Americas Petrogas Inc. announces that it has completed the acquisition of Energicon S.A. as initially announced on June 3, 2011. As a result of this acquisition, the Company now holds a 39% working interest in the Huacalera block, which contains Vaca Muerta shale source rock. The block is currently being drilled by the operator of the block, a subsidiary of Apache Corporation.
The Vaca Muerta Shale is one of two principal source rocks in the Neuquen Basin of Argentina. The shale is late Jurassic-early Cretaceous in age, covers an area of approximately 8500 square miles, varies in depth between 5,500 to 14,000 feet and in places is up to 2,000 feet in thickness. The Vaca Muerta characteristics are similar to shale reservoirs such as the Eagle Ford, Haynesville and Horn River in North America which have so far resulted in discoveries of both shale gas and shale oil. The shale has recently become the focus for many of the important shale gas players in North America, including Apache, Exxon Mobil, Total as well as YPF in Argentina.
