Americas petrogas presentation_october_15_2013

Corporate Presentation October, 2013

TSXV: BOE

Americas Petrogas Inc.

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 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 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.

3

Argentina

• 2P Reserves: - 4.27 Million stb oil - 36.9 Billion scf gas (10.4 Million boe)

• 3P Reserves: - 36.5 Million stb oil - 107.4 Billion scf gas (54.4 Million boe)

• Resources: - 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)

Americas Petrogas Inc. –World-Class Massive Resources in Argentina & Low-Cost Fertilizer Potential in Peru

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)

Oil/Condensate Gas Total Working Interest

168 MMstb 14 Tcf 2.5 Bboe 45%

450 MMstb 550 Bcf 500 MMboe 45%

34 MMstb 450 Bcf 109 MMboe 45%

83 MMstb 1.5 Tcf 330 MMboe 45%

78 MMstb 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%

Conventional Reserves – Light Oil Summary (Net to Americas Petrogas)

Proved

Proved + Probable

Proved + Probable + Possible

1,567 Mbo 4,271 Mbo 36,557 Mbo

1.0 Bcf gas 36.9 Bcf gas 107.4 Bcf Gas

Partner

Neuquén Basin

Los Toldos I Los Toldos II Los Toldos III Los Toldos IV Loma Ranqueles Huacalera Totoral, Yerba Buena, Bajada Colorada Medanito Sur

5

Americas Petrogas’ Vaca Muerta Shale Discoveries

LHo.x-1

ALL.x-1 LTE.x-1

Totoral Los Toldos I

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

Light Oil Discovery Initial Production: 797 boepd (80% oil) First 30 day average: 309 boepd(80% oil)

Los Toldos II

6

Americas Petrogas: Some of the Thickest Vaca Muerta Shale in the Neuquen Basin

ALL.x-1

LTE.x-1

Los Toldos I Los Toldos II

Hua.x-1

Huacalera Loma La Lata

531m/1,742ft 562m/1,843ft 343m/1,125ft ~200m/~656ft

Thickness

Thickness

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

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

9

Why did Americas Petrogas Choose Jefferies?

Principal Sector Focus: • 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

• Oil & Gas Exploration & Production • Midstream Oil & Gas • Oil Field Services

Notable Facts:

• Energy Refining Marketing Distribution • Unconventional Resource Plays

10

Financial Highlights

Market Capitalization • Common Shares Outstanding 213 million

• Management and closely held approx. 25%

• Recent Share price Oct. 11, 2013 C$1.26

• Market Capitalization approx. C$268 million

• Current and Long Term Debt Pesos 50.0 million (ICBC Bank) (Approx. 3 months Operating Netback) (Approx. US$9 million)

Cash Flow, Cash Position

• Operating Netback for Q1/2013 C$13.2 million

• Operating Netback for Q2/2013 C$19.5 million

• Net Income for Q2/2013 C$5.1 million

• Cash Position (June 30, 2013) C$36.7 million

• Capital expenditures H2 2013 About US$25 million (Flexible incl. 8 conventional wells at Medanito Sur)

• Netback Q2/2013 with Oil Plus C$89.51/barrel

11

Production, Oil Sales, and Netbacks

12

Medanito Sur: New Field Discoveries in 2013

El Alpataco

El Jabalí

Amilcar

El Caldén

El Caldén Este

2000 m

Medanito Sur

Rinconada Norte

• 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

25+ offsetting wells on adjacent block

La Meseta

El Ayelen

13

Reserves Updated as of June 30, 2013, Conventional Reserves Comparison

Reserves Certified by Chapman Petroleum Engineering Ltd.

