The 2% increase is primarily attributable to higher volumes from Apco’s Tierra del Fuego and Acambuco concessions.
Apco has a 52.79% interest in the Bajada del Palo concession, of which 23% is a direct participation joint venture interest and 29.79% is an indirect interest through its stock ownership in the operator of the concession, Petrolera Entre Lomas.
During 2007, Apco participated in the drilling of 43 wells in its various concessions, with 41 wells or 95% completed and placed into production.
Thomas Bueno, Apco’s president and COO, said: Volumes for 2007 also include a minor amount of production from our newly acquired Bajada del Palo concession.
