Americas Petrogas Inc.

The Prospectivity of Unconventional Oil and Gas

Resources in the Vaca Muerta Shale of the Neuqun

Basin of Argentina

Symbol: BOE

Toronto Stock Exchange Dr. A. Easton Wren

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 Companys 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 Companys projections with respect to its ability to develop resource plays and the percentage of production from resource plays in the future; projections of the Companys reserves; projected capital costs and risks associated with respect to APIs 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 therefore; anticipated currency exchange rates; projected growth rates capable of being sustained from the Companys 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.

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 forward-looking 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 web site, 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, 2010, a copy which can be found on www.sedar.com

Forward Looking Statement

Unconventional Shale Hydrocarbon Potential

The Vaca Muerta and Los Molles Shales are the two principal source rocks in the Neuquen Basin

They are thick, widely distributed and organically rich; depending on their depth and maturity they may be gas and/or oil charged and

overpressured

Recent announcements (YPF, Apache) of shale gas and shale oil discoveries coupled with substantial land acquisitions by major oil

companies (ExxonMobil,Total, Petrobras and others) has the play

well underway

Argentina must currently import natural gas and with the eia estimate of > 774 tcf (3rd behind China and North America), and with

a suggested gas price up to $7.70/mmbtu for unconventional gas,

the unexploited resource could be the key to economic growth

World Shale Gas Resources: An Initial Assessment of 14 Regions Outside the United States

April 5, 2011

The resource potential of the Vaca

Muerta Shale in the Neuqun

Basin is estimated at 168

bcf/sq.mi., comparable to that of

the age-equivalent Haynesville

Shale in the United States.

The Vaca Muerta risked shale gas

in-place is 687 tcf, with risked

technically recoverable resources

of 240 tcf.

Resource Estimates for

selected countries in the

Americas

Simplified Cross-Section: Neuqun Basin

Key Source Rocks and selection of Conventional/Unconventional Reservoirs

Key Source Rocks

Modified from Cruz et al., 2002; Howell,.J et al.,2005

West East

Vaca Muerta and Los Molles Shales

Los Molles Vaca Muerta

Geologic Age M. Jurassic Jur-Cret

Area sq.miles 9,730 8,540

Thickness (m) 0 3,300 100-750

Rich (m) 800 500

Net (m) 300 325

Depth Interval (ft) 6,500-15,000 5,500-10,000

Average Depth (ft) 12,500 8,000

Reservoir Pressure Overpressured Overpressured

Average TOC Wt.% 1.1% 4.0%

Thermal Maturity Ro 1.5% 1.25%

Clay content Low/medium Low/medium

GIP (bcf/sq.mi.) 123 168

Risked GIP (tcf) 478 687

Risked

Recoverable(tcf)

167 240

Modified after Howell,J. et al.,2005

Neuqun Basin Structural Elements

Legaretta et.al., 1995

Base of the Vaca Muerta Shale in the

Neuqun Basin

Shallow

Deep

TWT

Regional time structure

seismic map based on

limited information

Courtesy: Victor Linari

1

2

5

1

4

3

2

5 4

3

Huincul Dorsal

Chihuidos High

Picn Leuf Sub Basin

Huacalera Low

Neuqun Embayment

1

Main Structural / Depositional

Elements with Shale Prospectivity

Vaca Muerta source rock is present and prospective for oil

and gas in a large portion of the basin.

On 1 and 2 the shale is shallower but partially or totally

eroded due to the structural uplift

6

7

6 NE Platform

7 Neuqun Fold Belt

Courtesy: Victor Linari

YPF: Loma La Lata

SHALE OIL 2010/11 EXPLORATION &

DEVELOPMENT

7 new wells (6 vertical, 1 500-m length horizontal) drilled to date, plus 3 deepenings and 1 reentry

3 to 5 fracs per well

IP: 200 to 560 bls/d (average first month)

Area to develop: 330 Km2

Technically Recoverable Resources: 150 MMbls

2011 Plan: 17 new wells, 14 workovers (to be fractured); Total Investment: 270 MMU$S (100

MMU$S invested)

APACHE: Anticlinal Campamento

ACO.xp-2001(h): First multifractured (10 fracs)

horizontal well drilled in Latin America.

Producing from Los Molles shales; IP: 4.5

mmcfd

APACHE & MADALENA: Cortadera

Drilled CorS.x-1 (Cortadera Sur), vertical

exploration well to Vaca Muerta; waiting on

completion.

APACHE & AMERICAS PETROGAS:

Huacalera

Hua.x-1 (Huacalera), vertical exploration well

to Vaca Muerta; waiting on completion.

Loma La Lata

0 Km 30

YPF: Bajada de Aelo, Bandurria & Loma

Campana

SHALE OIL 2010/11 EXPLORATION &

DEVELOPMENT

3 new wells drilled to date

BA.x-1 (Bajada de Aelo) in Bajada de Aelo block tested 40 m3/d of oil from Vaca Muerta with 5

frac clusters

ROCH : Coirn Amargo

CAS.x-1 (Coirn Amargo Sur) 3 months production

from Vaca Muerta, flowing @ 4 m3/d (25 bbl/d) after

only an acid job, no frac.

