Updated Corporate Presentation October 15 2013

1. Americas Petrogas Inc.
Corporate Presentation
October, 2013
TSXV: BOE

2. Forward Looking Statement
Certain statements, table and graphs throughout this presentation may contain “forward-looking statements” or “forward looking information” within the meaning of applicable securities legislation. Forward-looking
statements or information in this presentation include, but are not limited to, statements, tables and graphs (collectively “statements”) with respect to: future economic performance; projected production, sales,
reserves and growth estimates for crude oil, natural gas, NGLs and liquids as well as potash, brine and other minerals and mineral resources; projections made on a per share basis; the Company’s ability to achieve its
production and sales guidance; the potential production, scalability and upside associated with resource plays; the potential future success, growth, timing and production for its various properties; the Company’s
projections with respect to its ability to develop resource plays and the percentage of production from resource plays in the future; projections of the Company’s reserves; projected capital costs and risks associated
with respect to API’s various regions, assets and initiatives; projected future drilling costs, non-fuel operation costs, potential dispositions of assets, including anticipated proceeds there from, the use of such proceeds
and the dates for receipt thereof; projections of future drilling inventories and plans therefor; anticipated currency exchange rates; projected growth rates capable of being sustained from the Company’s asset base in
the future; projections of the potential future price and market for petroleum, natural gas, potash and other minerals; and reference to potential exploration and the timing and success thereof; 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
You are cautioned not to place undue reliance on forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which it is based will occur. By its nature, forward-looking
information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forwardlooking statements will not occur. Although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to
be correct. Accordingly, the Company cautions that events or circumstances could cause actual results to differ materially from those predicted. Statements relating to “reserves” or “resources” or “resource potential”
are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the resources and reserves and resource potential described exist in the
quantities predicted or estimated, and can be profitably produced in the future. You are further cautioned not to place undue reliance on forward-looking statements contained in this presentation, which are made as
of the date hereof, and except as required by applicable law, the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events
or otherwise. The forward-looking statements contained in this presentation are expressly qualified by this cautionary statement. All oil and gas reserve information is based on the statement of reserves data and other
oil and gas information filed by Americas Petrogas Inc. for the year ended December 31, 2012, a copy which can be found on www.sedar.com.
Any references in this presentation to test rates, flow rates, initial test or production rates, and/or early production rates are useful in confirming the presence of hydrocarbons; however, such rates are not necessarily
indicative of long-term performance of ultimate recovery. Such rates may also include recovered “frac” fluids used in well completion stimulation. Readers are cautioned not to place reliance on such rates in
calculating the aggregate production for the Company.
In accordance with Canadian practice, reserve and similar volumes and production volumes and revenues are reported on a gross basis, before deduction of royalties, unless otherwise stated. Where applicable, natural
gas has been converted to barrels of oil equivalent ("BOE") based on 6 Mcf:1 BOE. The BOE rate is based on an energy equivalent conversion method primarily applicable at the burner tip and does not represent a value
equivalent at the wellhead. Use of BOE in isolation may be misleading.
The Company uses terms in this presentation, such as "resource potential" "resource base," "potential resource," "resource estimates," "net resources," "net potential recoverable resource," and similar terms that are
not defined in the COGE Handbook. "Resource potential," "resource base," "potential resource" "resource estimates," "net resources," "net potential recoverable resource," and other such terms do not take into
account the certainty of resource recovery, which is contingent on exploration success, technical improvements in drilling access, commerciality and other factors, and are therefore not indicative of expected future
resource recovery and should not be relied upon.
Certain information in this presentation may constitute "analogous information" as defined in NI 51-101, including, but not limited to, the reservoir data, resource estimates, production and decline rates and economics
information relating to the areas in geographical proximity to exploratory lands held by the Company or other shale plays. Such information has been obtained from government sources, regulatory agencies or other
industry participants. Management of the Company believes the information is relevant as it helps to define the reservoir characteristics and the reserves and production potential in which the Company holds an
interest. Such information includes resource estimates which are not derived from the COGE Handbook and have therefore not been prepared in accordance with NI 51- 101. The Company is also unable to confirm
that the analogous information was prepared by a qualified reserves evaluator or auditor. Such information is not an estimate of the resources attributable to lands held or to be held by the Company and there is no
certainty that the reservoir data, resource estimates, production and decline rates and economics information for the lands held by the Company will be similar to the information presented herein. The reader is
cautioned that the data relied upon by the Company may be in error and/or may prove not to be analogous to the lands be held by the Company.
2

