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15 Mars 2012 13:49 Madalena Operations Update
Madalena Operations UpdateCanada NewsWireCALGARY, March 15, 2012


TSXV Trading Symbol: MVN

CALGARY, March 15, 2012 /CNW/ - Madalena Ventures Inc. and its wholly owned
subsidiary Madalena Austral SA ("Madalena" or the "Company"), is pleased to
provide an update on its operations in Argentina. On the Coiron Amargo
Block, the CAS X-2 vertical exploration well in the center of the block has
been cased as a potential oil discovery. The well was drilled and cased to
a total depth ("TD") of 11,522 feet (3,512 meters). In the Sierras Blancas
formation the well encountered a potential gross hydrocarbon column of 70
feet (21 meters). The Vaca Muerta formation interval was found to be 433
feet (132m) thick. Once current operations are completed the drilling rig is
expected to move to the northern portion of the block in order to drill two
further wells in existing discovered Sierras Blancas pools. At CAS X-1,
flow testing of the Vaca Muerta continues where a survey will be performed
to determine the production contribution from each frac stage interval. A
large three stage hydraulic fracture stimulation of the Vaca Muerta
formation was completed as programmed in January 2012. At CAS X-4, testing
has commenced on several horizons below the Vaca Muerta shale formation. At
this well location a full diameter core was taken through most of the Vaca
Muerta interval which will be used to optimize future wells in the Vaca
Muerta formation. A hydraulic fracture stimulation program for the formation
will be prepared after extensive laboratory analysis of the core is
completed. On the Cortadera Block, Apache Energia Argentina S.R.L. and the
Company have completed a two stage hydraulic fracture stimulation of the
Vaca Muerta formation in the CorS X-1 vertical exploration well drilled on
the block in September 2011. A total of 610,000 pounds of high strength
sintered bauxite was utilized in the stimulation treatment. The testing
program is now under way for the Vaca Muerta formation. The CorS X-1 well
was drilled to a TD of 14,760 feet targeting several thick sand and shale
formations along the western edge of the basin. Further work to assess
additional uphole formations (Quintuco, Mulichinco, and Agrio zones) is
expected to be carried out following the Vaca Muerta test. On the
Curamhuele Block, preparations continue to complete a hydraulic fracture
stimulation of the over pressured Lower Agrio shale formation. The thick
Lower Agrio shales on the block are believed to be prospective for oil based
on outcrop work and previous tests of light oil from three existing wells in
the Agrio formation. The planned operation would be the first hydraulic
fracture stimulation of the Lower Agrio shale in the Neuqun Basin. Dwayne
Warkentin, President and CEO of Madalena commented "We are very excited at
the prospect of applying our growing shale oil and shale gas experience in
the Neuqun Basin to Curamhuele where we have a 90% interest. By
integrating our shale experience with our previous seismic, drilling and
testing programs on the block together with recent outcrop work, we've
identified several prospective non-conventional formations on the block
which we plan to test over the next 12 months". Madalena is also pleased to
announce that an application by the Coiron Amargo joint venture to convert
the northern 108 km2 of the 404 km2 block to a 25 year exploitation concession
has been approved by the Province of Neuqun. In addition, the exploration
period for the remainder of the Coiron Amargo Block and the Curamhuele Block
has been extended to November 8, 2013. The extension of the Coiron Amargo
and Curamhuele blocks will require additional work commitments of US$ 51.1
million (Madalena share - US$ 29.3 million). The majority of the drilling
commitments are expected to be fulfilled by Madalena's 2012 drilling
programs. At the end of the exploration period, fifty percent of the blocks
remaining area must be relinquished or converted into an exploitation
concession. Both exploration blocks qualify for an additional one year
extension period at the end of their exploration periods in the fourth
quarter of 2013. 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 necessarily indicative of long-term performance or of ultimate
recovery. 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. In addition,
the Vaca Muerta shale is an unconventional resource play which may be
subject to high initial decline rates. 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. Given that the value ratio based on the
current price of crude oil as compared to natural gas is significantly
different from the energy equivalency of 6:1, utilizing a conversion on a
6:1 basis may be misleading as an indication of value. 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

02 Mars 2015 22:05
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