Americas Petrogas Inc. (TSX VENTURE:BOE) (the "Company" or "Americas Petrogas")
is pleased to provide information on the Company's unconventional hydrocarbon
resources for its interests in the Vaca Muerta, Lower Agrio and Los Molles shale
formations only, within the Company's blocks located in Argentina's Neuquen
Basin. 


These resources were evaluated by the independent consultants Ryder Scott
Company, L.P. ("Ryder Scott") and documented in a Report effective June 30th,
2013 (the "Resource Report"). All of the Company's nine blocks with
unconventional hydrocarbon resources were reviewed in the Resource Report,
although not all of the potential resources and formations were evaluated. 


The evaluations did not include formations with potential for tight reservoirs
such as the Quintuco, Tordillo, Mulichinco and others. 


The Contingent and Prospective Resources reported in this news release are in
addition to the Oil and Gas Reserves as of December 31, 2012 as previously
released and filed on SEDAR.


Barclay Hambrook, President & CEO of Americas Petrogas, commented, "We are
delighted with the findings of Ryder Scott's independent evaluation of the
unconventional resource potential across Americas Petrogas' Neuquen Basin
blocks. This evaluation helps highlight the very large upside attributable to
Americas Petrogas' unconventional shale acreage in the Neuquen Basin."


All values disclosed herein are net to Americas Petrogas' interest.

Highlights



--  Americas Petrogas, in the blocks evaluated, holds a total of 1,580,822
    gross acres or 1,221,803 net acres on the (a) Los Toldos I, II, III and
    IV blocks (73,581 net acres); (b) Huacalera block (97,390 net acres);
    (c) Totoral, Yerba Buena and Bajada Colorada blocks ("Southern
    Concessions") (1,020,728 net acres); and (d) Loma Ranqueles block
    (30,104 net acres). 
    
--  The independent resource evaluation was focused on the following
    geological formations: Vaca Muerta shale, Agrio shale and Los Molles
    shale. 
    
--  The evaluation was based on complete data from the Company's five new
    exploratory wells drilled in the areas (100% exploration success) and
    from over twenty historical industry wells that penetrated the shales.
    Four of the five new shale wells have already been tested and the fifth
    will be tested in the near future. Data used included well electric
    logs, mud logs, full cores, side wall cores, rock sample analysis,
    geomechanical data, geochemistry studies, 3D and 2D Seismic and other
    data from Americas Petrogas' blocks plus important data from nearby
    blocks in close proximity. 



The following are the most relevant results of this independent evaluation
completed by Ryder Scott for Americas Petrogas' nine blocks that are part of
this study:




a.  Best Case P50 total petroleum initially in place ("TPIIP"): 56.1 billion
    BOE, including, 

--  Best Case P50 Undiscovered PIIP ("UPIIP") of 55.2 billion BOE 
--  Best Case P50 Discovered PIIP ("DPIIP") 925 million BOE 
    

b.  Best Case P50 total petroleum recoverable: 8.3 billion BOE, including, 

--  Best Case P50 contingent recoverable resources of 21 million BOE 
--  Best Case P50 prospective recoverable resources of 8.29 billion BOE 



Please see the tables (and notes thereto) and narrative below for a detailed
break-down of the calculation of these amounts. 


Disclosure of Resources 

The Resource Report has been prepared in accordance with the standards contained
in the Canadian Oil and Gas Evaluation Handbook (the "COGEH") and National
Instrument 51-101 - Standards for Disclosure for Oil and Gas Activities of the
Canadian Securities Administrators ("NI 51-101"). The Resource Report provides a
summary of the oil, liquids & natural gas resources associated with nine of
Americas Petrogas' blocks in the Neuquen Basin, Argentina as at June 30, 2013.
Americas Petrogas engaged Ryder Scott to provide evaluations of its contingent
and prospective recoverable resources over the nine blocks with a focus on the
Vaca Muerta shale, Agrio shale and Los Molles shale formations. 