3. Americas Petrogas Inc. –World-Class Massive Resources
in Argentina & Low-Cost Fertilizer Potential in Peru
Argentina
• 2P Reserves:
• 3P Reserves:
• Resources:
- 4.27 Million stb oil
- 36.9 Billion scf gas
(10.4 Million boe)
- 36.5 Million stb oil
- 107.4 Billion scf gas
(54.4 Million boe)
- 2.25 Billion stb oil
- 35.8 Trillion scf gas
(8.3 Billion boe)
(unrisked prospective recoverable)
Peru
• Resources:
- 6.2 Million T Potash (Solar Evaporation)
(measured + indicated + inferred)
3

4. Americas Petrogas in the Neuquén Basin
1.37 Million Net Acres – 14/16 Blocks Operated
Unrisked Prospective Recoverable Shale Resources - Summary
(Net to Americas Petrogas)
Partner Oil/Condensate
Working Interest
168 MMstb
14 Tcf
2.5 Bboe
45%
450 MMstb
550 Bcf
500 MMboe
45%
450 Bcf
109 MMboe
45%
83 MMstb
1.5 Tcf
330 MMboe
45%
78 MMstb
Los Toldos II
Total
34 MMstb
Los Toldos I
Gas
4.7 Tcf
860 MMboe
90%
40 MMstb
8.5 Tcf
1.4 Bboe
39%
1.4 Bstb
6.1 Tcf
2.4 Bboe
90%
Los Toldos III
Los Toldos IV
Loma Ranqueles
Neuquén Basin
Huacalera
Totoral, Yerba
Buena,
Bajada Colorada
Conventional Reserves – Light Oil Summary
(Net to Americas Petrogas)
Medanito Sur
Proved
Proved + Probable
Proved + Probable + Possible
1,567 Mbo
1.0 Bcf gas
4,271 Mbo
36.9 Bcf gas
36,557 Mbo
107.4 Bcf Gas
4

5. Americas Petrogas’ Vaca Muerta
Shale Discoveries
Totoral
Los Toldos I
Los Toldos II
LHo.x-1
ALL.x-1
Light Oil Discovery
Proved this area thought to be
immature is in the oil
generation window
Initial Production:
300-600bpd (10-20% oil)
Gas/Condensate
Discovery
Initial Production:
3.2 mmcfd + 9 - 18bbld
condensate
LTE.x-1
Light Oil Discovery
Initial Production:
797 boepd (80% oil)
First 30 day average:
309 boepd(80% oil)
5

6. Americas Petrogas: Some of the Thickest
Vaca Muerta Shale in the Neuquen Basin
Huacalera Los Toldos I Los Toldos II
Loma La Lata
Hua.x-1
ALL.x-1
LTE.x-1
531m/1,742ft
562m/1,843ft
343m/1,125ft
~200m/~656ft
Thickness
Thickness
6

7. Signs of Improving Regulatory Regime
in Argentina
•
•
•
•
•
Gas Price
- US $7.50 / MMBtu
- Americas Petrogas is unique since all our projects are eligible
Oil Plus
- Americas Petrogas has received $14.2 Million and continues to benefit from Oil Plus
Recent Joint Ventures
- Chevron, Wintershall (BASF), Dow, and Shell Joint Ventures indicate an increasing price
trend for Vaca Muerta acreage to over $10,000 per acre (see slide 28)
Active Drilling
- YPF, Shell, Exxon, TOTAL continue to drill into the Vaca Muerta, ~35 active rigs in
Neuquén Basin (see slide 29)
Decree 929/2013
- Investment of $1.0 B within ~5 year period exempts 20% of production sales
from export retention, and with NO currency or repatriation restrictions
7

