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Americas Petrogas Provides Clarification on Operations Update
|By Marketwired .
|July 29, 2014 02:49 PM EDT
CALGARY, ALBERTA -- (Marketwired) -- 07/29/14 -- Americas Petrogas (TSX VENTURE:BOE) (the "Company") wishes to provide clarification on the Operations Update released earlier today in respect of the Company's oil and gas activities in Argentina as well as its fertilizer and phosphate activities in Peru.
Oil and Gas
The Company clarifies that current production is approximately 1,765 gross barrels of oil equivalent per day (boepd), inclusive of gas production of approximately 565 boepd, which is being used for internal power generation and reinjection. The Company's net production after accounting for production used for internal power generation and reinjection is approximately 800 barrels of oil per day (bopd).
Phosphate Mineral Resources
The Company, through its subsidiary, GrowMax Agri Corp. ("GrowMax"), has engaged Golder Associates Ltd. ("Golder") to prepare a National Instrument (NI) 43-101 mineral resource technical report in respect of GrowMax's phosphate mineral resources on its Bayovar Concession for future filing in accordance with NI 43-101 requirements. The report commissioned from Golder is in addition to the Company's existing NI 43-101 report dated January 11, 2013 on its brine mineral resources on the Bayovar Concession.
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 YPF (formerly Apache) on various blocks in Argentina. For more information about Americas Petrogas, please visit www.americaspetrogas.com.
Forward Looking Information
This Press Release contains forward-looking information including, but not limited to, oil and gas production information, strategic review, gas reinjection program, reprocessing of 3D seismic data, drilling of a well on Loma Ranqueles, including negotiating an extension of the commitment, negotiations for an extension of the commitment on Huacalera, and preparation and filing of a NI 43-101 resource report. Additional forward-looking information is contained in the Company's Annual MD&A and Annual Information Form for the year ended December 31, 2013, and reference should be made to the additional disclosures of the assumptions, risks and uncertainties relating to such forward-looking information in those documents.
Forward-looking information is based on management's expectations regarding the Company's future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity (including the timing, location, depth and the number of wells), environmental matters, business prospects and opportunities and expectations with respect to general economic conditions. Such forward-looking information reflects management's current beliefs and assumptions and is based on information, including reserves and resources information, currently available to management. Forward-looking information involves significant known and unknown risks and uncertainties. A number of factors could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including but not limited to, risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production, delays or changes to plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of geological interpretations; the uncertainty of estimates and projections in relation to production, costs and expenses and health, safety and environment risks, extensions of concessions and commitments), the risk of commodity price and foreign exchange rate fluctuations, the uncertainty associated with negotiating with foreign governments and third parties located in foreign jurisdictions and the risk associated with international activity and the risk of being unable to raise significant funds on terms acceptable to the Company to meet its capital and operating expenditure requirements in respect of its properties.
There can be no assurance that the Company will obtain extensions when needed, or at all. Readers are cautioned that measured oil and gas flow rates may not be indicative of sustainable production rates. Although the forward-looking information contained herein is based upon assumptions which management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with this forward-looking information. This forward-looking information is made as of the date hereof and the Company assumes no obligation to update or revise this information to reflect new events or circumstances, except as required by law. Because of the risks, uncertainties and assumptions inherent in forward-looking information, prospective investors in the Company's securities should not place undue reliance on this forward-looking information.
The term BOE (barrels of oil equivalent) is used in this press release. All calculations converting natural gas to BOE have been made using a conversion ratio of six thousand cubic feet (six "Mcf") of natural gas to one barrel of oil, unless otherwise stated. The use of BOE may be misleading, particularly if used in isolation, as the conversion ratio of six Mcf of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
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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