2010-03-11-2010-01-28-2010-01-28

Acquired 25% WI in Argentina's Vaca Mahuida Block in Rio Negro province.

An Argentinian subsidiary of Americas Petrogas Inc., Calgary, (Toronto Venture: BOE) has acquired a 25% working interest in the Vaca Mahuida Block in Argentina from a subsidiary of Petrolifera Petroleum Ltd., Calgary, (Toronto: PDP) in exchange for US$4 million in exploration and drilling costs.

The 253,000-acre Vaca Mahuida Block is in the Rio Negro province, south of the Medanito Sur Block operated by Americas.

Americas will drill four exploratory wells, reimburse back-costs of an exploratory well already drilled and cased by Petrolifera, and pay the government for any outstanding amount for the work units that may not be fulfilled by the end of the first exploration period, which expires May 31.

The company says it is considering various financing alternatives for the block, including joint efforts with its partner, Serrante SA, which is also farming into Vaca Mahuida. Under the current arrangement, the block is owned 25% each by Petrolifera, Americas, Serrante and Brownstone Ventures Inc.