Madalena Ventures Inc. (the “Company” or “Madalena” ) is pleased to provide the following update:
International Update – Curamhuele Block Extension
Following an application and approval process through the first half of 2013, the exploration period for Madalena’s
90% W.I. Curamhuele block has been extended by way of an official decree signed by the Province of Neuquén in
Argentina. This one year extension until November 8, 2014 provides Madalena the financial flexibility to satisfy
the remaining work commitments on the block, versus the previous deadline of November 7, 2013. This extension
also provides Madalena with the opportunity in 2013 to identify a potential strategic partner to accelerate
exploration and development activities on the block. The remaining work commitments at Curamhuele are
approximately US $13.8 million plus VAT.
On the Curamhuele block, the Company has exposure to over 1.5 billion boe (65% oil) of best estimate contingent
plus prospective recoverable resources as estimated by a recent Ryder Scott evaluation. The key zones across the
block are the unconventional Vaca Muerta shale, Lower Agrio shale, and Mulichinco, as well as other conventional
formations of interest. Details of the Ryder Scott evaluation were disclosed in the Company’s press release of
April 30, 2013.
Given this block extension, for the remainder of 2013, Madalena is funded and budgeted to meet its remaining
commitments across its three blocks within the Neuquen Basin.
For more information about related Opportunities and Key Players visit
Unconventional Oil & Gas