8. Strategic Review by Jefferies (Houston)
Americas Petrogas has engaged Jefferies LLC as
its sole financial advisor as it considers a range
of strategic alternatives, potentially including a
sale or merger of the Company, joint venture(s)
on one or more of its 14 operated blocks
covering more than 2,000,000 acres, sale of
specific assets, as well as continued execution of
the Company’s business plan
8

9. Why did Americas Petrogas Choose Jefferies?
Principal Sector Focus:
•
•
•
Oil & Gas Exploration & Production
Midstream Oil & Gas
Oil Field Services
•
•
Energy Refining Marketing Distribution
Unconventional Resource Plays
Notable Facts:
•
•
•
•
•
•
•
One of the largest energy investment banking teams in the world
73 professionals worldwide located in Houston, London & Hong Kong covering 180
companies, completed 121 bookrun financings & advisory transactions since the
beginning of 2011 with valuation in excess of $139 billion
#1 ranked in number & value of US shale sell-side M&A over last 5 years
Jefferies has advised on 6 of the top 10 US shale transactions over the last 5 years
Achieved highest price paid in most North American shale basins, including the
Marcellus, Haynesville, Fayetteville, Montney, Utica & Eagle Ford
2011 M&A Deal of the Year awarded by The Deal Magazine
Jefferies acted as sole financial advisor to Samson Investment Company in the $7.2
billion sale to an investor group led by KKR
Source: www.jefferies.com 9

10. Financial Highlights
Market Capitalization
•
•
•
•
•
Common Shares Outstanding
Management and closely held approx.
Recent Share price Oct. 11, 2013
Market Capitalization approx.
Current and Long Term Debt
(Approx. 3 months Operating Netback)
213 million
25%
C$1.26
C$268 million
Pesos 50.0 million (ICBC Bank)
(Approx. US$9 million)
Cash Flow, Cash Position
•
•
•
•
•
Operating Netback for Q1/2013
Operating Netback for Q2/2013
Net Income for Q2/2013
Cash Position (June 30, 2013)
Capital expenditures H2 2013
•
Netback Q2/2013 with Oil Plus
C$13.2 million
C$19.5 million
C$5.1 million
C$36.7 million
About US$25 million (Flexible incl. 8
conventional wells at Medanito Sur)
C$89.51/barrel
10

11. Production, Oil Sales, and Netbacks
11

12. Medanito Sur:
New Field Discoveries in 2013
25+ offsetting wells on adjacent block
El Caldén
El Ayelen
Amilcar
El Alpataco
El Caldén Este
El Jabalí
•
•
•
•
La Meseta
Medanito Sur
Rinconada Norte
2000 m
Medanito Sur (shown above, approx. 106 sq. km.) accounts for the majority of the
Company’s current production
Two new areas have been opened with exploration drilling in 2012/2013. The El Alpataco
and El Caldén Este areas are demonstrating further upside in Medanito Sur
During the 2012 drilling year, 25 Discoveries out of 28 exploration wells on Medanito Sur
for a success rate of 89%
Discoveries in early 2013 led to the mid-year update in Reserves (see next slide) and
decision to up to 8 Well Program – Q4 2013
12

