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 of ArPetrol.
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