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To: Dennis Roth who wrote (166592)	3/31/2012 11:08:51 AM
From: Bearcatbob	2 Recommendations Respond to of 206110

Dennis - Argentina is a poster child for how to ruin a great country. I had the opportunity to visit in the 90s and was impressed with their potential and the need to modernize. The company I visited was still using drafting boards. Bob

To: Dennis Roth who wrote (166592)	4/2/2012 12:22:52 PM
From: Dennis Roth	1 Recommendation Respond to of 206110

First Hot then Cold. YPF Surges on Argentine Shale Oil Discovery businessweek.com YPF, based in Buenos Aires, could double Argentine oil and gas output in a decade developing shale deposits it said Feb. 8, after announcing it holds about 13 billion barrels of oil equivalent as part of its share of the Vaca Muerta formation located in the south of the country. --- YPF to Lose Most Productive Oil Field in Argentine Dispute Rodrigo Orihuela, ©2012 Bloomberg News Bloomberg April 2, 2012 04:00 AM sfgate.com April 2 (Bloomberg) -- YPF SA, Argentina's largest oil company, is set to lose its most productive field after Chubut province said it plans to revoke more of the company's licenses. Chubut decided to end four more concessions, starting with the company's Manantiales Behr field, because of YPF's failure to comply with contracts in the province, Governor Martin Buzzi said in a March 31 statement on the government's website. The field accounted for about 9.6 percent of YPF's production last year, according to figures from Argentina's Energy Secretariat. YPF, based in Buenos Aires, has lost 12 licenses in five provinces since March 14 after President Cristina Fernandez de Kirchner's government demanded higher investment to curb output declines and help cut imports. Newspaper Pagina/12 reported March 31 that Argentina is preparing to take control of YPF, citing officials it didn't identify. That followed similar local media reports that the government is weighing a takeover.

To: Dennis Roth who wrote (166592)	4/5/2012 7:04:39 AM
From: Dennis Roth	1 Recommendation Respond to of 206110

Argentina's Neuquen Province Pulls Petrobras, Others' O&G Concessions rigzone.com BUENOS AIRES - Argentina's Neuquen Province has revoked oil and gas concessions held by three companies, including Petrobras Argentina SA, in a broader dispute over investment in exploration and production. Neuquen revoked the concessions because the companies--Tecpetrol SA, Argenta Argentina SA and Petrobras Argentina--hadn't invested enough in production at the oil fields, the province said Tuesday in a statement. The concessions will be given to the provincial government's oil and gas company, Gas y Petroleo del Neuquen SA. Tecpetrol is the exploration and production arm of Argentina's largest industrial conglomerate, Techint Group, whose main assets are in steel. Petrobras Argentina is a subsidiary of Brazilian state energy company Petroleo Brasileiro. "I was surprised by the news," Petrobras President Maria das Gracas Foster was quoted as saying by Brazilian newspaper O Globo. "It was unexpected. We have very positive relations with Argentina and are evaluating future opportunities for our presence in the country. "I'm going to wait until [Wednesday] to evaluate the situation and find out what happened," she said. [snip] ==== Now they're going after Petrobras and everyone else, not just YPF.

To: Dennis Roth who wrote (166592)	4/11/2012 11:35:09 AM
From: Dennis Roth	1 Recommendation Read Replies (3) \| Respond to of 206110

Why Argentina should not kill Vaca Muerta 54 pages, 99 exhibits Download Link: sendspace.com On Thursday April 12, Argentina’s President Cristina Kirchner is expected to meet with provincial governors, and local press has mentioned a possible definition towards the degree of intervention in YPF. YPF chairman Antonio Brufau is reportedly in Buenos Aires to negotiate. In light of this, we provide an in-depth analysis of the shale opportunity in Argentina, a key part of the YPF investment case and paramount to the country’s energy matrix. At the same time, we recognise the increasing difficulty to assess the rationale and timing of decision-making from the governmental authorities pertaining to YPF. Due to this growing uncertainty, we are downgrading YPF to Neutral, and our new target price of $30/ADR (from $43/ADR) is an average of various scenarios that could arise (see page 47). Vaca Muerta should not die, as it could indeed represent a significant opportunity for Argentina, the oil companies, and equity investors. From geology characteristics, recent tangible results, existing infrastructure and other formations outside Vaca Muerta, we deep-dive into the various aspects behind this exciting resource base.