13. Reserves Updated as of June 30, 2013,
Conventional Reserves Comparison
Reserves Category
Total Proved
Total Proved
+Probable
Total Proved
+Probable +Possible
Net as at
December 31, 2012
(year-end)
Light and
Medium Oil
(mstb)
1,228
Percentage
Increase of
mid-year to 2012
year-end
Net as at
July 1, 2013
(mid-year)
Light and
Light and Medium Natural Gas
Natural
Natural Gas (mmscf)
Medium
Oil (mstb)
(mmscf)
Gas
Oil (mstb)
775
1,557
1,028
27%
33%
3,017
1,703
4,274
2,297
41%
35%
11,625
6,517
12,502
7,752
8%
19%
Reserves Certified by Chapman Petroleum Engineering Ltd.
13

14. Reserves Updated as of June 30, 2013,
Net Present Values Comparison
Net Present Value
of Future Net Revenue as
at December 31, 2012
(year-end)
Reserves Category Discounted at 10%/year
Million $US
Net Present Value
of Future Net Revenue as at
July 1, 2013
(mid-year)
Discounted at 10%/year
Million $US
Percentage Increase of
mid-year to 2012 year-end
Before Income Tax
Total Proved
Total Proved plus
Probable
Before Income Tax
Before Income Tax
52
65.8
27%
116.4
165.8
42%
Reserves Certified by Chapman Petroleum Engineering Ltd.
14

15. Americas Petrogas Shale Resources
Ryder Scott Company Report
dated June 30, 2013 estimated:
Total Petroleum Initially In
Place (TPIIP)
(Billion BOE)
Americas Petrogas
Shale Acreage
(1.2 Million Net Acres)
Best Case P50
Recoverable
(Billion BOE)
56.1
8.3
(1) Based on 9 Blocks, 1.2 million net acres (1.6mm gross). Data from logs, cores, rock samples,
geomechanical, geochemical, 2D and 3D seismic, other well data and testing data. These volumes
include 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.
Please see next slide and news release dated
August 21, 2013 for complete disclosures
15

16. Americas Petrogas Shale Resources
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 Neuquén 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.
•
Contingencies in the Neuquén 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 Neuquén Basin involve a number of assumptions. The
Agrio, Vaca Muerta and Los Molles unconventional resource plays in the Neuquén 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 Neuquén 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 Neuquén 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 Neuquén 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.
Please see news release dated August 22, 2013 for complete disclosures
16

17. Ryder Scott Report (cont’d)
Total Petroleum Initially in Place (“TPIIP”)
OOIP - MMBO
OGIP – BCF
P50
P50
Oil + Condensate +
Natural Gas
(Mmboe)
P50
Vaca Muerta
27,049
124,130
47,737
Los Molles (4 Wells)
2,397
22,036
6,069
Lower Agrio
2,035
1,984
2,366
-11
96
5
31,671
146,781
56,134
Formation
Probabilistic Aggregation
Total
Contingent + Prospective Recoverable Resources
EUR
Oil/Condensate MMBO
EUR Gas – BCF
EUR - MMBOE
C2+P50
C2+P50
C2+P50
1,944
30274
6988
Los Molles (4 Wells)
185
5237
1058
Lower Agrio
160
157
187
10
2,299
427
36,095
81
8,314
Formation
Vaca Muerta
Probabilistic Aggregation
Total
Please see News Release
dated August 22, 2013 for
complete Disclosures
17

18. Los Toldos I – Best Case P50 2.5 Billion Boe NET
Unrisked Prospective Recoverable Resources
Los Toldos I
Best Case P50 Net Unrisked
Prospective Recoverable
Resources:
Oil/Condensate:
168 Million Barrels
Net acreage - 44,235 acres/69 sections
- 45% Working Interest
Gas:
14 Trillion Cubic Feet
Boe:
ALL.x-1
2.5 Billion Boe
18

19. Los Toldos II – Best Case P50 500 Million Boe NET
Unrisked Prospective Recoverable Resources
Los Toldos II
Best Case P50 Net Unrisked
Prospective Recoverable
Resources:
Oil/Condensate:
450 Million Barrels
ADA.x-1
LTE.x-1
550 Billion Cubic Feet
Boe:
Net acreage - 17,280 acres/27 sections
- 45% Working Interest
Gas:
500 Million Boe
19

