/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES/
TSXV Trading Symbol: MVN
CALGARY, Sept. 6, 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 operations on the
Cortadera Block in the Neuquén Basin in Argentina.
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. Casing to total depth will be run. A full suite
of electrical logs were run tailored to investigate conventional and
unconventional formations including shale in conjunction with select
full diameter cores and side wall cores. Initial results are:
The Vaca Muerta shale formation was found to be 708 meters (2,323 feet) in gross thickness. Full diameter vertical cores and rotary side wall
cores were obtained in the Vaca Muerta section.
In addition to the prospective shale formation thickness encountered in
the Vaca Muerta formation, the CorS X-1 well also encountered gross
thickness of 617 meters (2,024 feet) in the Quintuco formation overlying the Vaca Muerta. Rotary side wall cores were
obtained from the Quintuco formation.
In addition to the Vaca Muerta and Quintuco formations, the well also
encountered a gross thickness of 206 meters (676 feet) in the Mulichinco formation where rotary side wall cores were taken in areas of elevated
Additional rotary sidewall cores were obtained for analysis in the Agrio formation overlying the Mulichinco.
Laboratory analysis will be carried out on the drilling cuttings, side
wall cores and full diameter vertical cores and integrated with the
existing 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 October, 2011.
Madalena has a 40% working interest in the Cortadera Block which covers
Commenting on the drill results of the CorS X-1 well, Mr. Dwayne
Warkentin, President and CEO stated: "We are very pleased with the
operations carried out by Apache Argentina on this, our deepest well
yet drilled. It is exciting to be involved in one of the initial modern
era wells drilled in the western portion of the Neuquén Basin,
specifically designed to test the prospective Vaca Muerta shale.
Information gathered from the drilling and testing of this well will
also assist us in our plans for the exploration and potential
development of the Vaca Muerta formation in our Curamhuele Block
situated 30 kilometers north and on trend with Cortadera where we own
and operate a 90% working interest. We look forward to the full
testing and evaluation of the CorS X-1 well which we anticipate will
commence next month."
Madalena is a publicly traded international junior Canadian oil and gas
exploration company trading 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
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
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