Kisan International Trading FZE

December 24, 2010 12:23 ET

Kisan International Trading FZE: News Release

DUBAI, UNITED ARAB EMIRATES--(Marketwire - Dec. 24, 2010) - Kisan International Trading FZE ("Kisan") announces that it has acquired 1,127,800 common shares ("Shares") of Americas Petrogas Inc. (TSX VENTURE:BOE) ("Americas Petrogas") pursuant to the conversion of $1,127,800 of principal debt at $1.00 per common share under a previously issued Unsecured Convertible Promissory Note (the "Note").

After giving effect to the acquisition of the Shares, Kisan has beneficial ownership, direction or control over an aggregate of 23,738,300 common shares of Americas Petrogas, representing approximately 15.0% of the current issued and outstanding Shares of Americas Petrogas. Following the conversion, the remaining indebtedness of Americas Petrogas to Kisan under the terms of the Note is $4,422,200. The Note is convertible into 4,422,200 Shares of Americas Petrogas at a conversion price of $1.00 per Share, subject to the limitation that any such conversion may not result in Kisan holding more than 15% of the total issued and outstanding Shares of Americas Petrogas.

Kisan acquired the Shares for investment purposes and may, from time to time on an individual or joint basis, acquire additional securities of Americas Petrogas, dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its current position. Kisan acquired the Note for investment purposes. The Note is non-transferrable. Kisan may in the future convert some or all of the principal amount of the Note into additional Shares of Americas Petrogas, subject to the limitation of total share ownership set out above.

A copy of the early warning report in respect of these acquisitions will be filed with the applicable securities commissions and can be found at www.sedar.com.

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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