20. Los Toldos III + IV – Best Case P50 446 Million Boe
NET Unrisked Prospective Recoverable Resources
Los Toldos III
Best Case P50 Net Unrisked
Prospective Recoverable
Resources:
Oil/Condensate: 34 Million Barrels
Gas:
450 Billion Cubic Feet
Boe:
109 Million Boe
Los Toldos IV
Best Case P50 Net Unrisked
Prospective Recoverable
Resources:
Oil/Condensate: 83 Million Barrels
Gas:
1.5 Trillion Cubic Feet
Boe:
330 Million Boe
Net acreage - (Los Toldos III + IV) 12,195 acres/19 sections
- 45% Working Interest
20

21. Loma Ranqueles – Best Case P50 860 Million Boe
NET Unrisked Prospective Recoverable Resources
Loma Ranqueles
Best Case P50 Net Unrisked
Prospective Recoverable
Resources:
Oil/Condensate:
78 Million Barrels
Gas:
Boe:
Net acreage - 30,118 acres/47 sections
- 90% Working Interest
4.7 Trillion Cubic Feet
860 Million Boe
21

22. Totoral, Yerba Buena, Bajada Colorada – Best Case P50 2.4
Billion Boe NET Unrisked Prospective Recoverable Resources
Totoral, Yerba Buena, Bajada
Colorada
LHo.x-1
Best Case P50 Net Unrisked
Prospective Recoverable
Resources:
Oil/Condensate:
1.4 Billion Barrels
Gas: 6.1 Trillion Cubic Feet
Boe: 2.4 Billion Boe
Net acreage - 1,020,330 acres/1,594 sections
- 90% Working Interest
22

23. Huacalera – Best Case P50 1.4 Billion Boe NET
Unrisked Prospective Recoverable Resources
Huacalera
Hua.x-1
Best Case P50 Net Unrisked
Prospective Recoverable
Resources:
Oil/Condensate:
40 Million Barrels
Gas:
Boe:
Net acreage - 97,500 acres/152 sections
- 39% Working Interest
8.5 Trillion Cubic Feet
1.4 Billion Boe
23

24. Stacked Pay Potential –
Multiple Source Rocks and Potentially Charged Reservoirs –
Lower Agrio, Los Molles, Mulichinco, Quintuco, and Tordillo Formations
Totoral, Yerba Buena, & Bajada Colorada have the potential to access both the
Vaca Muerta and Los Molles Shales with a single wellbore
Loma Ranqueles, Los Toldos III, & Los Toldos IV have the potential to access
both the Agrio and Vaca Muerta Shales with a single wellbore
All of our blocks in Neuquen province have additional targets besides the shale source
rocks. The Mulichinco, Quintuco and Tordillo Formations are likely charged over our
acreage. To date, resources have not been attributed to these formations.
In the case of a block adjacent to
Huacalera the basal Quintuco was
assigned a net recoverable
resource potential of 14 Million
barrels of oil and 2.9 trillion cubic
feet of gas over 49,401 net acres
(~6.5MMboe/section)
24

25. Lower Agrio Shale Oil Potential:
Loma Ranqueles, Los Toldos III, IV
The Lower Agrio Shale is a rich source
rock that is shallow (~1500m) and is
mature for oil generation over these 3
blocks which would allow them to be
developed at a lower cost.
Green = oil window
Yellow =
immature-early oil
Lower Agrio Best Case P50 Net
Unrisked Prospective Recoverable
Oil/Condensate Resources:
Los Toldos III:
32 Million Barrels
Los Toldos IV:
75 Million Barrels
Loma Ranqueles: 53 Million Barrels
25

