CALGARY, July 24, 2012 /CNW/ - ArPetrol Ltd. ("ArPetrol" or the
"Company") (TSXV: RPT) is pleased to announce that its first long reach
well located in the Faro Virgenes field was spud on July 23, 2012. As
previously indicated, the well is expected to take 45-50 days to drill
and complete. With success, production from the well is expected to
exceed 6 million cubic feet per day and will be tied into ArPetrol's
100 percent owned gas plant.
"Spudding this well is a key step forward in the execution of our 2012
drilling program and we look forward to seeing results by the beginning
of September," said Tim Thomas, President and Chief Executive Officer
About ArPetrol Ltd.
ArPetrol is a Calgary-based publicly traded company currently engaged in
oil and natural gas exploration, development and production and
third-party natural gas processing in Argentina where it also owns and
operates a gas processing facility with capacity of 85 million cubic
feet (MMcf) per day. The Company's common shares are listed on the TSXV
under the symbol "RPT".
This news release contains certain forward‐looking statements relating,
but not limited, to expected timing to drill and complete the well and
obtain well results and expected production rates from the well. The
Company cautions readers and prospective investors in the Company's
securities not to place undue reliance on forward‐looking information
as, by its nature, it is based on current expectations regarding future
events that involve a number of assumptions, inherent risks and
uncertainties, which could cause actual results to differ materially
from those anticipated by the Company. A number of factors could cause
actual results to differ materially from those anticipated by the
Company, including but not limited to risks associated with the oil and
natural gas industry (e.g., operational risks in drilling and
completing the well; the ability to retain staff and equipment; and
health, safety and environmental risks), weather delays and natural
disasters, union activities, change in government policies, and other
risks associated with international activity. ArPetrol operates outside
of Canada and as such, is subject to a number of political risks over
which it has no control. The forward‐looking information included
herein is expressly qualified in its entirety by this cautionary
statement. The forward‐looking information included herein is made as
of the date hereof and the Company assumes no obligation to update or
revise any forward‐looking information to reflect new events or
circumstances, except as required by law.
Additional information relating to the Company is also available on
SEDAR at www.sedar.com.
Neither the TSXV nor its Regulation Services Provider (as defined in the
policies of the TSXV) 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