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Symbol: MVNCALGARY, April 29 /CNW/ - Madalena Ventures Inc. ("Madalena" or
the "Company") today announces its operating and financial results for
three months and the year ended December 31, 2010.  Copies of the Company's
consolidated financial statements for the year ended December 31, 2010, the
related Management's Discussion and Analysis (MD&A), and the Annual
Information Form (AIF) have been filed with Canadian securities regulatory
authorities and will be made available under the Company's profile at
www.sedar.com and on the Company's website at www.madalena-ventures.com. All
amounts are in Canadian $'s unless otherwise stated. Highlights 2010 annual
and fourth quarter highlights: Sale of Tunisian assets to focus on core,
high interest projects in Argentina; Extension of exploration period on
all three Argentina exploration blocks; Completion of the drilling of two
successful exploration wells on the Coiron Amargo Block; Commencement of
exploration drilling program on the Curamhuele Block; Significant farm-out
of the Cortadera Block to Apache Energia Argentina S.R.L; Completion of
$26.5 million bought deal equity financing in November 2010; and
Production in December 2010 of 179 barrels of oil per day. Overview Madalena
is an independent, Canadian-based, international upstream oil and gas
company whose main business activities include exploration, development and
production of crude oil, natural gas liquids and natural gas. The Company
currently has production and exploration operations in Argentina and is
focused on international oil and gas opportunities in South America. In
November 2010, the Company issued 40,775,000 common shares at an issue price
of $0.65 per share for gross proceeds to Madalena of $26,503,750.  The
Company also received in 2010 gross proceeds of $8,833,378 from the exercise
of warrants.  The Company exited 2010 in a strong financial position and
anticipates participating in 2011 in a mix of exploration, appraisal and
development type expenditures across its portfolio of high working interest
projects in the Neuquén Basin of Argentina. Coiron Amargo Block In August
and September 2010 the Company drilled the CAN X-3 and CAN X-1 exploration
wells, respectively, in the northern portion of the block. Both wells
encountered hydrocarbon potential in the Vaca Muerta and Sierras Blancas
formations. In the fourth quarter of 2010, both wells tested oil from the
Sierras Blancas formation and were placed on production along with the
Company's CAN X-2 well drilled in 2009.  To date, production from the wells
has been restricted until the drilling of CAN X-4 has been completed and
production can be gathered to a central facility to include gas sales. Due
to the successful fracture stimulation of the CAN X-1 well, further fracture
stimulation treatments on the other Sierras Blancas production wells is
being examined. Additional capital expenditures are planned in 2011 to
increase production and sales from the area. Information gathered from the
CAN X-3 and CAN X-1 wells on the Vaca Muerta formation has been combined by
the joint venture group with other regional and analogous information and
studies.  In 2011, the Company plans to test the Vaca Muerta shale
formation.  The Company may also re-enter the CAN X-2 well and drill a
horizontal leg into the formation. In March 2011, the Company drilled the
CAS X-1 exploration well in the southern portion of the block.  Both oil and
gas shows were evident during the drilling of the Vaca Muerta and Sierras
Blancas formations. Based on electric logs, the Vaca Muerta formation is
similar to the Vaca Muerta formation encountered in the previous three wells
drilled on the northern portion of the block.  In addition, the Company
acquired for further study nine sidewall cores at various intervals over the
entire formation.  The Sierras Blancas formation has a potential gross
hydrocarbon column of 75 feet and two sidewall cores were obtained in the
formation for further study. The coring and electric log information will be
used by the joint venture in planning a completion and testing program for
the well. After previously drilling the CAN X-3 and CAN X-1 wells at no
cost to Madalena, the Farmee elected to exercise its option and enter into
the second stage of a multi-well drilling program ("Farm-out") to earn an
additional working interest in the block. The CAS X-1 well is the first well
in the second stage of the Farm-out and is situated 16 km south of the CAN
wells. Madalena's working interest in the block will decrease from 52.5% to
35% in the event the final two option wells are drilled and completed. The
fourth well under the Farm-out is the CAN X-4 well currently being drilled
in the northern portion of the block between the CAN X-1 and CAN X-2 wells.
Curamhuele Block In April 2011, the Company completed drilling the Curamhuele
X-1001 exploration well (truncation play) to a total depth of 8,430 feet
without encountering commercial quantities of hydrocarbons and subsequently
abandoned the well.  The Company has now commenced drilling the Yapai X-1001
well (thrust play prospect) to a minimum planned depth of 8,600 feet depth
to penetrate the Lower Troncoso, Avile and Mulichinco formations.  Two
previous wells drilled on the block, Curamhuele X-1 and Yapai X-1, have been
drilled into the Mulichinco formation and will be reviewed for potential re-
entry to test the third play on the block, the Vaca Muerta shale formation.
