Americas Petrogas announced that a new daily production record of 2,830 bopd (or 450 cubic meters per day) was achieved on July 19, 2012 at Medanito Sur and Rinconada Norte.
This oil production record is the result of the Company's ongoing drilling program in Medanito Sur. After receiving its 25-year exploitation licence in March 2012 on Medanito Sur, Americas Petrogas intensified its drilling program. This drilling program has been very successful given the wells are both exploration and appraisal in different plays on the block. The Company's high rate of exploration success is confirming expectations of very good potential for this area of the Neuquen Basin.
The expansion of the Company's own production facilities to handle up to 6300 bopd of oil from Medanito Sur is well underway and is expected to be complete by the fourth quarter of 2012. These facilities will address the Company's existing partial restraints from storage and neighboring facilities and will allow Americas Petrogas to produce additional oil, now behind pipe, from the productive capacity of completed wells.
Mr. Barclay Hambrook, President and CEO of Americas Petrogas said, "The Company has made positive progress and significant production growth. This growth enhances the Company's Funds flow from Operations(1) and Reserves, which will add to our ability to further both our shale oil and gas exploration, and our conventional operations. Americas Petrogas is, today, one of the companies in Argentina with a high percentage of oil production growth."
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