The Resource Report is based on certain factual data supplied by the Company and
Ryder Scott's opinion of reasonable practice in the industry. The extent and
character of ownership and all factual data pertaining to the Company's
properties and contracts (except for certain information available in the public
domain) were supplied by the Company to Ryder Scott and accepted without any
further investigation. Ryder Scott accepted this data as presented and neither
title searches nor field inspections were conducted. The recovery and resources
estimates for Americas Petrogas' properties described herein are estimates only
and there is no guarantee that the estimated resources will be recovered. The
actual resources for Americas Petrogas' properties may be greater or less than
those calculated. 


Ryder Scott has also identified certain contingencies in order to convert the
contingent recoverable resources described herein and in the Resource Report
into developed reserves. These contingencies are specific to each formation and
are related to the maturity of these projects and commercialization
contingencies. There are no commercially productive analog fields in this area
of the basin to establish expected production rates and recovery efficiencies at
this time. There may be a risk that accumulations containing contingent
resources may not achieve commercial production. 


Summary Tables for Unconventional Shale Resources Across the Company's Nine
Shale Blocks in the Neuquen Basin 


The following tables provide a summary of the findings from the Resource Report.
Please see Appendix "A" to this news release for certain important definitions. 




                                   Table 1                                  
                     Estimated Working Interest Volumes                     
  Unrisked Undiscovered Hydrocarbons Initially In Place (Prospective Areas) 
          Leasehold Interests Derived Through Certain Agreements of         
                           Americas Petrogas Inc.                           
                             As of June 30, 2013                            
----------------------------------------------------------------------------
                                                                      OOIP+ 
                       Original Oil in Place  Original Gas in Place   OGIP  
Concession Formation      ("OOIP") (MMBO)        ("OGIP") (BCF)      (MMBOE)
                       -----------------------------------------------------
                           P90    P50    P10     P90     P50     P10     P50
----------------------------------------------------------------------------
Totoral,                                                                    
 Yerba                                                                      
 Buena,                                                                     
 Bajada                                                                     
 Colorada                                                                   
           Vaca Muerta   7,926 19,329 31,091   3,104   7,658  12,574  20,606
           Los Molles                                                       
            (4 wells)    1,126  2,397  4,320   9,122  22,036  41,561   6,069
           Probab-                                                          
            ilistic                                                         
            Aggregation    957    201 -1,442   4,410  -1,465 -11,615     -44
           Total        10,009 21,927 33,969  16,636  28,229  42,520  26,631
----------------------------------------------------------------------------
Huacalera                                                                   
           Vaca Muerta      68    156    259  24,260  31,409  40,250   5,391
----------------------------------------------------------------------------
Los Toldos                                                                  
 I                                                                          
           Vaca Muerta     420    635    850  47,059  50,873  54,963   9,113
----------------------------------------------------------------------------
Los Toldos                                                                  
 II                                                                         
           Vaca Muerta   5,558  6,260  7,063   6,626   7,489   8,552   7,508
----------------------------------------------------------------------------
Los Toldos                                                                  
 III                                                                        
           Vaca Muerta       3      8     13   1,202   1,541   1,920     264
           Lower Agrio     298    392    505     257     385     553     456
           Probab-                                                          
            ilistic                                                         
            Aggregation      5      0     -5     105      14    -128       2
           Total           306    400    513   1,564   1,940   2,345     722
----------------------------------------------------------------------------
Los Toldos                                                                  
 IV                                                                         
           Vaca Muerta      12     26     44   4,173   5,363   6,655     915
           Lower Agrio     608    955  1,357     544     932   1,452   1,111
           Probab-                                                          
            ilistic                                                         
            Aggregation      9     -1     -5     368      49    -406       7
           Total           629    980  1,396   5,085   6,344   7,700   2,033
----------------------------------------------------------------------------
Loma                                                                        
 Ranqueles                                                                  
           Vaca Muerta      37     86    143  13,109  17,551  22,060   3,011
           Lower Agrio     333    689  1,087     307     667   1,135     800
           Probab-                                                          
            ilistic                                                         
            Aggregation     49     -9    -55     365      33    -429      -3
           Total           419    766  1,175  13,781  18,251  22,766   3,808
----------------------------------------------------------------------------
Total                   17,409 31,124 45,225 115,011 144,535 179,097  55,206
----------------------------------------------------------------------------
                                                                            