Reserves Category

Net as at December 31, 2012

(year-end)

Net as at July 1, 2013

(mid-year)

Percentage Increase of

mid-year to 2012 year-end

Light and

Medium Oil (mstb)

Natural Gas (mmscf) Light and Medium

Oil (mstb) Natural Gas

(mmscf)

Light and Medium

Oil (mstb)

Natural Gas

Total Proved 1,228 775 1,557 1,028 27% 33%

Total Proved +Probable

3,017 1,703 4,274 2,297 41% 35%

Total Proved +Probable +Possible

11,625 6,517 12,502 7,752 8% 19%

14

Reserves Category

Net Present Value of Future Net Revenue as

at December 31, 2012 (year-end)

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 Before Income Tax Before Income Tax

Total Proved 52 65.8 27%

Total Proved plus Probable

116.4 165.8 42%

Reserves Updated as of June 30, 2013, Net Present Values Comparison

Reserves Certified by Chapman Petroleum Engineering Ltd.

15

Ryder Scott Company Report dated June 30, 2013 estimated:

(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.

Americas Petrogas Shale Resources

Please see next slide and news release dated August 21, 2013 for complete disclosures

Total Petroleum Initially In Place (TPIIP) (Billion BOE)

Best Case P50 Recoverable (Billion BOE)

Americas Petrogas Shale Acreage (1.2 Million Net Acres)

56.1

8.3

16

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.

Americas Petrogas Shale Resources

Please see news release dated August 22, 2013 for complete disclosures

17

Ryder Scott Report (cont’d)

Formation

OOIP - MMBO OGIP – BCF

Oil + Condensate +

Natural Gas

(Mmboe)

P50 P50 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

Probabilistic Aggregation -11 96 5

Total 31,671 146,781 56,134

Formation

EUR

Oil/Condensate -

MMBO

EUR Gas – BCF EUR - MMBOE

C2+P50 C2+P50 C2+P50

Vaca Muerta 1,944 30274 6988

Los Molles (4 Wells) 185 5237 1058

Lower Agrio 160 157 187

Probabilistic Aggregation 10 427 81

Total 2,299 36,095 8,314

Total Petroleum Initially in Place (“TPIIP”)

Contingent + Prospective Recoverable Resources

Please see News Release dated August 22, 2013 for complete Disclosures

18

Los Toldos I – Best Case P50 2.5 Billion Boe NET Unrisked Prospective Recoverable Resources

Net acreage - 44,235 acres/69 sections - 45% Working Interest

ALL.x-1

Los Toldos I

Best Case P50 Net Unrisked Prospective Recoverable Resources:

Oil/Condensate: 168 Million Barrels

Gas: 14 Trillion Cubic Feet

Boe: 2.5 Billion Boe

19

Los Toldos II – Best Case P50 500 Million Boe NET Unrisked Prospective Recoverable Resources


LTE.x-1

ADA.x-1

Los Toldos II



Gas: 550 Billion Cubic Feet

Boe: 500 Million Boe

20

Los Toldos III + IV – Best Case P50 446 Million Boe NET Unrisked Prospective Recoverable Resources

Net acreage - (Los Toldos III + IV) 12,195 acres/19 sections - 45% Working Interest

Los Toldos III


Oil/Condensate: 34 Million Barrels Gas: 450 Billion Cubic Feet Boe: 109 Million Boe

Los Toldos IV


Oil/Condensate: 83 Million Barrels Gas: 1.5 Trillion Cubic Feet Boe: 330 Million Boe

21


Loma Ranqueles



Gas: 4.7 Trillion Cubic Feet

Boe: 860 Million Boe

Loma Ranqueles – Best Case P50 860 Million Boe NET Unrisked Prospective Recoverable Resources

22

Totoral, Yerba Buena, Bajada Colorada – Best Case P50 2.4 Billion Boe NET Unrisked Prospective Recoverable Resources

Net acreage - 1,020,330 acres/1,594 sections - 90% Working Interest

Totoral, Yerba Buena, Bajada Colorada


Oil/Condensate: 1.4 Billion Barrels Gas: 6.1 Trillion Cubic Feet Boe: 2.4 Billion Boe

LHo.x-1

23


Huacalera – Best Case P50 1.4 Billion Boe NET Unrisked Prospective Recoverable Resources

Hua.x-1

Huacalera



Gas: 8.5 Trillion Cubic Feet

Boe: 1.4 Billion Boe

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)

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.

