Americas Petrogas Announces Shale Oil Discovery-- LTE.x-1 Well on Los
Toldos II Block
CALGARY, ALBERTA, Nov 28, 2012 (MARKETWIRE via COMTEX) --
Copyright 2012 Marketwire, Inc., All rights reserved.
Americas Petrogas (TSX VENTURE: BOE) ("Americas Petrogas" or the
"Company") is pleased to provide an update on its Los Toldos Este
well, LTE.x-1, a vertical well that was drilled on the Los Toldos II
block. The Los Toldos Este well, LTE.x-1, which completed drilling
earlier in 2012, intersected the Vaca Muerta formation (thickness 343
metres) as expected. The well was hydraulically stimulated with five
stages in the Vaca Muerta formation in September. The initial flow
rate of the Vaca Muerta formation, after the clean-up flow back, at
depths between 2,795 to 3,065 metres was 797 barrels of oil
equivalent per day (boepd) of which 694 barrels of oil per day (bopd)
was high quality light sweet oil, 39.6 degrees API. The average flow
rate for the initial 30 days was 309 boepd, of which there was 254
bopd. Two production flow tests were also conducted to determine the
productivity of the perforated intervals. This, in addition to core
and other studies, will help the broad evaluation of the future
productivity and the potential of the well and the reservoir.
Currently the well is shut-in for a pressure build-up test.
Mr. Barclay Hambrook, President and CEO of Americas Petrogas said,
"We are excited about these initial test results of the Vaca Muerta
in the LTE.x-1 vertical well. These results reinforce our belief in
the potential for the Los Toldos II block."
Americas Petrogas is the Operator of the Los Toldos blocks and holds
a 45% working. ExxonMobil also owns a 45% working interest with the
remainder held by Gas y Petroleo del Neuquen.
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) regarding the ability
of the Company to continue to test the LTE.x-1 well and/or to
commercially produce or sell oil, gas or other hydrocarbons from the
LTE.x-1 well (or any one of the formations contained therein),
including the timing of such activities, should all be viewed as
forward looking statements. The presence of hydrocarbon shows is not
necessarily indicative that hydrocarbons are capable of being
successfully produced in commercial quantities. There is no assurance
reserves will be assigned to such hydrocarbon bearing formations.
There is no assurance that future wells will be drilled on the Los
Toldos blocks or that if drilled, such wells will be successful.
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 press 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, if these beliefs, estimates and opinions or other
circumstances should change, except as required by applicable law.
Any references in this press release to test rates, flow rates,
initial test or production rates, and/or early production rates are
useful in confirming the presence of hydrocarbons; however, such
rates are not necessarily indicative of long-term performance or of
ultimate recovery. Such rates may also include recovered "frac"
fluids used in well completion stimulation. Readers are cautioned not
to place reliance on such rates in calculating the aggregate
production for the Company.
Where applicable, natural gas has been converted to barrels of oil
equivalent ("BOE") based on 6 Mcf:1 BOE. The BOE rate is based on an
energy equivalent conversion method primarily applicable at the
burner tip and does not represent a value equivalent at the wellhead.
Use of BOE in isolation may be misleading.
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.
SOURCE: Americas Petrogas Inc.
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