The Company has a 90% working interest in the block following the
Company's agreement in October 2010 to acquire the operator's 20% working
interest in the block. Cortadera Block In March 2011, the Company received
final government approval of a farm-out agreement for the Cortadera Block
with Apache Energia Argentina S.R.L. ("Apache").  The terms of the farm-out
provide for Apache to carry Madalena's exploration commitments on the block
including the drilling of at least one exploration well on the block to earn
a 50% working interest in the block.  Madalena will retain a 40% working
interest in the block.  The capital commitment under the farm-out is US$6
million.  The earning well, CorS x-1, is planned to target the Quintuco,
Mulichinco, Vaca Muerta shale and Tordillo formations and is expected to
commence drilling in mid to late May 2011. Financial and Operating
Highlights   Three Months Ended   Year EndedFinancial InformationDecember
31,   December 31,   20102009   20102009   $$   $$      
      Revenue 247,721 254   307,073 9,412 Funds
used in operations(1) (751,700) (452,596)   (2,740,701)
(2,371,173) Funds used in operations per share(1) - -   (0.01)
(0.02) Cash flow used in operating activities (1,056,413) (524,531)
  (3,040,347) (2,642,064) Cash flow used in operating activities
per share (0.01) (0.01)   (0.02) (0.02) Cash flow from (used
in) discontinued operations 167,475 (588,767)   3,693,380
665,218 Cash flow from (used in) discontinued operations per share -
(0.01)   0.02 0.01 Net loss from continuing operations
(2,150,275) (610,556)   (4,420,272) (2,832,223) Net loss from
continuing operations per share (0.01) (0.01)   (0.02) (0.03)
Net loss and other comprehensive loss (1,841,434) (2,721,709)  
(4,038,752) (6,363,349) Net loss and other comprehensive loss per share
(0.01) (0.02)   (0.02) (0.06) Total assets 63,104,062
27,697,901   63,104,062 27,697,901 Working capital 37,033,741
8,871,993   37,033,741 8,871,993 Capital expenditures
6,600,511 135,713   7,174,904 5,788,312 Debt - -   -
-             Production           Oil
production (barrels per day) (2) 105 -   105 - (1)     Funds
used in operations and funds used in operations per common share are Non-
GAAP measurements - see the discussion under Non-GAAP Measurements contained
in the Company's MD&A. (2)     Average daily oil production since October
1, 2010Results of operations Oil and gas revenue in the year and fourth
quarter ended December 31, 2010 was $241,381 compared to $nil for the
corresponding periods in 2009. The increase in oil and gas revenue in 2010
is due to the recognition of oil and gas sales revenue from the Coiron
Amargo Block in the fourth quarter of 2010 after two new wells drilled on
the block were placed on production and the block was no longer classified
as an unproven property.  The Company's share of oil production from the
Coiron Amargo Block in the fourth quarter and year ended December 31, 2010
was 9,625 barrels or 105 barrels per day when calculated over the entire
fourth quarter.  The Company's share of December 2010 oil production was 179
barrels per day.  Oil production from the block is stored and sold once a
sufficient quantity is reached. The Company realized a net loss of
$4,038,752 for the year ended December 31, 2010, compared to a net loss of
$6,363,349 in 2009.  Net loss decreased in 2010 primarily due to a write-
down in 2009 of the carrying value of the Tunisia cost center at December
31, 2009 by $2,110,666 and cost adjustments recorded in 2010.  Higher
general and administrative expenses and stock based compensation expense in
2010 was partially offset by oil revenue in 2010 from the Coiron Amargo
Block, higher interest income and lower foreign exchange losses in the
year. At December 31, 2010 Madalena had working capital of $37,033,741
compared to $8,871,993 at December 31, 2009.  Working capital increased as a
result of the sale in March 2010 of the Company's interest in the Remada Sud
Permit in Tunisia, completion of an equity offering in November 2010 for
gross proceeds to Madalena of $26,503,750 and the exercise of warrants.
