/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES./
CALGARY, Sept. 28, 2011 /CNW/ - ArPetrol Ltd. ("ArPetrol" or the "Corporation") (TSXV: RPT) is pleased to announce that its Argentina subsidiary has
secured the services of a drilling rig for the redevelopment drilling
program on its 100% owned Faro Virgenes concession in Argentina. The
agreement, which is subject to the negotiation and execution of a
definitive drilling contract, is with an experienced contractor and
will allow ArPetrol to continue to prepare its plan targeting the
commencement of drilling activity in early 2012.
ArPetrol also wishes to announce that it has granted options to purchase
474,900 common shares to Michelle Gahagan, a director of the
Corporation, with the intention of equalizing the options held by Ms.
Gahagan and the other directors of the Corporation. The options are
exercisable at a price of $0.10 per share, will vest in thirds over
three years and will expire in seven years.
About ArPetrol Ltd.
The Corporation is a Calgary based public company currently engaged in
oil and gas exploration, development and production in Argentina. The
Corporation's Common Shares are listed on the TSX Venture Exchange
under the symbol "RPT".
Except for statements of historical fact, this news release contains
certain "forward-looking information" within the meaning of applicable
securities law. Forward-looking information is frequently characterized
by words such as "plan", "target", "expect", "project", "should",
"intend", "believe", "anticipate", "estimate" and other similar words,
or statements that certain events or conditions "may" or "will" occur.
In particular, forward-looking information in this news release
includes, but is not limited to, statements with respect to the
Corporation's development and drilling plans and the negotiation of a
definitive drilling contract. Although we believe that the
expectations reflected in the forward-looking information are
reasonable, there can be no assurance that such expectations will prove
to be correct. We cannot guarantee future results, performance or
achievements. Consequently, there is no representation that the actual
results achieved will be the same, in whole or in part, as those set
out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of
management at the date the statements are made, and are subject to a
variety of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those anticipated in
the forward-looking information. Some of the risks and other factors
that could cause the results to differ materially from those expressed
in the forward-looking information include, but are not limited to:
general economic conditions; industry conditions, including
fluctuations in the prices of oil and natural gas; unanticipated
operating events; competition for and/or inability to retain drilling
rigs and other services; competition for, among other things, capital,
skilled personnel and supplies; geological, technical, drilling,
processing and transportation problems; changes in tax laws and
incentive programs relating to the oil and gas industry; and the
ability of the Corporation to successfully manage the political and
economic risks inherent in pursuing oil and gas opportunities in
foreign countries. Readers are cautioned that this list of risk
factors should not be construed as exhaustive.
The forward-looking information contained in this news release is
expressly qualified by this cautionary statement. We undertake no duty
to update any of the forward-looking information to conform such
information to actual results or to changes in our expectations except
as otherwise required by applicable securities legislation. Readers
are cautioned not to place undue reliance on forward-looking
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.
SOURCE ArPetrol Ltd.
For further information:
Tim Thomas, President and Chief Executive Officer
Ian Habke, Chief Financial Officer
Main Phone: (403) 263-6738