CALGARY, ALBERTA--(Marketwire - Sept. 6, 2012) - Americas Petrogas Inc. ("Americas Petrogas" or the "Company") (TSX VENTURE:BOE) announces the Company, as operator, has completed a multi-stage frac program on its LTE.x-1 well on the Los Toldos II block, which the Company (45%) operates and shares with ExxonMobil (45%) and Gas y Petróleo del Neuquen (10%).
The multi-stage hydraulic frac involved five (5) stages and was completed in the Vaca Muerta shale formation of the LTE.x-1 well. The operations were carried out as per the predicted program. As earlier reported, the LTE.x-1 was drilled and cased to total depth of approximately 10,695 feet (3260 meters) earlier this year. It was also reported that the well intersected a continuous 1125 feet (343 metres) of the Vaca Muerta shale formation.
Americas Petrogas is now proceeding with the production test of the well.
Barclay Hambrook, President and CEO, said, "This is a new and significant milestone in the history of our Company. We are very proud to have conducted these operations with high degree of knowledge and professionalism with our team of experienced and proven local E&P experts in Argentina. We congratulate our team and appreciate our partners for their support, trust and recognition. We also thank all of our world-class service providers, both international and local, for their quality work and support."
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 oil and gas and tight sands oil and gas interests in numerous blocks in the Neuquén Basin of Argentina. Americas Petrogas has joint venture partners, including ExxonMobil and Apache, on various blocks in the shale oil and gas corridor in the Neuquén Basin, Argentina. The Company recently used Schlumberger to complete its frac job on the LTE.x-1 well. For more information about Americas Petrogas Inc., 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) contained herein regarding future production testing should be viewed as a forward-looking statement. There is no assurance that the LTE.x-1 well will produce any oil or gas.
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 news 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 and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
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 THE RELEASE.