Americas Petrogas Commences 2010 Drilling Plans for Argentina
Americas Petrogas announced the commencement of its 2010 Argentinian exploration and development program.
It will include:
- Drilling a minimum of 15 wells.
- Completing a minimum of 2 seismic programs.
With the recently completed private placement financings and expected operating cash flows from Medanito Sur, the Company is well-funded to implement this budgeted plan.
The program involves either drilling wells or running seismic over the Company areas including:
- Medanito Sur
- Los Toldos II
- Loma Ranqueles
- Yerba Buena
- Gobernador Ayala IV
- Vaca Mahuida (farm-in)
(Note: these 7 areas cover approximately 1,602,000 acres of the company's approximately 1,808,000 acres in Argentina's Neuquen Basin).
Speaking about the Company's drilling plans, Mr. Guimar Vaca Coca, Americas Petrogas Argentina S.A.'s Managing Director, said, "We are excited to embark on this exploration and development program on our expansive land position in the Neuquen Basin. We expect to gain valuable information about our areas, increase our production and expand our reserves of both oil and gas." He went on to say, "With this exploration and development program, we hope to advance our vision of growth in Argentina."