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Americas Petrogas Adds Quarter in Value on Agreement With Exxon

Americas Petrogas Inc (BOE.V) has added a quarter in value and touched a day high $2.36 on news it has entered into a farm-out agreement with Exxon Mobil Corporation for the exploration and potential exploitation of Americas Petrogas's Los Toldos blocks (163,500 gross acres or 255 sections or 660 square kilometers) located in Neuquen, Argentina. The Los Toldos blocks are located in the western region of the Neuquen Basin and are in a favorable location relative to other recent discoveries of shale oil and shale gas in the Vaca Muerta formation.

ExxonMobil has committed to fund US$53.9 million during the exploration phase with a further US$22.4 million if the parties proceed to the exploitation phase, for a total potential initial investment of US$76.3 million.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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