Azabache Energy Inc V.AZA

News Release

[luvplanes]

Argenta Closes First Tranche of Private Placement
18:00 EDT Friday, June 27, 2008

TORONTO, ONTARIO--(Marketwire - June 27, 2008) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Argenta Oil & Gas Inc. ("Argenta") (TSX VENTURE:AZA) announcesthat it has closed the first tranche of the previously announcedfinancing by issuing 13,670,000 units for initial gross proceeds of$3,417,500. Each unit is comprised of one common share and one-halfcommon share purchase warrant with each full warrant being exercisableinto one common share at $0.35 for a period of 18 months post closing.A finder's fee was paid to certain parties at the discretion of theCompany. The securities issued on closing are subject to a four monthhold period and the private placement is subject to regulatoryapprovals. Argenta has received additional commitments and expects toclose the balance of its financing in the next few weeks.

Argenta Oil & Gas is a Canadian energy resource company with oiland gas assets in the Neuquen Basin of Argentina and in Colombia'sLower Magdalena Basin. Argenta owns and operates all of its assets. TheCompany is focusing on low risk development for growth and is currentlypursuing a number of opportunities. For further information on ArgentaOil & Gas, please visit the Company's website atwww.argentaoilandgas.com.

This press release includes "forward looking statements", within themeaning of applicable securities legislation, which are based on theopinions and estimates of Management and are subject to a variety ofrisks and uncertainties and other factors that could cause actualevents or results to differ materially from those projected in theforward looking statements. Forward-looking statements are often, butnot always, identified by the use of words such as "seek","anticipate", "budget", "plan", "continue", "estimate", "expect","forecast", "may", "will", "project", "predict", "potential","targeting", "intend", "could", "might", "should", "believe" andsimilar words suggesting future outcomes or statements regarding anoutlook. Such risks and uncertainties include, but are not limited to,risks associated with the oil and gas industry (including operationalrisks in exploration development and production; delays or changes inplans with respect to exploration or development projects or capitalexpenditures; the uncertainty of reserve estimates; the uncertainty ofestimates and projections in relation to production, costs andexpenses; the uncertainty surrounding the ability of Argenta Oil &Gas Inc. to obtain all permits, consents or authorizations required forits operations and activities; and health safety and environmentalrisks), the risk of commodity price and foreign exchange ratefluctuations, the ability of Argenta Oil & Gas Inc. to fund thecapital and operating expenses necessary to achieve the businessobjectives of Argenta Oil & Gas Inc., the uncertainty associatedwith commercial negotiations and negotiating with foreign governmentsand risks associated with international business activities, as well asthose risks described in public disclosure documents filed by ArgentaOil & Gas Inc. Due to the risks, uncertainties and assumptionsinherent in forward-looking statements, prospective investors insecurities of Argenta Oil & Gas Inc. should not place unduereliance on these forward-looking statements. Statements in relation to"reserves" are deemed to be forward-looking statements, as they involvethe implied assessment, based on certain estimates and assumptions,that the reserves described can be profitably produced in the future.

FOR FURTHER INFORMATION PLEASE CONTACT:

Argenta Oil & Gas Inc.
Claudio Larotonda
President & CEO
+54.11.4893.4004

Email: [e-mail]

or

Argenta Oil & Gas Inc.
Denis Clement
Director
[phone]