Business
Americas Petrogas New Discovery of Hydrocarbons at Vaca Mahuida
Americas Petrogas New Discovery of Hydrocarbons at Vaca Mahuida
About this update from Coloured Ties Capital Inc
[{"type":"text","content":"\n\n\n\n Jun. 2, 2010 (Canada NewsWire Group) -- Americas Petrogas Inc. ("Americas Petrogas" or "Company") (TSX VENTURE:BOE) is pleased to announce recent developments on the 253,000 acre (approximately 1,025 square kilometers) Vaca Mahuida block in Argentina. Americas Petrogas has a 25% interest in the block which is in close proximity to the Company's Medanito Sur project where the Company has made four (4) oil discoveries and started production, as previously announced.\nOver the past four months, Americas Petrogas, along with its joint venture partners, has participated in the drilling of five exploration wells, the locations of which were selected by the technical teams of Americas Petrogas and its partners.\nAll five wells have encountered hydrocarbons in at least one of the Centenario, Loma Montosa, Sierras Blancas, Punta Rosada and Pre-Cuyo Formations. This has validated the Company's geological model through the confirmation of both hydrocarbon migration and trapping in the Vaca Mahuida block. Results to date for these wells are as follows:\n\n\n >\n\n\nThere are two additional wells awaiting evaluation:\n\n\n >\n\n\nThe full impact of the program and the follow up drilling opportunities will be evaluated and assessed once all testing is completed. Americas Petrogas is optimistic about the possibility of a multi-well follow-up drilling program on certain of these areas and about the possibility of securing higher prices under "Gas Plus" and "Oil Plus" (government incentives) for much of the new hydrocarbons to be produced from the discoveries.\nThe 100% success, so far, on Vaca Mahuida complements Americas Petrogas' earlier finds and successes on Medanito Sur where light sweet crude oil was found in similar formations and which acted as the catalyst for the drilling locations on Vaca Mahuida. Americas Petrogas' technical team had contemplated the possible continuation of the Medanito Sur play concepts into Vaca Mahuida and this recent drilling success is starting to confirm it.\nSpeaking about these recent developments, Mr. Güimar Vaca Coca, Americas Petrogas Argentina S.A.'s Managing Director, said "These drilling results represent a significant expansion of Americas Petrogas' success in the northeast platform of the Neuquen Basin. These multiple pay zones indicate attr...