Toronto, Ontario, Canada - Argenta Oil & Gas Inc. ("Argenta") [TSXV: AZA] is pleased to announce that the Company has received approval from the TSX Venture Exchange to extend the expiry date of the Company's common share purchase warrants ("Warrants"), which entitle the holder to acquire one common share at a price of $1 originally expiring on November 17 and 30, 2007, to May 31, 2008. The Company has also applied for and received approval to list the Warrants for trading and in making this application Argenta has waived the acceleration clause contained in the original warrants. Trading will commence on November 19, 2007 under the symbol AZA.WTS.

Equity Transfer & Trust Company will be the Company's registrar and transfer agent for the Warrants and they will be mailing new certificates to all warrant holders in advance of the trading date.

Argenta is a Canadian energy resource company with oil and gas assets in the Neuquen Basin of Argentina and in Colombia's Lower Magdalena Basin. Argenta owns and operates all of its assets. The Company is focusing on low risk development for growth and is currently pursuing a number of opportunities. Argenta's world class management team has over 300 plus years of combined local and international experience.

For further information on Argenta Oil & Gas, please visit the Company's website at www.argentaoilandgas.com or contact:

Charlotte May, Corporate Secretary
T: +416.364.3353 E: cmay@argentaoilandgas.com

Colin Grant, Chief Financial Officer
T: +416.361.2827 E: cgrant@argentaoilandgas.com

The TSX does not accept the responsibility for the adequacy or accuracy of this release. Statements in this press release regarding the Company's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

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