Notes:                                                                      
(1) Prospective resources is the only category of UPIIP that has been       
categorized as recoverable. There is no certainty that any portion of the   
resources referred to in the table above will be discovered. If discovered, 
there is no certainty that it will be commercially viable to produce any    
portion of these resources.                                                 
(2) As prospective resources were determined probabilistically, where       
appropriate a "Probabilistic Aggregation" term is shown to account for the  
effects of probabilistic aggregation of separate plays to the block level.  
(3) These volumes are arithmetic sums of multiple estimates, which          
statistical principles indicate may be misleading as to volumes that may    
actually be recovered. Readers should give attention to the estimates of    
individual classes of resources and appreciate the differing probabilities  
of recovery associated with each class. Ryder Scott's report did not include
these arithmetic summations.                                                
                                                                            
                                   Table 2                                  
            Estimated Working Interest Volumes (Contingent Areas)           
             Unrisked Discovered Hydrocarbons Initially In Place            
          Leasehold Interests Derived Through Certain Agreements of         
                           Americas Petrogas Inc.                           
                             As of June 30, 2013                            
----------------------------------------------------------------------------
Concession Formation      OOIP (MMBO)      OGIP (BCF)     OOIP+OGIP (MMBOE) 
                       -----------------------------------------------------
                         P90  P50   P10   P90   P50   P10                P50
----------------------------------------------------------------------------
Los Toldos                                                                  
 I                                                                          
           Vaca Muerta    14   20    27 1,491 1,612 1,742                289
----------------------------------------------------------------------------
Los Toldos                                                                  
 II                                                                         
           Vaca Muerta   471  530   598   561   634   724                636
----------------------------------------------------------------------------
Total                    484  550   625 2,052 2,246 2,466                925
----------------------------------------------------------------------------
                                                                            
Note:                                                                       
(1) When calculating DPIIP, there is either no material production or       
limited production from testing and no reserves are associated with these   
properties. All DPIIP, other than contingent resources, has been categorized
as unrecoverable. There is no certainty that it will be commercially viable 
to produce any portion of the resources referred to in the table above.     
(2) These volumes are arithmetic sums of multiple estimates, which          
statistical principles indicate may be misleading as to volumes that may    
actually be recovered. Readers should give attention to the estimates of    
individual classes of resources and appreciate the differing probabilities  
of recovery associated with each class. Ryder Scott's report did not include
these arithmetic summations.                                                
                                                                            
                                   Table 3                                  
                     Estimated Working Interest Volumes                     
           Unrisked Contingent (Recoverable) Hydrocarbon Resources          
          Leasehold Interests Derived Through Certain Agreements of         
                           Americas Petrogas Inc.                           
                             As of June 30, 2013                            
----------------------------------------------------------------------------
                             Estimated Ultimate                             
                              Recovery ("EUR")                              
                               Oil/Condensate                               
Concession    Formation            (MMBO)       EUR Gas (BCF)  EUR (MMBOE)  
                             -----------------------------------------------
                                 C1    C2    C3  C1  C2    C3            P50
----------------------------------------------------------------------------
Los Toldos I                                                                
              Vaca Muerta       0.1     1     5  13  91   289             16
----------------------------------------------------------------------------
Los Toldos II                                                               
              Vaca Muerta       0.5     4    13   1   5    15              5
----------------------------------------------------------------------------
Total                           0.6     5    18  14  96   304             21
----------------------------------------------------------------------------
                                                                            
