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Americas Petrogas Makes New Vaca Muerta Shale Exploration Discovery-Gas and Liquids; Gained More Than 8% Friday

Americas Petrogas (BOE.V), which gained more than 8% Friday, announced the discovery of gas and natural gas liquids on its Aguada Los Loros well, ALL.x-1, a vertical well that was drilled on the Los Toldos I block (98,300 gross acres or 398 square kilometers or 154 sections) in central Argentina.

The ALL.x-1, which completed drilling in 2012, intersected the Vaca Muerta formation (thickness 562 metres or 1844 feet) along with other secondary targets. The well was hydraulically stimulated with four stages in the Vaca Muerta shale formation in early 2013. The initial production of the Vaca Muerta shale formation, after the clean-up flow back, at depths between 2570 to 2929 metres (8432 to 9609 feet), increased from 1.3 million cubic feet (36,738 cubic meters) per day to 3.2 million cubic feet (90,418 cubic meters) per day of natural gas with 9 to 18 barrels of oil per day condensate (54-58 degree API) on managed choke sizes (4-6mm).

The well-head pressure declined normally during flow testing. This, in addition to core and other studies, will help the broad evaluation of the future productivity and the potential of the well and the reservoir. Currently the well is shut-in for a Pressure Build-up test.

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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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