CALGARY, ALBERTA--(Marketwire - Oct. 26, 2011) - Americas Petrogas (TSX VENTURE:BOE) ("Americas Petrogas" or the "Company") is aware of the Argentina government's recent decree 1722 which, among other things, reinstates the requirement that hydrocarbon and mineral exporters return 100% of their sales proceeds to Argentina. The Company believes that this recent decree will not impact Americas Petrogas Argentina S.A.'s ability to distribute dividends in the future. Americas Petrogas believes that the decree is intended to allow Argentina greater control over the movement of U.S dollars and to achieve an equal treatment for all exporters in the country. Americas Petrogas further believes that this decree will have no impact on its Argentina operations in the foreseeable future since: (1) Americas Petrogas is not an exporter. The Company currently sells all of its production domestically within Argentina and anticipates that all of its foreseeable future production will be sold within Argentina; and (2) Americas Petrogas is fully committed to exploration and production in the country and expects to re-invest all of its net proceeds for expanded exploration and development with the objectives of increasing production and increasing reserves in both its conventional and unconventional oil and gas blocks.
About Americas Petrogas Inc.
Americas Petrogas Inc. is a Canadian company whose shares trade on the TSX Venture Exchange under the symbol "BOE". Americas Petrogas has conventional and unconventional (shale and tight sands) oil and gas interests in numerous blocks in the Neuquen Basin of Argentina. Americas Petrogas has joint venture partners, including Exxon Mobil, Apache and Gran Tierra Energy, on various blocks in Argentina. For more information about Americas Petrogas, please visit www.americaspetrogas.com
Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements". These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
In particular, statements (express or implied) contained herein regarding future distribution of dividends, the impact of the decree on the Company's Argentina operations, the plans for sales of future production, the expectation for future re-investment for expanded exploration and development should all be viewed as forward looking statements.
There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.