26. Los Molles Shale Gas Potential:
Totoral, Yerba Buena, Bajada Colorada
The Los Molles Shale is
situated beneath the
Vaca Muerta & is more
prone to gas generation
LHo.x-1
Los Molles Best Case P50 Net
Unrisked Prospective
Recoverable Gas Resources:
T,YB,BC: 5.2 Trillion Cubic Feet
Net acreage - 1,020,330 acres/1,594 sections
- 90% Working Interest
In addition, the Vaca Muerta is
relatively shallow here (~1600m)
26

27. Simple Average Resource Estimate Comparisons
Various Basins vs. Americas Petrogas
Basin/Block
(MMBOE/section)
Eagle Ford1
2.1
Haynesville1
2.5
Bakken1
0.6
Marcellus1
2.8
Barnett-Woodford1
2.0
Neuquen2
8.8
Huacalera
9.6
Los Toldos I
36.4
Los Toldos II
20.2
Los Toldos III
24.6
Los Toldos IV
23.1
Loma Ranqueles
18.4
40.0
(MMBOE/section)
Americas Petrogas
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0
Notes: 1) Leased acreage was used to calculate the density for US shale plays. 2) In the base of Totoral, Yerba Buena and Bajada Colorada, the entire 1.1
million acre parcel was used to calculate density when in fact the source rocks are mature over less than the entire parcel meaning the density could be
significantly higher and lower in different areas of the concession.
Sources: EIA : 1) Review of Emerging Resources: U.S. Shale Gas and Shale Oil Plays, July 2011; 2) EIA: Technically Recoverable Shale Oil and Shale Gas
Resources: An Assessment of 137 Shale Formations in 41 Countries Outside the United States, June 2013
27

28. How does Americas Petrogas Recoverable Resources
Compare to other Companies Reserves or Resources?
Billion boe
Note: To provide a perspective of the
relative size of API’s 8.3 Billion Boe
Recoverable Resources, we compare
Americas Petrogas’s Recoverable
Resources to Other Oil Companies’
Proven Reserves or Resources
Approximate Market Cap $ Billion (as of Oct 10, 2013)
28

29. Recent Neuquén Joint Ventures & Deals
Being Negotiated
Shell Farm-in to Medanito S.A.
Completed Jan. 2012
$200MM, 54,007 net acres,
implied cost of $3,700/acre
Chevron Farm-in to YPF
$120MM
$115MM
Completed Jul. 2013
$1.25B, 71,660 net acres
implied cost of $10,000/acre
Dow Chemicals Farm-in to YPF
Completed Sep. 2013
$120 MM, 5,500 net acres,
implied cost of $10,900/acre
TOTAL$400MM
$1.25B
Wintershall (BASF) Farm-in to GyP
$200MM
Letter of Intent
$115MM, 11,985 net acres,
implied cost of $7,300/acre
up to $3.3 Billion
Bridas (Bulgheroni’s, CNOOC, Pan
American, BP) Purchase of BAADE Energy
Bonds
Corporación América $500MM for
Unconventional Partnership with YPF
29

30. Drilling Activity Neuquén
Drilling activity includes:
•
•
•
•
ExxonMobil $250 million drilling
and exploration program
Shell 2 rigs running and announced
horizontal well 465 bopd
TOTAL 4 rigs, $400 million, 20 wells,
Aguada Pichana pilot project (dry+wet gas)
YPF running 15 rigs with recent tender for
20 additional rigs in the basin
Various Sources: Including Bloomberg, companies and government releases, and other
30

31. Shale Acreage Transactions ($/Acre) in
North America Sampling + Vaca Muerta
31

32. Q4-2013 and Onwards
• Drilling up to 8 conventional wells on Medanito Sur
• Testing of Los Toldos II well, ADA.x-1
• Strategic Review by Jefferies may lead to Company
•
•
Sale, Merger, Asset Sale(s), Joint Ventures to unlock
Shareholder Value
Continue to receive Oil Plus benefits
Continue to optimize operations on Medanito Sur by
investing in infrastructure
Continue to “Expand and Tell Our Story”
32