560 200 240

4093 337

216 IPs in BOEPD

Monday November 7 YPF announced 927 mmbbl

of shale oil resources from the Vaca Muerta in

Loma La Lata from 15 wells

0.0 0.6 1.3

2.0

0.0 2.0

YPF: Chihuido de la Sierra Negra

Vaca Muerta shale oil discovery: in production

test

Chert

3 to 6%

125 to 450

1.6 to 2.7

10.6 to 13.5

4 to 10%

100 to 1000

5 to 8

175 to 250

4 to 10

Horn River

Lithology

Average Mature TOC(%)

Net Thickness (Ft)

Maturity (Ro)

Pressure Gradient (ppg)

Porosity (%)

Permeability (nD)

Well IP (mcfd peak month)

GIP*/Sq Mi (bcf)

EUR**/Well (bcf)

Siliceous Marl

3 to 4%

225 to 300

1.7 to 2.8

13.5 to 17.3

7 to 9%

100 to 500

8 to 25

150 to 250

8 to 12

Haynesville

Siliceous Shale

4 to 5%

150 to 250

1.3 to 2.1

9.6 to 10.6

4 to 8%

50 to 200

3 to 7

100 to 150

3 to 4.5

Barnett Marcellus

Siliceous Shale

4 to 7%

75 to 150

1.3 to 2.4

11.6 to 13.5

7 to 9%

100 to 200

4 to 10

75 to 125

3 to 6

Chert

4 to 8%

75 to 150

1.2 to 2.8

9.6 to 10.6

5 to 6%

40 to 70

2 to 6

75 to 150

2.5 to 5

Woodford

Siliceous Marl

3 to 5%

300 to 1300

1.4 to 1.8

9.4 to 17.3

7 to 12%

50 to 200

2 to 12

300 to 800 (bcf)

8 to 20

Vaca Muerta

Shale Comparisons

* Gas in place

** Estimated Ultimate Recovery

Calcareous Shale

4 to 8%

120 to 280

0.7 to 1.8

9.6 to 14.5

4 to 10%

100 to 1500

2 to 17

80 to 250

2 to 6

Eagle Ford

Unconventional Plays:

Neuqun's Potential

All different with no clear analogs

Companies with

Recent Land

Acquisitions in the

Shale Fairway

API has 1.28

million net

acres along

the north-

south trending

shale corridor

Shale Compositional Characteristics Comparison

Comparison

The Horn River, Barnett,

Haynesville and Bakken

appear to be Vaca

Muerta analogs

Barnett

Los Toldos

Los Toldos

Los Toldos

NuTech analysis of Barnett and Vaca Muerta shale sections in wells in API blocks.

The similarity of extensive, continuous permeability and silica is compelling

Silica

Clay

Calcite

Permeability

Hydrocarbon

Note: Net and gross thicknesses of the

shales vary with different published sources

Estimates of Maximum Thickness (feet)

Vaca

Muerta

Barnett Haynesville Marcellus Eagle Ford Horn River

2350 500 350 300 220 600

Vaca Muerta Barnett Haynesville Marcellus Eagle Ford Horn River

0

0

1000

1500

500

2000

Relative Maximum Thickness feet

0

0

Apache Corporation estimates 150+ bcf/section

ultimate recovery for the Vaca Muerta shale gas in its

drilled and tested Neuqun Basin properties

(Apache Corporation, May 17, 2011 Investor Day Presentation, p.6)

Estimation Comparison: Gas

Apache: Vaca Muerta Talisman: Montney

150 bcf/section 128 bcf/section

11.7 tcf for 50,000 acres 10 tcf for 50,000 acres

*Talisman Energy Presentation September 1,2011, p.13 One of the richest properties so far reported in North America

0 Estimation Comparison: Oil

Repsol YPF estimates 43 million barrels of Oil

In Place per square kilometre for its Neuqun

Shale Oil Property based on an average Vaca

Muerta Shale thickness of 200 metres

(Repsol 2Q Presentation, Mr. Miguel Martinez, July 28, 2011, p17)

Repsol Vaca Muerta Eagle Ford

200 metre thickness 70 metre thickness

43 million bbl. in place /sq.km 23 million bbl. in place /sq.km

18

Risked Resource Estimates

This is a very early stage in the exploration of the Vaca Muerta

The shale has a long depositional history with variable mineralogy composition and reservoir characteristics

There is limited published information in terms of some of the key parameters:

porosity, permeability, brittleness, natural fractures, sweet spots, and gas/oil in place/recoverable

The Vaca Muerta is so thick that completed vertical wells may turn out to be preferable to horizontals

A critical element relates to gas and oil pricing scenarios and monetization of the resource; moving resources to reserves

Rapidly developing drilling and completion technologies will be available to accelerate the advancement of the play

The North American Learning Curve will increase efficiency and reduce costs

Challenges and Technologies

Symbol: BOE

Toronto Stock Exchange

Thank you for your attention!!

Non-conventional oil reservoirs in the Neuqun Basin are superior to the United States

Toms Garcia Blanco, Director E & P, YPF, October 17, 2011

Source: Platt

Iguazu Falls, Argentina

Acknowledgements: Victor Linari, Gustavo Diez, Marcelo Santiago: