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(VSE-MVN) - MADALENA VENTURES INC Retour
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24 Novembre 2011 18:24 Madalena Ventures Inc. Announces Financial and Operating Results for the Three and Nine Month Periods Ended September 30, 2011
Madalena Ventures Inc. Announces Financial and Operating Results for the Three
and Nine Month Periods Ended September 30, 2011Canada NewsWireCALGARY, Nov.
24, 2011/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES/ TSXV Trading Symbol: MVN

CALGARY, Nov. 24, 2011 /CNW/ - Madalena Ventures Inc. ("Madalena" or the
"Company") (TSX Venture: MVN) today announced that it has filed its
unaudited financial statements and related management's discussion and
analysis ("MD&A") for the three and nine month periods ended September 30,
2011 on www.sedar.com and on its website www.madalena-ventures.com. All
amounts are in Canadian dollars ($) unless otherwise stated. HIGHLIGHTS
Highlights in the nine months ended September 30, 2011 include:
Successfully drilling the CorS X-1 deep gas exploration well on the
Cortadera Block encountering thick Mulichinco, Quintuco and Vaca Muerta
formations. Testing of the well is expected to begin in Q1 2012 once all
necessary geo-chemical and geo-mechanical work is complete; Drilling and
testing of the CAS X-1 and CAN X-4 wells on the Coiron Amargo Block
resulting in initial test production rates from the Sierras Blancas
formation of 200 and 650 barrels of oil per day (bopd), respectively;
Finalizing plans at CAS X-1 for a large 3 stage hydraulic fracture
stimulation program in mid December 2011 in the Vaca Muerta formation.
Initial flow and pressure tests of the Vaca Muerta formation resulted in the
well flowing approximately 40 bopd of 32 degree API crude oil without any
fracture stimulation treatment; and Drilling the Yapai X-1001 exploration
well on the Curamhuele Block recovering light gravity crude oil as well as
natural gas without any measurable formation water from the Avile and Agrio
formations. OVERVIEWCoiron Amargo Block (35% working interest) At Coiron
Amargo the Company has had a 100% drilling success rate in the conventional
Sierras Blancas formation drilling five wells into separate anomalies
defined on 3D seismic. In March 2011, the Company drilled and cased the CAS
X-1 exploration well in the southern portion of the block and in May 2011
drilled the CAN X-4 well approximately 16 km away in the northern portion of
the block. Oil and gas shows were evident in both wells during the drilling
of the Sierras Blancas formation and the non-conventional Vaca Muerta
formation. In June 2011, the CAS X-1 well initially tested oil up to 200
barrels per day from the Sierras Blancas formation following fracture
stimulation treatment. In July 2011, the CAN X-4 well tested from the
Sierras Blancas formation 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. Production from the four producing
Sierras Blancas wells in the northern portion of the block is currently
being restricted and fieldwork has commenced on a central facility and gas
pipeline which will allow gas sales. An application to convert the northern
portion of the block into a 25 year exploitation licence has been submitted
for review by provincial authorities. Madalena further anticipates drilling
a number of additional fault trend Sierras Blancas anomalies as well as a
strong development drilling program on existing discovered anomalies. In
the non-conventional Vaca Muerta formation, the Company has now drilled a
total of five vertical wells in the northern and southern portions of the
block each of which appear similar on electric logs and have had indications
of hydrocarbons. The total thickness of the Vaca Muerta formation has
ranged from 350 to 475 feet thick. At the CAS X-1 well, flow and pressure
data was collected from the lower portion of the formation in July 2011 with
the well flowing at approximately 40 bopd of 32 degree API crude oil without
any fracture stimulation treatment. The Company has finalized plans for a
large 3 stage hydraulic fracture stimulation of the well which if successful
could lead towards a large, multi-well drilling program on the block in
2012/2013 specifically for Vaca Muerta shale oil. The fracture stimulation
is expected to commence in mid December 2011. Cortadera Block (40% working
interest) In September 2011, the CorS X-1 exploration well was drilled with
joint venture partner and operator Apache Energia Argentina S.R.L.,
(Apache), to a total depth ("TD") of 14,760 feet. The CorS X-1 well is a
potential high impact exploration well targeting several thick tight sand
and shale gas formations in an emerging potential shale gas corridor along
the western edge of the basin. Based on electric logs in conjunction with
select full diameter and side wall cores, the well encountered a gross
thickness of 2,323 feet in the Vaca Muerta shale formation, 2,024 feet in
the Quintuco formation overlying the Vaca Muerta formation and 676 feet in
the Mulichinco formation. Additional rotary sidewall cores were obtained for
analysis in the Agrio formation overlying the Mulichinco formation. Over
the past two months, extensive laboratory analysis of drill cuttings and
cores has been underway for integration with electrical and mud logging
information in order to design a testing and well stimulation program for
the well. Testing and stimulation operations are anticipated to commence in
Q1 2012. Curamhuele Block (90% working interest) 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. In June 2011, the
Company completed drilling the Yapai X-1001 well to a total measured depth
("MD") of 10,743 feet (10,478 true vertical depth or "TVD") penetrating the
Lower Troncoso, Avile and Agrio formations. The Avile and Agrio formations
were perforated and swab tested in three stages between 7,782 feet MD and
10,620 feet MD. Light gravity crude oil was recovered from each test as well
as natural gas without any measurable formation water indicating a trapped
hydrocarbon system. A fracture stimulation program is being designed in
order to fully test and evaluate these formations. The Yapai X-1001 well
could be re-entered at a later date and deepened to the Mulichinco and Vaca
Muerta shale formation. In addition, 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 tie-in and or potential re-entry to test
the prospective Vaca Muerta shale formation. Information gathered from the
drilling and testing of the CorS X-1 well is also expected to assist the
Company in developing plans for future exploration and potential development
of the Vaca Muerta formation in the block. FINANCIAL AND OPERATING
INFORMATION Certain selected financial and operating information for the
three and nine month periods ended September 30, 2011 and 2010 are set out
below and should be read in conjunction with Madalena's unaudited financial
statements and related MD&A. Three Months Ended Nine Months Ended
September 30, September 30, 20112010 20112010 $$
$$Financial Information Revenue 619,178 -
1,989,163 - Funds used in operations(1) (624,176)
(530,530) (2,228,859) (1,966,382) Funds used in operations per
share(1) - - (0.01) (0.01) Cash flow used in operating
activities (478,183) (487,218) (2,107,111) (2,024,232)
Cash flow used in operating activities per share - - (0.01)
(0.01) Cash flow from discontinued operations - 408 -
3,534,519 Cash flow from discontinued operations per share - -
- 0.02 Net loss from continuing operations (315,915)
(636,106) (14,551,023) (2,270,553) Net loss from continuing
operations per share - - (0.06) (0.01) Net loss for the
period (315,915) (624,144) (14,551,023) (2,166,303) Net
loss for the period per share - - (0.06) (0.01) Total
assets 45,426,540 22,496,662 45,426,540 22,496,662
Working capital 19,730,619 10,994,925 19,730,619
10,994,925 Capital expenditures 3,011,513 275,872
15,951,447 577,142 Debt - - - -
Production Oil production (barrels
per day) 103 - 116 - 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.


