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18 Juillet 2011 18:10 Madalena Operations Update
Madalena Operations UpdateCanada NewsWireCALGARY, July 18, 2011


TSXV Trading Symbol: MVNCALGARY, July 18, 2011 /CNW/ - Madalena Ventures Inc.
and its wholly owned subsidiary Madalena Austral SA ("Madalena" or the
"Company"), is pleased to provide an update on its drilling and testing
operations in Argentina. On the Coiron Amargo Block, the CAN X-4
exploration well was drilled in May 2011 to a total depth ("TD") of 11,027
feet and cased as a potential oil discovery.† Both oil and gas shows were
evident during the drilling of the Vaca Muerta and Sierras Blancas
formations. During testing of the Sierras Blancas formation under choke
sizes between 4 and 8 mm, the well tested over a 34 hour period at flow
rates up to 650 bopd of 39 degree API light crude oil and 780 mcfd of gas at
flow pressures between 700 - 900 psi wellhead pressure.† The Company
intends to complete testing operations over the next several days and place
the well on production. The Vaca Muerta formation interval encountered by
the CAN X-4 well was 456 feet thick. In the northern and southern portion of
the block, the Company has now drilled into the Vaca Muerta formation 5
vertical wells each of which appears similar on electric logs and have had
indications of hydrocarbons.† At the CAS X-1 well location in the southern
portion of the block, flow and pressure data have now been collected from
the lower portion of the formation with the well flowing at approximately
40 bopd of 32 degree API crude oil without any fracture stimulation
treatment.† Further testing of the well including a large hydraulic fracture
stimulation program is expected to be completed in the third quarter.† If
successful, the Company could seek to accelerate testing of its other wells
on the block using additional fracture stimulation capacity being brought
into the Neuquen Basin as well as proceed with preparations for a large,
multi-well drilling program in 2011/2012 specifically for Vaca Muerta shale
oil. Dwayne Warkentin, President and Chief Executive Officer commented "the
flow of oil from the Vaca Muerta shale in the CAS X-1 well prior to any
fracture stimulation combined with the fracture stimulated results from the
Vaca Muerta shale formation in the near-by Loma La Lata Block provide the
Company with an excellent resource base in combination with the conventional
Sierras Blancas oil play on the Coiron Amargo Block". On the Cortadera
Block, the CorS x-1 exploration well is currently drilling ahead at
approximately 9,760 feet.† The well is scheduled to be drilled to
approximately 14,100 feet depth targeting the Quintuco, Mulichinco, Vaca
Muerta shale and Tordillo formations. The Company anticipates that the well
will reach TD in early August 2011. On the Curamhuele Block, the Company is
currently finalizing plans to test several of the Avile sands and the Lower
Troncoso formation encountered by the Yapai X-1001 drilled in June 2011.†
Based on electric logs, the well encountered a potential gross hydrocarbon
column of 23 feet in the Lower Troncoso formation at 4,640 feet MD (4,394
feet TVD) and as programmed the well also encountered multiple stacked Avile
formations from 6,800 feet MD (6,530 feet TVD) to 10,620 feet MD (10,360
feet TVD).† Testing operations are expected to begin in August 2011.
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. Any references in this news
release to test rates, flow rates, initial and/or final raw test or
production rates, early production and/or "flush" production rates are
useful in confirming the presence of hydrocarbons, however, such rates are
not determinative of the rates at which such wells will commence production
and decline thereafter. Additionally, such rates may also include recovered
"load" fluids used in well completion stimulation. Readers are cautioned not
to place reliance on such rates in calculating the aggregate production for
the Company. 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
release. Dwayne H. Warkentin† President and Chief Executive Officer†
Madalena Ventures Inc.† Phone: (403) 233-8010 ext 229†
Anthony J. Potter Vice President Finance and Chief Financial Officer
Madalena Ventures Inc. Phone: (403) 233-8010 ext 233

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