Americas Petrogas, Inc. reported audited consolidated earnings results for the year ended December 31, 2015. For the year, the company reported net loss attributable to owners of the company of CAD 40,451,000 or CAD 0.17 per basic and diluted share compared to CAD 52,851,000 or CAD 0.24 per basic and diluted share reported in the same period last year. Net revenue was CAD 20,336,000 against CAD 26,033,000 reported last year. Capital expenditures were CAD 10,032,000 against CAD 20,773,000 reported last year. Operating loss was CAD 21,840,000 against CAD 26,932,000 reported last year. Loss before income tax was CAD 39,681,000 against CAD 42,387,000 reported last year. Net cash used in operating activities was CAD 1,330,000 against net cash generated from operating activities of CAD 9,753,000 reported last year.

Capital spending program in 2016 of approximately USD 12.5 million includes: Peru (approximately USD 12.0 million) -- additional borehole drilling on Bayovar 5 & 7, assay/lab testing and resource updates, Preliminary Economic Assessment Report, expanding the Carnallite/Kainite production ponds, and acquisition payments. Argentina (approximately USD 0.5 million) -- production tests of two shut-in gas wells at Vaca Mahuida and further technical studies on the remaining blocks.