The Company had negative funds from operations in the fourth quarter and
year ended December 31, 2010 totaling $751,700 (2009 - $452,596) and
$2,740,701 (2009 - $2,371,173), respectively.  Negative funds from
operations increased in 2010 as a result of higher general and
administrative expenses partially offset by oil revenue from the Coiron
Amargo Block, higher interest income on cash balances and lower foreign
exchange losses. Reserves The Company increased its total proved reserves to
1,011 Mboe at December 31, 2010 from 431 Mboe at December 31, 2009.  Proved
plus probable reserves increased to 1,793 Mboe at December 31, 2010 from
1,145 Mboe at December 31, 2009, and proved plus probable plus possible
reserves increased to 2,208 Mboe at December 31, 2010 from 1,941 Mboe the
year before. Total proved reserves increased as a result of the successful
drilling in the second half of 2010 of the CAN X-1 and CAN X-3 wells on the
Coiron Amargo Block.  At December 31, 2010, no reserves have been attributed
to the Cortadera or Curamhuele Blocks. OUTLOOK Recent extensions to the
exploration period of all three exploration blocks in Argentina combined
with proceeds from the Company's November 2010 equity financing allows the
Company to move forward with its exploration and development plans. The
amount of capital deployed in 2011 amongst the Company's three blocks will
be dependent on a number of factors including the success of the Coiron
Amargo and Cortadera farm-out wells, drilling operations on the Curamhuele
Block, agreement amongst the joint venture parties regarding future
exploration and or appraisal drilling programs and rig availability.  While
the Company will no longer have a majority interest in the Coiron Amargo and
Cortadera Blocks after completion of the farm-outs, the Company  takes an
active role in the future development of the blocks in order to plan for
future capital commitments and maximize cash flow from the blocks. As the
Company's current blocks mature, the Company will look to acquire new,
underexplored acreage within its regional geographic area as well as
evaluate other acquisition opportunities as they arise. Madalena is a
publicly traded international junior Canadian oil and gas exploration
company trading on the TSX Venture Exchange under the symbol "MVN".  The
Company is actively evaluating international oil and gas opportunities with
a primary focus on South America. Forward Looking Statements The information
in this news release contains certain forward-looking statements. These
statements relate to future events or our future performance. All statements
other than statements of historical fact may be forward-looking statements.
Forward-looking statements are often, but not always, identified by the use
of words such as "seek", "anticipate", "plan", "continue", "estimate",
"approximate", "expect", "may", "will", "project", "predict", "potential",
"targeting", "intend", "could", "might", "should", "believe", "would" and
similar expressions. These statements involve substantial known and unknown
risks and uncertainties, certain of which are beyond the Company's control,
including: the impact of general economic conditions; industry conditions;
changes in laws and regulations including the adoption of new environmental
laws and regulations and changes in how they are interpreted and enforced;
fluctuations in commodity prices and foreign exchange and interest rates;
stock market volatility and market valuations; volatility in market prices
for oil and natural gas; liabilities inherent in oil and natural gas
operations; uncertainties associated with estimating oil and natural gas
reserves; competition for, among other things, capital, acquisitions, of
reserves, undeveloped lands and skilled personnel; incorrect assessments of
the value of acquisitions; changes in income tax laws or changes in tax
laws and incentive programs relating to the oil and gas industry ;
geological, technical, drilling and processing problems and other
difficulties in producing petroleum reserves; and obtaining required
approvals of regulatory authorities. The Company's actual results,
performance or achievement could differ materially from those expressed in,
or implied by, such forward-looking statements and, accordingly, no
assurances can be given that any of the events anticipated by the forward-
looking statements will transpire or occur or, if any of them do, what
benefits that the Company will derive from them. These statements are
subject to certain risks and uncertainties and may be based on assumptions
that could cause actual results to differ materially from those anticipated
or implied in the forward-looking statements. The Company's forward-looking
statements are expressly qualified in their entirety by this cautionary
statement. Except as required by law, the Company undertakes no obligation
to publicly update or revise any forward-looking statements.  Investors are
encouraged to review and consider the additional risk factors set forth in
the Company's Annual Information Form which is available on SEDAR at
www.sedar.com. All calculations converting natural gas to barrels of oil
equivalent ("boe") have been made using a conversion ratio of six thousand
cubic feet (six "Mcf") of natural gas to one barrel of oil, unless
otherwise stated. The use of boe may be misleading, particularly if used in
isolation, as the conversion ratio of six Mcf of natural gas to one barrel
of oil is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at
the wellhead. Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this

  Dwayne H. Warkentin Anthony J. Potter President and Chief Executive
Officer Vice President Finance and Chief Financial Officer Madalena
Ventures Inc. Madalena Ventures Inc. Phone: (403) 233-8010 ext 229 Phone:
(403) 233-8010 ext 233


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