Claudio Larotonda, the Company's President and CEO stated:
"The commencement of trading marks a significant event for the Company and enables Argenta Oil & Gas to access the breadth of the international capital markets. Since 2005, we've acquired 100% working interests in two significant assets, Loma El Divisadero and Covunco, both in the Neuquen Basin, one of the most prolific basins of Argentina. For these assets, we have registered 300 km2 of 3D seismic and we're now identifying the best prospects. We are expecting to drill our first well on our Loma El Divisadero block during the third quarter of 2007. In addition to our activities in Argentina, we've also opened offices in Colombia and Trinidad to pursue exploration and production opportunities there. These two countries, in addition to Argentina, will be our main focus for corporate growth in Latin America and the Caribbean."
"The events that occurred relating to the over issuance of shares were unfortunate and outside of Argenta's control and the Company regrets any inconvenience caused by this error."
"In reply to a number of requests from investors, Argenta confirms that it has no exposure to the asset-backed commercial paper market as its cash balances in Canada are held in cash and cashable GIC's at a Canadian Chartered Bank."
The management team of Argenta Oil & Gas is located in Argentina and brings together over 300 years of combined international exploration and development experience to the Company. The Argenta management team comprises:
- Jose Luis Perez, Director who was former president of Amoco in Colombia, former Country Manager of Repsol in the Caribbean, former Director of Petrotrin (Trinidad & Tobago state-owned energy company) and former Director of Enarsa (Argentina state-owned energy company)
- Claudio Larotonda, President, CEO and Director who was formerly with Geopark, Unocal, Astra and YPF
- Richard Cole, Chief Operations Officer and Director who was formerly with Apache, Geopark, Quintana and CitiServices amongst others
- Daniel Gordon, Vice President, Corporate Development and Ricardo Pescara, Vice President, Exploration & Production who were both most recently with Repsol YPF in Venezuela and the Caribbean
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