CALGARY, Dec. 29, 2011 /CNW/ - ArPetrol Ltd. ("ArPetrol" or the "Company") announces that its board of directors has approved the adoption of a shareholder rights plan (the "Plan"). The Plan has been adopted to ensure the fair and equal treatment of the Company's shareholders in the event of a take-over bid for the Company's common shares.  It is designed to provide the Company's board of directors and shareholders with an opportunity to fully evaluate any unsolicited take-over bid and, if appropriate, to evaluate and pursue other alternatives to maximize shareholder value without any undue time constraints. The Plan was not adopted in response to any actual or threatened take-over bid or other proposal from a third party to acquire control of the Company.  The Plan is similar to those adopted by several other Canadian companies and is not intended to block take-over bids that treat the Company's shareholders fairly. According to the terms of the Plan, an offer that satisfies certain minimum standards designed to protect shareholder interests will be considered to be a "Permitted Bid".  A Permitted Bid must, among other conditions, be made by way of a take-over bid circular to all shareholders, remain open for a minimum of 60 days and be accepted by a specified percentage of the common shares held by independent shareholders. The Plan is effective as of December 29, 2011. However, in accordance with the requirements of the TSX Venture Exchange, the Company's shareholders will be asked to confirm and ratify the Plan at the next meeting of shareholders and in any event not later than June 20, 2012. If the Plan is not so ratified, the Plan and all rights issued thereunder will terminate. Details of the Plan will be included in the information circular sent to the Company's shareholders in connection with such meeting. About ArPetrol Ltd. The Company is a Calgary-based publicly traded company currently engaged in oil and natural gas exploration, development and production and third-party natural gas processing in Argentina where it also owns and operates a gas processing facility with capacity of 85 million cubic feet (MMcf) per day.   The Company's Common Shares are listed on the TSX Venture Exchange under the symbol "RPT". Additional information relating to the Company is also available on SEDAR at www.sedar.com. Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. ArPetrol Ltd. CONTACT: Tim Thomas, President and Chief Executive Officert.thomas@arpetrol.comOrIan Habke, Chief Financial Officeri.habke@arpetrol.comArPetrol Ltd.Main Phone: 403-263-6738

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