One concern I have is that this is in Argentina. That country is #102 (out of 174) on Transparency International's Corruption Perceptions Index and #160 (out of 177) on the Heritage Foundation's Index of Economic Freedom. The political risk for any foreign investment in Argentina is enormous.
The company had just under C$26M in cash on hand as of June 30, 2013 according to their quarterly statement. Their net income has swung from a loss to a positive in about one year. I'm less concerned with burn rate for a company at this stage provided their revenue is growing and their operating costs remain stable.
I'm adding Americas Petrogas to my watch list. It deserves a more serious look once I can calculate its intrinsic value based on their proven (P90) and probable (P50) reserves.
Full disclosure: No position in Americas Petrogas at this time.