MADALENA CASES THE CAN X-4 WELL AS A POTENTIAL OIL DISCOVERY

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TSXV Trading Symbol: MVN

CALGARY, May 10 /CNW/ - Madalena Ventures Inc. and its wholly owned subsidiary Madalena Austral SA ("Madalena" or the "Corporation"), announces that the Corporation's CAN X-4 exploratory well on the Coiron Amargo Block has been cased as a potential oil discovery. The well is situated on a separately defined 3D drilling anomaly located between the CAN X-1 and CAN X-2 wells.

The CAN X-4 exploration well was drilled to total depth ("TD") of 11,027 feet and has been cased to TD.  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 had similar thickness and characteristics to the other four wells the Corporation has drilled on the block. In the Sierras Blancas formation, the well encountered a potential gross hydrocarbon column of 92 feet.

The Corporation now plans to return to the CAS X-1 well drilled in April 2011 in the southern portion of the block to test both the Sierras Blancas and Vaca Muerta formations encountered by the well.  Part of the test is expected to include a fracture stimulation of the Vaca Muerta formation and combined test results will be reported as soon as they are available.  Completion operations at the CAS X-1 well have commenced to be immediately followed by testing of the CAN X-4 well.

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 Corporation'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 Corporation'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 Corporation 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 Corporation's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Corporation 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 Corporation's Annual Information Form which is available on SEDAR at www.sedar.com.

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.

SOURCE Madalena Ventures Inc.

For further information:

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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Madalena Ventures Inc.

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