Argenta Taps Contractor to Drill in Argentine Loma El Divisadero Block

Argenta Oil & Gas has finalized the drilling contracts with Ensign Argentina SA to provide the rig operations to drill and complete the appraisal program in the Company's Loma El Divisadero Block (80% WI) located in the Neuquen Basin, Argentina.

A total of two wells will be funded by joint venture partner Unitec Energy SA and it is anticipated that the first well in the program will spud by the end of April to a total depth of 3,750 feet. The goal of the appraisal program is to define the development program (oil, gas or both) from the Chorreado Member (Huitrin Formation).

Ricardo Pescara, Vice President of Operations commented, "Each well will take approximately 16 days to drill, complete and test. Location and roads are being finalized and will be ready to spud the first well by the last week of April."