CanAmericas now has interest in 1,166,534 gross acres (net 606,431) in Argentina and is well positioned to proceed with aggressive exploration programs in the future.
CanAmericas has negotiated rights to earn a 25% working interest in 1,020 gross km(2) (63,012 net acres) in an exploration concession that is situated on the southeast flank of the prolific Neuquen Basin, Argentina. The concession is adjacent to the Estacion Fernandez Oro oil field situated to the northwest, and adjacent to Flor de Roca, General Roca, and Don Jose oil fields to the north. These fields collectively produce from the Lower Cretaceous - Jurassic aged Quintuco, Lotena, Los Molles, and Punto Rosada Formations.
Additionally, it is believed that the Pre-Cuyo interval may also have significant potential, as it lies on trend with Chevron's La Yassera and Loma Negra fields. Expected target depths range from 500 - 2,200 m. There are 140 km of existing 2D seismic lines, but no wells have been drilled on the block. Plans include reprocessing the existing seismic data and acquiring 250 km(2) of proprietary 3D seismic to mature the inventory of existing leads. To earn this 25% working interest the Company has committed to pay 40% of the costs to acquire the 250 km(2) proprietary 3D seismic. The costs for 40% of the seismic program are estimated to be U.S. $1,080,000.00.
This Farm In Arrangement is subject to completion of due diligence by both parties.
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