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Argenta Receives Formal Award of Loma El Divisadero Concession January 20, 2009 TORONTO, ONTARIO--(Marketwire - Jan. 20, 2009) - 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 announce that the Province of Mendoza has formally awarded the Loma El Divisadero Exploitation/Exploration concession by a provincial decree published on January 16, 2009 guaranteeing the ownership by Argenta until 2017 with a potential 10 year extension that can be negotiated in the future. This process, which took close to two years, was subject to the Transference Law enacted by Argentina'sCongress in 2007 which initially assigned the ownership of the mining rights to the provinces from the federal government and in the case of exploitation concessions, such as Loma El Divisadero, the title had been subject to review by the Province of Mendoza before the signing of a new decree awarding Argenta the rights to the concession until 2017. Claudio Larotonda, President of Argenta stated: "We've been looking forward to receiving this decree for a long time as it provides the legal framework to invest, farm-out and control this asset reducing most of the operational risks. We are proud that the Loma El Divisadero concession is the first exploitation award signed by any province in Argentina since the Transference Law was enacted. In addition to the good timing with respect to Argenta's recently signed farm-out with Unitec and commencement of drilling in late February as announced on January 8th, it is also a very positive step for the Province of Mendoza in its goal to attract future investment in the region." Argenta Oil & Gas is a Canadian energy resource company with oil and gas assets in the Neuquen Basin of Argentina and in Colombia'sLower 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. FOR FURTHER INFORMATION PLEASE CONTACT:
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 COPYRIGHT © 2009 AZABACHE ENERGY INC. ALL RIGHTS RESERVED |
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