33. Valuing Americas Petrogas
•
At just $7,000/acre and applying only to Los Toldos blocks’ ~74,000
net acres with API’s 213,000,000 common shares outstanding, gives
$518 Million or $2.43/share.
NOT INCLUDED IN THE ABOVE IS:
•
•
•
•
•
•
Approximately 1.3 Million net acres ,
1.5 Billion barrels of oil/condensate recoverable resources
19.3 Trillion cubic feet of gas recoverable resources
2P reserves of 4.27 Million barrels oil and 36.9 Billion cu. Ft. gas
Approximately $27 Million investment in infrastructure
Approximately 6 Million Tonnes of measured + indicated + inferred
potash resources in a low capex solar evaporation 80% owned
33
subsidiary in Peru, with additional phosphate potential

34. Americas Petrogas Advantages
in Argentina
Operator
of 14 of 16
Blocks
4.2 Million
P2
Reserves
Production
8.3 Billion
Boe
Recoverable
Partnered
with
& Cash
Flow
Neuquén Basin
Proven
Operations
Team
34

35. GrowMax Agri Corp. 80% Americas Petrogas owned
Subsidiary in Peru - Potash & Phosphate Potential
6.2 Million Tonnes Measured + Indicated
+ Inferred Potash Resource
Potash Resource Report
Mineral Resource Estimate for the Salt Reservoir in
Bayovar 6 and Bayovar 8
• Measured Mineral Resource — Brine mass of 10,419,000
•
•
tonnes at an average grade of 1.084% for total potassium
chloride of 110,000 tonnes
Indicated Mineral Resource — Brine mass of 22,515,000
tonnes at an average grade of 0.950% for total potassium
chloride of 210,000 tonnes
Inferred Mineral Resource — Brine mass of 140,325,000
tonnes at an average grade of 0.956% for total potassium
chloride of 1,340,000 tonnes
Mineral Resource Estimate for the Sand Reservoir in
Bayovar 5, Bayovar 6 and Bayovar 8
Partnered with:
• Measured Mineral Resource — Brine mass of 50,429,000
tonnes at an average grade of 0.556% for total potassium
chloride of 280,000 tonnes
• Indicated Mineral Resource — Brine mass of 159,234,000
tonnes at an average grade of 0.490% for total potassium
chloride of 780,000 tonnes
• Inferred Mineral Resource — Brine mass of 819,562,000
tonnes at an average grade of 0.432% for total potassium
chloride of 3,540,000 tonnes
35

36. Why Invest in Americas Petrogas?
•
•
•
•
•
•
•
•
•
•
World-Class Acreage with 8.3 Billion BOE Prospective Recoverable
Resources
Operate 14 of 16 Blocks means Destiny Control and Timing
Production and Cash Flow means continuous potential to Grow
Continue to receive Oil Plus – $14.2 Million US
1.2 Million Net Shale acres can lead to an enormous valuation
further to recent transactions at over $10,000US/acre
We own our own facilities meaning lower operating costs
Large Portion of shale acreage offers multiple source rocks (Los
Molles in Totoral, Agrio in Los Toldos III,IV, and Loma Ranqueles
GrowMax (80% owned) Subsidiary Opportunities – Potash,
Phosphates et al – Measured + Indicated + Inferred Potash Mineral
Resource of 6.2 Million Tonnes
New Gas Price $7.50/MMBTU
Neuquen Basin offers mature Infrastructure – Local + Export
36
Pipelines

37. Value Creation Drivers
 Massive Resource Potential
 Production + Proven Reserves
 Nearby Pipelines + Infrastructure
 Excellent Pricing for Gas + Oil
 Proven Operations Team
 Strong Market Demand
37

