Americas Petrogas Announces New Vaca Muerta Shale Exploration Discovery

Americas Petrogas (TSXV:BOE) announced a new discovery of gas and natural gas liquids on its Aguada Los Loros well.

As quoted in the press release:

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).

Americas Petrogas’ President and CEO, Barclay Hambrook, said:

We are very excited with the results of this test showing strong sweet gas rates and increasing rates of high quality condensate in a very large block. We continue to de-risk our shale blocks, potentially adding reserves, and we are encouraged with the potential of our Los Toldos blocks.

To view the whole press release, click here.