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Americas Petrogas confirmed that a new daily production record of 2,830 barrels of oil per day (b/d), or 450 cu m of gas per day, was achieved at the Medanito Sur and Rinconada Norte drilling programs in the Neuquen Basin, Argentina.
The expansion of the company's own production facilities to handle up to 6,300 b/d of oil from Medanito Sur is well underway and is expected to be complete by 4Q 2012. These facilities will address the company's existing partial restraints from storage and neighboring facilities and will allow Americas Petrogas to produce additional oil, now behind pipe, from the productive capacity of completed wells.
Barclay Hambrook, president and CEO of Americas Petrogas, said, "The company has made positive progress and significant production growth. This growth enhances the company's funds flow from operations and reserves, which will add to our ability to further both our shale oil and gas exploration, and our conventional operations.”