More shale oil drilling in Argentina for Americas Petrogas

Source: Americas Petrogas
Americas Petrogas in Argentina

Americas Petrogas (TSX VENTURE:BOE) ("Americas Petrogas" or the "Company") is pleased to announce that the Agua de Afuera (ADA.x-1) unconventional, shale exploration well has reached total depth ("TD"). The well drilled through 340 meters or 1,115 feet of the primary target Vaca Muerta shale formation with oil and gas shows through most of this shale section. Hydrocarbon shows were also encountered in secondary targets such as the Agrio, Quintuco and Tordillo. The ADA.x-1 well was drilled to a TD of 3,448.5 meters or 11,311 feet. A complete suite of logs has been run and conventional and side wall cores were cut and recovered. Casing has been successfully set and cemented to a total depth of approximately 3,442 meters or 11,290 feet in preparation for a planned well test. The Company will begin detailed analysis of the cores and cuttings at international service company laboratories in Argentina and in the USA, in the near future.

The ADA.x-1 well is located approximately 9 kilometers west of the LTE.x-1 unconventional, shale well, which was a new oil discovery (http://americaspetrogas.com/news_2012_nov28.html) on the Los Toldos II block (38,400 gross acres or 155 square kilometers or 60 sections).

The ADA x-1 well is the third unconventional, shale well with primary target the Vaca Muerta, relating to the Los Toldos farmout agreement with ExxonMobil. Americas Petrogas is the Operator holding a 45% working interest in the Los Toldos blocks; ExxonMobil also holds a 45% working interest, with the remaining 10% held by Gas y Petróleo del Neuquén ("G&P").

Mr. Barclay Hambrook, President and CEO of Americas Petrogas said, "As this is the second well in the Los Toldos II block, this new well will help to determine the extent and potential resources of the Vaca Muerta, and will also provide valuable information on several other potential horizons of interest."

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