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To: Dennis Roth who wrote (159466)	11/8/2011 11:28:33 AM
From: Dennis Roth	1 Recommendation Respond to of 206099

Repsol’s Argentine Oil Discovery Is Company’s Biggest Ever November 08, 2011, 9:11 AM EST businessweek.com

To: Dennis Roth who wrote (159466)	11/9/2011 8:52:43 PM
From: Dennis Roth	1 Recommendation Read Replies (1) \| Respond to of 206099

YPF Exec: To Produce 50,000 Bbls Of Oil/Day From Argentina's Shale In 3-4 Years NOVEMBER 9, 2011, 1:46 P.M. ET online.wsj.com By Isabel Ordonez Of DOW JONES NEWSWIRES HOUSTON (Dow Jones)--Argentina's largest oil and gas producer, YPF SA (YPF, YPFD.BA), expects to increase its production in the Vaca Muerta Shale tenfold to 50,000 barrels of oil per day in three to four years, as it raises its investments in unconventional energy projects, a company executive said Wednesday. "According to our exploration plans, we will spend next year between $400 [million] and $500 million in unconventional developments," Tomas Garcia Blanco, YPF's director for exploration and production, said in an interview. YPF's total capital expenditure budget is expected to reach a record of $3 billion next year. YPF is a unit of Spanish oil giant Repsol YPF S.A. (REPYY, REP.MC). YPF announced Monday the existence of 927 million barrels of unconventional oil in Argentina's Neuquen Province, where the Vaca Muerta shale is located. The find has the potential to position Argentina among the world's leading producers of shale oil, or oil extracted from tight sand or rock formations by drilling horizontally and injecting the rock with high-pressure jets of water and chemicals. Similar discoveries in the U.S. have dramatically reversed fortunes in the country's oil and gas industry, which only a decade ago was widely expected to be in irreversible decline. "We think we can replicate what is going on in the U.S. in Argentina," said Garcia Blanco, adding that YPF expects Argentina's shale oil potential to go beyond the Vaca Muerta Shale. The company is engaged in an 18-month exploratory drilling plan and it also plans to start drilling in areas outside the field next year, he said. YPF has "received many calls" from companies interested in becoming partners in its Argentina shale assets but it's unlikely the company will seek agreements before it knows the full potential of the area, Garcia Blanco said.