March 15, 2012
/PRNewswire/ - ArPetrol Ltd. ("
" or the "
") (TSX-V: RPT) is pleased to announce that
Pedro Americo Sanchez
will be joining our
based team as our in-country manager effective
April 2nd, 2012.
Pedro joins us following an extensive career with Repsol-YPF, Astra and Occidental in
. Most recently Pedro has been the Director of Energy for the Provincial government of Mendoza. Pedro will be replacing
, who has been resident in
for ArPetrol since 2007 and is leaving the Company for personal reasons.
, ArPetrol President and CEO commented, "We are delighted to be able to welcome Pedro into the ArPetrol team at a very exciting time in the Company's growth. With the start-up of the Faro Virgenes gas field long reach drilling program and the added cash flow expected to be generated by impending production increases, the Company will be well-positioned to take advantage of the broad range of opportunities that exist in
. I would like to thank
for all he has accomplished in
and for assembling a very high quality team to execute our business plan."
ArPetrol has initiated the mobilization for a June, 2012 spud of the first long reach well in the Faro Virgenes field. The first well will take 45-50 days to drill and is targeted to have initial production rates in excess of 6 MMscf/d. Plans are in place to drill two wells, depending on the results from the first well. Production from these wells would be immediately tied into ArPetrol's 100% owned gas plant, which is in close proximity.