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Message: Argenta Receives Formal Award of Loma El Divisadero Concession
| January 20, 2009 |
| Argenta Receives Formal Award of Loma El Divisadero Concession |
| 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's Congress 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'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.argentaoilandgas.com. |
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