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

Green = oil window

Yellow = immature-early oil

26

Los Molles Shale Gas Potential: Totoral, Yerba Buena, Bajada Colorada

Net acreage - 1,020,330 acres/1,594 sections - 90% Working Interest

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

In addition, the Vaca Muerta is relatively shallow here (~1600m)

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

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

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

(MMBOE/section)

Americas Petrogas

28

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

How does Americas Petrogas Recoverable Resources Compare to other Companies Reserves or Resources?

Bill

ion

bo

e

Approximate Market Cap $ Billion (as of Oct 10, 2013)

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 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

Wintershall (BASF) Farm-in to GyP 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

TOTAL- $400MM

$120MM

$1.25B

$115MM

$200MM

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

31

$0.00

$5,000.00

$10,000.00

$15,000.00

$20,000.00

$25,000.00

$30,000.00

Feb-08 Jul-09 Nov-10 Apr-12 Aug-13

Bakken

Montney

Eagle Ford

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

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”

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 subsidiary in Peru, with additional phosphate potential

34

Americas Petrogas Advantages in Argentina

8.3 Billion Boe

Recoverable

Operator of 14 of 16

Blocks

Production

& Cash Flow

Proven Operations

Team

Partnered with

Neuquén Basin

4.2 Million P2

Reserves

35

GrowMax Agri Corp. 80% Americas Petrogas owned Subsidiary in Peru - Potash & Phosphate Potential

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


chloride of 210,000 tonnes • Inferred Mineral Resource — Brine mass of 140,325,000


chloride of 1,340,000 tonnes

Mineral Resource Estimate for the Sand Reservoir in Bayovar 5, Bayovar 6 and Bayovar 8 • Measured Mineral Resource — Brine mass of 50,429,000


chloride of 280,000 tonnes • Indicated Mineral Resource — Brine mass of 159,234,000


chloride of 780,000 tonnes • Inferred Mineral Resource — Brine mass of 819,562,000


chloride of 3,540,000 tonnes Partnered with:

6.2 Million Tonnes Measured + Indicated + Inferred Potash Resource

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

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

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

Toronto Stock Exchange

Symbol: BOE

Buenos Aires Office:

Tucumán 1 - Piso 8° Ciudad Autonoma Buenos Aires (C1049AAA) Phone:+54 11 4121 5600

39

Appendix

40

Oil Industry Executives Poll: Where do you want to Invest Shale Gas Internationally?

• South America 76% • Asia 13% • Europe 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

41

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

Loma Ranqueles

42

Loma Ranqueles – Multiple Targets

W EN S

TOP LOWER TRONCOSO

TOP CUYO

TOP MULICHINCO

TOP TORDILLO

LR.x-1

Mulichinco Prospect Pmean

Area: 52 Km2

Top Mulichinco Fm. Time Structure Map

Tordillo Prospect Pmean Area: 24

Km2

Top Tordillo Fm. Time Structure Map

• 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

LR.x-1 LR.x-1

Vaca Muerta

Tordillo Tordillo

Vaca Muerta

Mulichinco Mulichinco

Lower Troncoso Lower Troncoso

43

Americas Petrogas Shale Drilling 2012/13

Totoral - LHo.x-1 Oil Discovery - Second Well Planned - Americas Petrogas: 90% WI

Los Toldos I - All.x-1 Gas Discovery - Partner

Los Toldos II - LTE.x-1 Oil Discovery - Second Well, ADA.x-1 drilled, awaiting completion

Loma Ranqueles - Spud 2013 - Americas Petrogas: 90% WI

Huacalera HUA.x-1 - Partner

Partner

44

Top Acreage Holders in the Neuquén Basin

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

1.37MM net acres

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

46 Fuente: Legaretta & Villar – 2011 Modificado: Víctor Linari

Americas Petrogas Blocks

Los Molles Vaca Muerta Agrio

Shale Maturity and API Blocks

*Note: interestingly, Apache announced a discovery in this immature area (BBG-39)

Business

Americas petrogas presentation_october_15_2013