CALGARY, ALBERTA--(Marketwired - Sept. 21, 2015) - Americas Petrogas Inc. ("Americas Petrogas" or the "Company") (TSX VENTURE:BOE) reports that, as previously announced on August 28, 2015, Tecpetrol International S.A. and Tecpetrol Internacional S.L. (Unipersonal) (collectively, "Tecpetrol") purchased Americas Petrogas Argentina S.A. ("APASA") from the Company pursuant to a purchase and sale agreement entered into between Tecpetrol and the Company (the "Sale Agreement"). In accordance with the Sale Agreement, the Company is entitled to receive certain Oil Plus benefits from Tecpetrol when APASA collects those Oil Plus benefits, which it has now done. The terms and conditions of the Company's entitlement is more fully described in the Company's news release dated August 28, 2015 and readers are strongly encouraged to refer to that news release for additional information.
The Company is pleased to announce that it has recently received approximately US$1.4 million face value of bonds from Tecpetrol as partial payment for Oil Plus benefits which APASA has already collected. The Company expects to collect a further approximately US$5.05 million face value of bonds from Tecpetrol during the period October 2015 to January 2017. These bonds are part of a larger sum of bonds issued by the Argentina government in settlement of the Oil Plus benefits which were previously applied for by APASA.
Mr. Barclay Hambrook, President & CEO, stated, "Management is pleased to receive this additional funding which further strengthens the Company's cash and financial investments position. Going forward with a debt-free balance sheet, the Company will restructure itself, re-evaluate the exploration and development of retained assets, and consider new investment opportunities in the Americas with a focus on generating sustainable cash flows. These investment opportunities include GrowMax Agri Corp. which is Americas Petrogas' majority-owned subsidiary that holds a large concession with phosphate, potash fertilizer potential at Bayovar in Northwestern Peru."
About Americas Petrogas Inc.
Americas Petrogas Inc. is a Canadian company whose shares trade on the TSX Venture Exchange under the symbol "BOE". Americas Petrogas has conventional and unconventional shale oil and gas and tight sands oil and gas interests in numerous blocks in the Neuquén Basin of Argentina. Americas Petrogas and Indian Farmers Fertiliser Co-operative Limited (IFFCO) own GrowMax Agri Corp., a private company involved in the exploration for near-surface phosphates, potash and other minerals, and potential development of a fertilizer project in Peru.
Forward Looking Information
Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact should be viewed as "forward-looking statements". There are "forward-looking statements" included in this press release that relate to amounts and timing of Oil Plus Benefits, the receipt of Argentina bonds, and consideration of new investment opportunities. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement. In particular, there is no assurance that Oil Plus Benefits and the related bonds will be collected in the timeframes indicated or at all, or that new investment opportunities will be found. Accordingly, because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
Source: Marketwired (Canada)
(September 21, 2015 - 9:00 AM EDT)
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