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Argenta Announces Substantial Increase in 2P Oil & Gas Reserves October 29, 2008 TORONTO, ONTARIO--(Marketwire - Oct. 29, 2008) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Argenta Oil & Gas Inc. ("Argenta") (TSX VENTURE:AZA) is pleased to report that it has today filed updated reserves data and other oil and gas information for its financial year ended June 30, 2008, together with the report on reserves data by the independent qualified reserves evaluator, McDaniel & Associates Consultants Ltd. ("McDaniel & Associates"), on Form 51-101F2 and the report of management and directors on oil and gas disclosure on Form 51-101F3 as mandated by National Instrument 51-101. Copies of the documents may be obtained on the Company's SEDAR profile www.sedar.com or on Argenta's website at www.azaenergy.com. Management is pleased to note that the reserves indicated in the 51-101F2 represent a substantial increase from the previous report, which was as of October 24, 2007. Proven and probable reserves (P1+P2) increased by 39% to $1.83 million, and proven, plus probable plus possible reserves (P1+P2+P3) increased by 48% to $31.8 million (forecast pricing, after tax and discounted at 10%). It should be noted that estimated values disclosed do not represent fair market value and that possible reserves are those additional reserves that are less certain to be recovered than probable reserves - there is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. Claudio Larotonda, President and CEO, stated: "The reserves report conservatively shows our potential in the three blocks we own in Argentina (Loma El Divisadero, Covunco and El Corte) at this early stage of development. On the Loma El Divisadero block, McDaniel & Associates has assigned contingent resources for Chorreado Member (Huitrin Formation) of up to 3.4 million barrels of recoverable oil - beyond the 1.6 million barrels of recoverable 3P reserves which clearly supports management's decision to proceed with an appraisal campaign in the near term. In addition, there is a considerable gas cap which, by itself could mean a sound market-to-resource strategy with cash flow for Argenta in the event of commercialization. However, at this point in time, McDaniel & Associates has not included gas as reserves until a later phase in the life of the field. In the case of Covunco and El Corte, even though Argenta is in the preliminary interpretation phase of the recently shot 3D seismic, the increase in the gas price in Argentina, along with the identification of at least two prospects allowed the categorization of 2P reserves (last year Covunco had only 3P reserves) and also increased the number of prospective resources. This analysis provides Argenta with a good starting point to revamp the value of our assets." Argenta Oil & Gas is a Canadian energy resource company with oil and gas assets in the Neuquen Basin of Argentina and in Colombia's Lower Magdalena Basin. Argenta owns and operates all of its assets. The Company is focusing on low risk development for growth and is currently pursuing a number of opportunities. For further information on Argenta Oil & Gas, please visit the Company's website at www.azaenergy.com. 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.
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