Notes:                                                                      
(1) There is no certainty that it will be commercially viable to produce any
portion of the resources referred to in the table above.                    
(2) "C" refers to Contingent Resources. Economic contingent resources fall  
into three categories: low estimate (C1), best estimate (C2) and high       
estimate (C3).                                                              
(3) These volumes are arithmetic sums of multiple estimates, which          
statistical principles indicate may be misleading as to volumes that may    
actually be recovered. Readers should give attention to the estimates of    
individual classes of resources and appreciate the differing probabilities  
of recovery associated with each class. Ryder Scott's report did not include
these arithmetic summations.                                                
                                                                            
                                   Table 4                                  
                     Estimated Working Interest Volumes                     
          Unrisked Prospective (Recoverable) Hydrocarbon Resources          
          Leasehold Interests Derived Through Certain Agreements of         
                           Americas Petrogas Inc.                           
                             As of June 30, 2013                            
----------------------------------------------------------------------------
                                EUR                                         
                           Oil/Condensate                                   
Concession Formation           (MMBO)         EUR Gas (BCF)     EUR (MMBOE) 
----------------------------------------------------------------------------
                           P90   P50   P10    P90    P50    P10          P50
----------------------------------------------------------------------------
Totoral,                                                                    
 Yerba                                                                      
 Buena,                                                                     
 Bajada                                                                     
 Colorada                                                                   
----------------------------------------------------------------------------
           Vaca Muerta     394 1,246 2,536    156    493  1,018        1,328
----------------------------------------------------------------------------
           Los Molles (4                                                    
            wells)          65   185   418  1,891  5,237 11,577        1,058
----------------------------------------------------------------------------
           Probabilistic                                                    
            Aggregation    139     6  -222  1,301    413 -1,871           74
----------------------------------------------------------------------------
           Total           598 1,437 2,732  3,348  6,143 10,727        2,460
----------------------------------------------------------------------------
Huacalera                                                                   
----------------------------------------------------------------------------
           Vaca Muerta      14    40    80  4,483  8,497 13,201        1,456
----------------------------------------------------------------------------
Los Toldos                                                                  
 I                                                                          
----------------------------------------------------------------------------
           Vaca Muerta      83   168   282  7,484 14,095 20,827        2,517
----------------------------------------------------------------------------
Los Toldos                                                                  
 II                                                                         
----------------------------------------------------------------------------
           Vaca Muerta     200   454   714    254    555    874          546
----------------------------------------------------------------------------
Los Toldos                                                                  
 III                                                                        
----------------------------------------------------------------------------
           Vaca Muerta       1     2     4    221    417    646           71
----------------------------------------------------------------------------
           Lower Agrio      19    32    50     18     31     53           37
----------------------------------------------------------------------------
           Probabilistic                                                    
            Aggregation      1     0    -1     14      2    -19            1
----------------------------------------------------------------------------
           Total            21    34    53    253    450    680          109
----------------------------------------------------------------------------
Los Toldos                                                                  
 IV                                                                         
----------------------------------------------------------------------------
           Vaca Muerta       3     7    14    773  1,446  2,253          248
----------------------------------------------------------------------------
           Lower Agrio      41    75   131     37     74    135           88
----------------------------------------------------------------------------
           Probabilistic                                                    
            Aggregation      4     1    -6     43      5    -51            2
----------------------------------------------------------------------------
           Total            48    83   139    853  1,525  2,337          338
----------------------------------------------------------------------------
Loma                                                                        
 Ranqueles                                                                  
----------------------------------------------------------------------------
           Vaca Muerta       8    22    44  2,450  4,675  7,325          801
----------------------------------------------------------------------------
           Lower Agrio      23    53   101     22     52    104           62
----------------------------------------------------------------------------
           Probabilistic                                                    
            Aggregation     12     3   -18     43      7    -40            4
----------------------------------------------------------------------------
           Total            43    78   127  2,514  4,734  7,389          867
----------------------------------------------------------------------------
Total                     1007 2,294 4,127 19,189 35,999 56,032        8,293
----------------------------------------------------------------------------
                                                                            
