CALGARY, March 15, 2012 /PRNewswire/ - ArPetrol Ltd. (" ArPetrol" or the " Company") (TSX-V: RPT) is pleased to announce that Pedro Americo Sanchez will be joining our Buenos Aires 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 Argentina, Peru and Bolivia. Most recently Pedro has been the Director of Energy for the Provincial government of Mendoza. Pedro will be replacing Troy Wagner, who has been resident in Buenos Aires for ArPetrol since 2007 and is leaving the Company for personal reasons.
Tim Thomas, 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 Argentina. I would like to thank Troy Wagner for all he has accomplished in Argentina 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.