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Rio Negro

The Rio Negro acquisition consists of the purchase of 100% of the shares of a well established Buenos Aires, Argentina-based oil development and production company that controls over 135,000 net acres primarily located in the Neuquén Basin, Rio Negro Province, Argentina. Although daily production is currently modest at approximately 100 barrels of oil per day, the concessions are adjacent to and on trend with well-known oil fields which have produced over 20 million barrels of oil to date. The assets include existing infrastructure proximal to production, extensive 3D and 2D seismic data, field offices and oil treatment facilities capable of handling capacities of several thousands of barrels of oil per day.