Notes:                                                                      
(1) Prospective resources is the only category of UPIIP that has been       
categorized as recoverable. There is no certainty that any portion of the   
resources referred to in the table above will be discovered. If discovered, 
there is no certainty that it will be commercially viable to produce any    
portion of these resources.                                                 
(2) As prospective resources were determined probabilistically, where       
appropriate a "Probabilistic Aggregation" term is shown to account for the  
effects of probabilistic aggregation of separate plays to the block level.  
(3) These volumes are arithmetic sums of multiple estimates, which          
statistical principles indicate may be misleading as to volumes that may    
actually be recovered. Readers should give attention to the estimates of    
individual classes of resources and appreciate the differing probabilities  
of recovery associated with each class. Ryder Scott's report did not include
these arithmetic summations.                                                



The following provides additional information relating to the Resource Report
for the Neuquen Basin:


Contingencies in the Neuquen Basin which must be overcome to enable the
classification of contingent resources as reserves include economic, access to
significant capital resources, regulatory, market, facilities and additional
infrastructure, corporate commitment and political risks. Corporate commitment
will be significantly influenced by initial drilling results of both vertical
and horizontal wells and the results of exploration and development activities
of the Company and others in the area. As with any resource estimates, the
evaluation will change over time as new information becomes available. 


The estimate of contingent resources has not been adjusted for risk based on the
chance of development. The contingent resources estimates for the Neuquen Basin
involve a number of assumptions. The Agrio, Vaca Muerta and Los Molles
unconventional resource plays in the Neuquen Basin are still in the early stages
of evaluation and appraisal. It currently remains uncertain which development
technologies (vertical or horizontal wells, number and size of fracture
stimulations, etc.), if any, will be employed to efficiently develop these
resources. Well test results to date from the formations have not defined which
reservoir properties (clay volume, porosity, saturation, carbonate/clastic
ratio, presence of natural fractures, etc.), if any, can predict whether well
performance across an area can be expected to be "similar". A limited amount of
production information is available for Vaca Muerta completions while none is
available for the Agrio or Los Molles. Due to these uncertainties, contingent
resources are only attributed to a limited number of vertical
appraisal/development wells adjacent to those wells that have demonstrated the
existence of moveable hydrocarbons through flow test and other wells on the
concession with a similar log character. Vertical development wells were assumed
for estimating contingent resources given that there is insufficient performance
history on the performance of horizontal wells. Since most of the concession
area has not been tested by drilling, the resource volumes away from the well
control have been considered prospective resources.


Positive factors relevant to the contingent resource estimates include the fact
that minor production from the Vaca Muerta has occurred in conventional wells in
many parts of the basin, the unconventional shale oil and shale gas potential of
the Vaca Muerta has been the focus of significant appraisal drilling by multiple
operators in the basin over the last several years, there is significant
infrastructure that may be accessible in certain parts of the Neuquen Basin,
logs and other data from historical wells which have penetrated the Vaca Muerta
formation, and the fact that the Company has drilled, logged and acquired
additional information in three wells targeting this unconventional potential in
the Vaca Muerta; however, these wells are in various stages of evaluation.
Negative factors and uncertainties associated with recovery of the Neuquen Basin
resources include, but are not limited to, the lack of long-term shale oil and
shale gas production history over the majority of the Neuquen Basin, lack of
infrastructure in some locations, potential for variations in the quality of the
Vaca Muerta formation where minimal well data currently exists, access to the
substantial amount of capital which would be required to develop the resources,
low commodity prices that would curtail the economics of development and the
future performance of wells, regulatory approvals and/or changes to laws, access
to the required services at the appropriate cost and topographic or surface
restrictions. Prospective resources have both an associated chance of discovery
(geological chance of success) and a chance of development. 


