TULSA, Okla., April 13 /PRNewswire-FirstCall/ -- The board of directors of Apco Argentina Inc. has approved a regular quarterly dividend of 2 cents per share on the company's ordinary shares.
The first-quarter dividend is payable on May 4, 2009, to shareholders of record at the close of business on April 23, 2009.
Apco reduced its dividend compared with the prior quarter to preserve cash and increase liquidity at a time when it perceives an improved environment for investments.
Additionally, Apco has experienced reduced cash flow from operations due to higher costs over the last several quarters and from lower oil prices.
"In spite of the global economic conditions and the difficult period our industry is facing, we remain committed to continuing our approach to disciplined growth," said Ralph Hill, Apco's chairman and CEO.
"We reduced our dividend as a way to position ourselves to fund investment opportunities and any future bonus payments related to our potential concession extensions in Argentina," Hill added.
Historically, Apco has primarily acquired reserves, funded development and conducted exploratory drilling through internally generated cash flow.
About Apco
Apco is an international oil and gas exploration and production company with interests in seven oil and gas concessions and one exploration permit in Argentina. More information is available at www.apcoargentina.com. Go to http://www.b2i.us/irpass.asp?BzID=1671&to=ea&s=0 to join our e-mail list.
Contact: Kelly Swan Williams (media relations) (918) 573-4944 Thomas Bueno Apco Argentina (investor relations) (918) 573-2570
Our reports, filings, and other public announcements may contain or incorporate by reference statements that do not directly or exclusively relate to historical facts. Such statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You typically can identify forward-looking statements by the use of forward-looking words, such as "anticipate," believe," "could," "continue," "estimate," "expect," "forecast," "may," "plan," "potential," "project," "schedule," "will," and other similar words. These statements are based on our present intentions and our assumptions about future events and are subject to risks, uncertainties, and other factors. In addition to any assumptions, risks, uncertainties or other factors referred to specifically in connection with such statements, other factors not specifically referenced could cause our actual results to differ materially from the results expressed or implied in any forward-looking statements. Those factors include, among others:
-- availability of supplies (including the uncertainties inherent in assessing, estimating, acquiring and developing future oil and natural gas reserves), market demand, volatility of prices, and the availability of capital; -- inflation, interest rates, fluctuation in foreign currency exchange rates, and general economic conditions (including the recent economic slowdown and the disruption of credit markets and the impact of these events on our customers and suppliers); -- the strength and financial resources of our competitors; -- development of alternative energy sources; -- the impact of operational and development hazards; -- costs of, changes in, or the results of laws, government regulations, environmental liabilities and litigation; -- political conditions in Argentina and other parts of the world; -- the failure to renew participation in hydrocarbon concessions granted by the Argentine government on reasonable terms; -- risks associated with future weather conditions and earthquakes; -- acts of terrorism; and -- additional risks described in our filings with the Securities and Exchange Commission.
Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we caution investors not to unduly rely on our forward-looking statements. In addition to causing our actual results to differ, the factors listed above may cause our intentions to change. Such changes in our intentions may also cause our results to differ. We disclaim any obligation to and do not intend to publicly update or revise any forward-looking statements or changes to our intentions, whether as a result of new information, future events or otherwise.
Apco Argentina Inc.
CONTACT: Media, Kelly Swan of Williams, +1-918-573-4944, for Apco
Argentina Inc.; or Investors, Thomas Bueno of Apco Argentina, +1-918-573-2570
Web Site: http://www.apcoargentina.com/
