Welcome!

News Feed Item

Americas Petrogas New Shale Oil Exploration Discovery in the Southwest Region of the Neuquen Basin

CALGARY, ALBERTA -- (Marketwire) -- 02/26/13 -- Americas Petrogas (TSX VENTURE:BOE) ("Americas Petrogas" or the "Company") is pleased to announce a new light oil discovery on its Totoral block in the Southwestern region of the Neuquen Basin, Argentina. The discovery well, LHo.x-1, drilled and established oil production potential from the Vaca Muerta Shale in a new and large region, the Picun Leufu Sub-Basin, which extends over much of the Company's three southernmost blocks -- Totoral, Yerba Buena and Bajada Colorada (1,126,600 acres or 4,559 square kilometres or 1,760 sections).

Mr. Barclay Hambrook, President and CEO of Americas Petrogas, said, "This new exploration discovery is very exciting for Americas Petrogas as it adds significant exploration upside to a very large area where the Vaca Muerta formation could be produced at relatively shallow depths. I thank our team for their dedication and their decision-making, which were instrumental in this new discovery."

The LHo.x-1 well was drilled (approximately 1900 metres total depth), cased and cemented in mid-2012. It intersected the Vaca Muerta Shale formation with thickness of 666 feet or 203 metres with oil and gas shows through the whole shale column. During drilling, hydrocarbon shows were also encountered and data acquired in the Mulichinco (299 feet thick), Quintuco (2,172 feet thick), and Quebrada del Sapo (190 feet thick) formations.

In January 2013, a three-stage hydraulic stimulation program was performed in the Vaca Muerta shale formation. After the initial clean-up flow back, the well produced through an electrical submersible pump during a 20-day test period at a total liquid rate of 300 to 600 barrels per day (bpd) which included 30 to 60 barrels of oil per day (bopd) of high quality light sweet oil, 33 degrees API gravity. During this test period the well did not show any rate decline. Currently, the LHo.x-1 well is shut in for a Pressure Build-Up Test that will be followed by a test to determine the fluid contribution of each interval that was hydraulically stimulated. As well, core analysis and studies are still in progress.

Mr. Guimar Vaca Coca, Managing Director of the Company's Argentina operation, said "This new discovery proves that the Vaca Muerta is over-pressured at a shallow depth and could increase the known extent of the Neuquen Basin, which could potentially increase hydrocarbon resources for Americas Petrogas, the Neuquen Province, and Argentina as a whole."

Americas Petrogas (Operator) holds 90% working interest on the Totoral, Yerba Buena and Bajada Colorada blocks and Gas y Petroleo del Neuquen has a 10% working interest.

Additional information about this new discovery is available at the following link: http://americaspetrogas.com/presentation/LaHoya%20VM%20Oil%20Discovery%20Slides%20with%20Press%20Release%20Feb%202013.pdf

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 and Apache, 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 LHo.x-1 well and/or to commercially produce or sell oil, gas or other hydrocarbons from the LHo.x-1 well (or any one of the formations contained therein), including the timing of such activities, and the future cost of future drilling and completion, including the relative cost compared to other areas, should all be viewed as forward looking statements. The presence of hydrocarbons from the LHo.x-1 well is not necessarily indicative that hydrocarbons are capable of being successfully produced in commercial quantities or at all. There is no assurance reserves will be assigned to such hydrocarbon bearing formations. There is no assurance that future wells will be drilled on Totoral, Yerba Buena, Bajada Colorada or other blocks, or that if drilled, such wells will be successful or commercial.

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.