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 and tight sands) oil and gas interests in numerous blocks
in the Neuquen Basin of Argentina. Americas Petrogas has joint venture partners,
including ExxonMobil, Apache and Gran Tierra Energy, on various blocks in
Argentina. For more information about Americas Petrogas, please visit
www.americaspetrogas.com.


Advisories

The information in this news release contains certain forward-looking
statements. These statements relate to future events or our future performance.
All statements other than statements of historical fact may be forward-looking
statements. Forward-looking statements are often, but not always, identified by
the use of words such as "seek", "anticipate", "plan", "continue", "estimate",
"approximate", "expect", "may", "will", "project", "predict", "potential",
"targeting", "intend", "could", "might", "should", "believe", "would" and
similar expressions. In particular, this news release contains forward-looking
statements pertaining to resources of the Company and other oil and gas
information. These statements involve substantial known and unknown risks and
uncertainties, certain of which are beyond the Company's control, including: the
impact of general economic conditions; industry conditions; changes in laws and
regulations including the adoption of new environmental laws and regulations and
changes in how they are interpreted and enforced; fluctuations in commodity
prices and foreign exchange and interest rates; stock market volatility and
market valuations; volatility in market prices for oil and natural gas;
liabilities inherent in oil and natural gas operations; uncertainties associated
with estimating oil and natural gas reserves; competition for, among other
things, capital, acquisitions, of reserves, undeveloped lands and skilled
personnel; incorrect assessments of the value of acquisitions; changes in income
tax laws or changes in tax laws and incentive programs relating to the oil and
gas industry; geological, technical, drilling and processing problems and other
difficulties in producing petroleum reserves; and obtaining required approvals
of regulatory authorities. The Company's actual results, performance or
achievement could differ materially from those expressed in, or implied by, such
forward-looking statements and, accordingly, no assurances can be given that any
of the events anticipated by the forward-looking statements will transpire or
occur or, if any of them do, what benefits the Company will derive from them.
These statements are subject to certain risks and uncertainties and may be based
on assumptions that could cause actual results to differ materially from those
anticipated or implied in the forward-looking statements. The forward-looking
statements in this news release are expressly qualified in their entirety by
this cautionary statement. Except as required by law, the Company undertakes no
obligation to publicly update or revise any forward-looking statements.
Investors are encouraged to review and consider the additional risk factors set
forth in the Company's Annual Management's Discussion and Analysis (MD&A), which
is available on SEDAR at www.sedar.com. 


Throughout this press release, the terms BOE (barrels of oil equivalent), MMBO
(millions of barrels of oil), MMBOE (millions of barrels of oil equivalent), and
BCF (billion cubic feet) are used. Such terms when used in isolation, may be
misleading. All calculations converting natural gas to BOE have been made using
a conversion ratio of six thousand cubic feet (six "Mcf") of natural gas to one
barrel of oil, unless otherwise stated. The use of BOE may be misleading,
particularly if used in isolation, as the conversion ratio of six Mcf of natural
gas to one barrel of oil is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead. Given that the value ratio based on the current
price of crude oil as compared to natural gas is significantly different from
the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be
misleading as an indication of value. 


Certain information in this document may constitute "analogous information" as
defined in National Instrument 51-101 - Standards of Disclosure for Oil and Gas
Activities ("NI 51-101"), including, but not limited to, information relating to
the areas in geographical proximity to prospective lands held by Americas
Petrogas and production information related to wells that are believed to be on
trend with the Company's properties. Such information has been obtained from
government sources, regulatory agencies or other industry participants.
Management of Americas Petrogas believes the information is relevant as it helps
to define the reservoir characteristics in which Americas Petrogas may hold an
interest. Americas Petrogas is unable to confirm that the analogous information
was prepared by a qualified reserves evaluator or auditor. Such information is
not an estimate of the reserves or resources attributable to lands held or to be
held by Americas Petrogas and there is no certainty that the reservoir data and
economics information for the lands held or to be held by Americas Petrogas will
be similar to the information presented herein. The reader is cautioned that the
data relied upon by Americas Petrogas may be in error and/or may not be
analogous to such lands held or to be held by Americas Petrogas. 