38. Contact Information:
Corporate Office: Canada
3911 Trasimene Cr. S.W.
Calgary, Alberta, Canada
T3E 7J6
Phone: (403) 685 1888
Fax:
(403) 685 1880
www.americaspetrogas.com
Buenos Aires Office:
Tucumán 1 - Piso 8°
Ciudad Autonoma
Buenos Aires
(C1049AAA)
Phone:+54 11 4121 5600
Symbol: BOE
Toronto Stock Exchange
38

39. Appendix
39

40. Oil Industry Executives Poll:
Where do you want to Invest Shale Gas Internationally?
• South America
• Asia
• Europe
76%
13%
9%
“The development of shale gas resources in Argentina has the
potential to change the country’s energy balance and largely
eliminate its need to import gas.
Analysts are optimistic that Argentina’s Shale gas industry is
poised to emulate the success of the U.S. shale gas industry”
SOURCE: “Shale Gas: Global M&A Trends focus on Argentina, China and United
States….KPMG GLOBAL ENERGY INSTITUTE
40

41. Loma Ranqueles
Acreage: 33,465 acres (135,42 SQ Km) Full 3D + 1 shallow well
Consortium WI:
GyP Neuquén S.A. 10%
API 90% (Operator)
Commitments: One well with TD: 4000 mbgl
• Conventional:
•
•
Block located in the vicinity of important
conventional gas fields, and directly west of Los
Toldos I and II Blocks with Partner Exxon
Mulichinco & Tordillo: Potentially recoverable
resources: 1 to 4 TCF
• Unconventional Potential:
•
•
VM Shale CONDENSATE / WET GAS window
⁻ Thickness: 500 m (1640 ft)
⁻ Depths 3000 to 3500 m (9840 to 11480 ft)
⁻ Shale Resources from 2.7 to 11 Tcf
Agrio Shale OIL window
⁻ Thickness: 150 m (492 ft)
⁻ Depths 1200 m (4000 ft)
Agrio
41

42. Loma Ranqueles – Multiple Targets
Top Mulichinco Fm.
Time Structure Map
LR.x-1
N
S
Lower Troncoso
W
LR.x-1
E
TOP LOWER TRONCOSO
Top Tordillo Fm. Time
Structure Map
Lower Troncoso
LR.x-1
Mulichinco
Mulichinco
TOP MULICHINCO
Vaca Muerta
Vaca Muerta
Tordillo
Tordillo
TOP TORDILLO
TOP CUYO
Mulichinco
Prospect Pmean
Area: 52 Km2
•
•
Largest undrilled structure in the Basin
API plans to drill a different location on
the same structure for multiple targets:
Mulichinco, Tordillo and deeper Vaca
Muerta
Tordillo Prospect
Pmean Area: 24
Km2
42

43. Americas Petrogas Shale Drilling 2012/13
Los Toldos II
Loma Ranqueles
- Spud 2013
- Americas Petrogas: 90% WI
- LTE.x-1 Oil Discovery
- Second Well, ADA.x-1 drilled,
awaiting completion
Partner
Huacalera HUA.x-1
-
Partner
Los Toldos I
- All.x-1 Gas Discovery
Partner
Totoral
- LHo.x-1 Oil Discovery
- Second Well Planned
- Americas Petrogas: 90% WI
43

44. Top Acreage Holders in the Neuquén Basin
1.37MM net acres
Argentina has fewer companies
with larger acreage positions
*Acreages are approximate and may not reflect recent acquisitions,
Apache recently increased their position to 1.3MM net acres
44

45. Neuquén Basin Shales— A Super Basin*
Key Source Rocks and the Conventional/Unconventional Plays
*A term presented by IHS at Oil Council Latin Am Conference Feb 2013 and refers to three shales and numerous potential stacked hydrocarbon reservoirs
45

46. Shale Maturity and API Blocks
Los Molles
Vaca Muerta
Agrio
Americas Petrogas Blocks
Fuente: Legaretta & Villar – 2011
Modificado: Víctor Linari
*Note: interestingly, Apache announced a discovery in this
immature area (BBG-39)
46