Arpetrol Ltd. Announces Rig Services Agreement and Option Grant

/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".

Reader Advisory

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 information.

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
t.thomas@arpetrol.com

or

Ian Habke, Chief Financial Officer
i.habke@arpetrol.com

ArPetrol Ltd.
Main Phone: (403) 263-6738

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ArPetrol Ltd.

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