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Argenta Announces Filing Delay on Year-End Financial Statements October 31, 2008 TORONTO, ONTARIO--(Marketwire - Oct. 31, 2008) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Argenta Oil & Gas Inc. ("Argenta") (TSX VENTURE:AZA) announces that it will be late in filing its annual financial statements for the year ended June 30, 2008. The annual financial statements are required to be filed no later than October 28, 2008. The late filing of the required statements is a result of a delay in finalizing the financial results of its operating subsidiary, Argenta Energia Inc. Based on the work completed to-date, the Company anticipates that the annual financial statements will be filed by November 30, 2008. As a result in the delay in filing, the Company has requested that the Ontario Securities Commission and other Canadian securities regulatory authorities issue a temporary order that prohibits certain current and former directors, officers and insiders of the Company from trading in securities of the Company for so long as the annual financial statements are not filed. The issuance of such cease trade order does generally not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities. The Company intends to provide information in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults with respect to further developments in respect of this matter promptly following their occurrence, including the issuance of bi-weekly status update reports for so long as the annual financial statements are not filed. In the event that the annual financial statements are not filed by November 30, 2008 or bi-weekly status update reports are not filed on a timely basis, the Canadian securities regulatory authorities may impose an issuer cease trade order on the outstanding securities of the Company. Argenta also announces the resignation of Maria Jose Taveira as Chief Financial Officer of the Company for personal reasons. The Board thanks Ms. Taveira for her contribution to the Company. Colin Grant, Argenta's former Chief Financial Officer and current Treasurer will act as interim Chief Financial Officer until a replacement is appointed. This press release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of Management 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 projected in the forward looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the oil and gas industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Argenta Oil & Gas Inc. to obtain all permits, consents or authorizations required for its operations and activities; and health safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Argenta Oil & Gas Inc. to fund the capital and operating expenses necessary to achieve the business objectives of Argenta Oil & Gas Inc., the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Argenta Oil & Gas Inc. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Argenta Oil & Gas Inc. should not place undue reliance on these forward-looking statements. Statements in relation to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.
FOR FURTHER INFORMATION PLEASE CONTACT:
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