Manager of Repsol in the Caribbean, former Director of Petrotrin (Trinidad & Tobago state-owned energy company) and former Director of Enarsa (Argentina state-owned energy company)

- Claudio Larotonda, President, CEO and Director who was formerly with Geopark, Unocal, Astra and YPF

- Richard Cole, Chief Operations Officer and Director who was formerly with Apache, Geopark, Quintana and CitiServices amongst others

- Daniel Gordon, Vice President, Corporate Development and Ricardo Pescara, Vice President, Exploration & Production who were both most recently with Repsol YPF in Venezuela and the Caribbean

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

Statements in this press release regarding the Company's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

The TSX does not accept the responsibility for the adequacy or accuracy of this release.

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