NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED STATES
TSXV Trading Symbol: MVN
CALGARY, April 6 /CNW/ - Madalena Ventures Inc. and its wholly owned
subsidiary Madalena Austral SA ("Madalena" or the "Corporation"), is
pleased to announce that the Corporation's CAS X-1 exploratory well on
the Coiron Amargo block has been cased as a potential hydrocarbon
discovery. The well is situated in the southern portion of the block
approximately 16 km south of the successful CAN X-1 exploration well
drilled in the northern portion of the block in September 2010.
The CAS X-1 well was drilled to a total depth ("TD") of 11,840 feet and
has been cased to 11,040 feet in the Sierras Blancas formation. The rig
will be released shortly and move to drill the CAN X-4 well in the
northern portion of the block. 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 is similar to the
Vaca Muerta formation encountered in the previous three wells drilled
on the northern portion of the block. In addition, the Company
acquired for further study nine sidewall cores at various intervals
over the entire formation. The Sierras Blancas formation had a
potential gross hydrocarbon column of 75 feet. Two sidewall cores were
also obtained in the Sierras Blancas formation for further study. The
coring and electric log information will be used by the joint venture
in planning a completion and testing program for the well. A completion
rig is expected to be mobilized in three weeks to test the well and the
CAN X-4 well should that well also be cased.
The CAS X-1 well is the first well in the second stage of a multi-well
drilling program ("Farmout") on the block. The fourth and final well
under the Farmout is the CAN X-4 well to be drilled in the northern
portion of the block between the CAN X-1 and CAN X-2 wells. When the
second stage of the Farmout is complete, Madalena's working interest in
the block will be reduced from 52.5% to 35%.
On the Curamhuele block, the Curamhuele X-1001 well is currently
drilling ahead at 7,470 feet after experiencing difficult drilling
conditions which required a sidetrack of the well. An intermediate
casing string will be set over this section prior to continuing to a
planned depth of approximately 8,900 feet in order to penetrate the
Lower Troncoso and Avile formations.
On the Cortadera block, the Company has received formal government
approval of the Company's previously announced farmout of the block to
Apache Energia Argentina S.R.L. The Company has also received approval
of its application to convert the three year extension of the licence
into a one year continuation of the first exploration period to be
followed by a new two year exploration period. Road and site
construction continues and drilling is expected to commence in the
second quarter of 2011.
Madalena is also pleased to announce the appointment of Mr. Fernando
Villegas as Vice-President Engineering of Madalena Austral SA. Mr.
Villegas is a Petroleum Engineer with 36 years of international
drilling experience in South America including Colombia, Argentina and
Peru, in North America and in the Middle East. Mr. Villegas has held
senior drilling and leadership positions with several leading
international oil and gas production and service companies including
Nexen, BP Colombia and Halliburton. Mr. Villegas will be based with
Madalena Austral at its corporate office in Buenos Aires, Argentina.
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