Neither the TSX Venture Exchange nor its Regulation Service Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. 




                                APPENDIX "A"                                
                                 DEFINITIONS                                



The following sets out important definitions, which are used in this news release. 



----------------------------------------------------------------------------
"Contingent       Those quantities of petroleum estimated, as of a given    
resources"        date, to be potentially recoverable from known            
                  accumulations using established technology or technology  
                  under development, but which are not currently considered 
                  to be commercially recoverable due to one or more         
                  contingencies.                                            
                                                                            
                  Contingencies may include factors such as economic, legal,
                  environmental, political, and regulatory matters or a lack
                  of markets. It is also appropriate to classify as         
                  contingent resources the estimated discovered recoverable 
                  quantities associated with a project in the early         
                  evaluation stage.                                         
----------------------------------------------------------------------------
"Discovered       That quantity of petroleum that is estimated, as of a     
petroleum         given date, to be contained in known accumulations prior  
initially-in-     to production.                                            
place" or                                                                   
"discovered       The recoverable portion of discovered petroleum initially-
resources"        in-place includes production, reserves and contingent     
or "DPIIP"        resources; the remainder is unrecoverable.                
----------------------------------------------------------------------------
"Prospective      Those quantities of petroleum estimated, as of a given    
resources"        date, to be potentially recoverable from undiscovered     
                  accumulations by application of future development        
                  projects.                                                 
                                                                            
                  Prospective resources have both an associated chance of   
                  discovery and a chance of development.                    
----------------------------------------------------------------------------
"Total petroleum  That quantity of petroleum that is estimated to exist     
initially-in-     originally in naturally occurring accumulations; equal to 
place", "total    DPIIP plus UPIIP.                                         
resources" or                                                               
"TPIIP"           It includes that quantity of petroleum that is estimated, 
                  as of a given date, to be contained in known              
                  accumulations, prior to production, plus those estimated  
                  quantities in accumulations yet to be discovered.         
----------------------------------------------------------------------------
"Undiscovered     That quantity of petroleum that is estimated, on a given  
petroleum         date, to be contained in accumulations yet to be          
initially-in-     discovered.                                               
place",                                                                     
"undiscovered     The recoverable portion of undiscovered petroleum         
resources" or     initially-in-place is referred to as "prospective         
"UPIIP"           resources"; the remainder is "unrecoverable".             
----------------------------------------------------------------------------
"Uncertainty      Uncertainty Ranges are described as low, best, and high   
Ranges"           estimates for reserves and resources. The Best Estimate is
                  considered to be the best estimate of the quantity that   
                  will actually be recovered. It is equally likely that the 
                  actual remaining quantities recovered will be greater or  
                  less than the best estimate. If probabilistic methods are 
                  used, there should be at least a 50 percent probability   
                  (P50) that the quantities actually recovered will equal or
                  exceed the best estimate.                                 
----------------------------------------------------------------------------
"Unrecoverable"   That portion of DPIIP or UPIIP quantities which is        
                  estimated, as of a given date, not to be recoverable by   
                  future development projects.                              
                                                                            
                  A portion of these quantities may become recoverable in   
                  the future as commercial circumstances change or          
                  technological developments occur; the remaining portion   
                  may never be recovered due to the physical/chemical       
                  constraints represented by subsurface interaction of      
                  fluids and reservoir rocks.                               
----------------------------------------------------------------------------




FOR FURTHER INFORMATION PLEASE CONTACT: 
Americas Petrogas Inc.
Barclay Hambrook, P. Eng., MBA
President and CEO
(403) 685-1888
inquiries@americaspetrogas.com
www.americaspetrogas.com

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