/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