Results of operations Oil and gas revenue in the three months ended September
30, 2011 was $619,178 compared to $nil in the third quarter of 2010. Oil and
gas revenue increased to $1,989,163 for the nine months ended September 30,
2011 compared to $nil for the corresponding period in 2010. The increase
in oil and gas revenue in 2011 is due to the classification in the fourth
quarter of 2010 of the Coiron Amargo Block as a development and production
asset. The Company's share of oil production from the Coiron Amargo Block in
the three and nine month periods ended September 30, 2011 was 9,462 barrels
(103 barrels per day) and 31,741 barrels (116 barrels per day),
respectively. The Company's share of oil sales in the three and nine months
ended September 30, 2011 was 9,592 barrels and 34,094 barrels,
respectively. Oil production from the block is stored and periodically sold
once a sufficient quantity is reached. The Company realized a net loss of
$315,915 for the three months ended September 30, 2011 compared to $624,144
in the third quarter of 2010. Net loss increased to $14,551,023 for the
nine months ended September 30, 2011 compared to $2,166,303 for the
corresponding period in 2010. Net loss increased primarily due to an
impairment loss of $11,006,637 on exploration and evaluation assets in the
second quarter of 2011, higher general and administrative expenses and share-
based payments expense partially offset by oil revenue in 2011 from the
Coiron Amargo Block and higher interest income. At September 30, 2011
Madalena had working capital of $19,730,619 compared to $37,005,522 at
December 31, 2010. Working capital decreased as a result of drilling the
Curamhuele X-1001 and Yapai X-1001 exploration wells in the period and
general and administrative costs partially offset by oil revenue in 2011
from the Coiron Amargo Block and higher interest income on cash balances.
The Company had negative funds from operations in the three and nine month
periods ended September 30, 2011 totaling $624,176 (2010 - $530,530) and
$2,228,859 (2010 - $1,966,382), respectively. Funds used in operations
increased as a result of higher general and administrative expenses
partially offset by oil revenue from the Coiron Amargo Block and higher
interest income on cash balances. About Madalena 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. Madalena is
publicly traded on the TSXV under the symbol "MVN". Forward Looking
Statements and BOE equivalents 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. 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 release.

Dwayne H. Warkentin President and Chief Executive Officer Madalena
Ventures Inc. Phone: (403) 233-8010 ext 232
Anthony J. Potter Vice President, Finance and Chief Financial Officer
Madalena Ventures Inc. Phone: (403) 233-8010 ext 233




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