Madalena Ventures Inc., an international and Canadian (“domestic”) focused upstream oil and gas company is pleased to provide the following operational update on its international assets.
International Operations Update – Neuquen Basin, Argentina
Madalena holds three blocks / concessions within the prolific Neuquén basin in Argentina and is moving
forward to delineate its large in-place unconventional oil & gas resources within the Vaca Muerta shale
and Lower Agrio shale, alongside tight sand plays in the Mulichinco and Quintuco formations and select
conventional zones of interest. Madalena holds 135,000 net acres across the Coiron Amargo (35,027
net acres), Cortadera (49,600 net acres), and Curamhuele (50,400 net acres) blocks with an estimated
2.9 billion boe of net (45% crude oil and natural gas liquids), best case P50 contingent and prospective
recoverable resources (as estimated by a recent Ryder Scott independent evaluation of Madalena’s
acreage).
On July 12, 2013, in the southern portion of the Coiron Amargo block (Madalena 35% working interest),
the CAS.x-14 well commenced drilling with the primary target being the Vaca Muerta shale. Drilling is
expected to take three to four weeks with completion operations to follow. The CAS. x-14 well is the
first well of a multi-well program planned for the remainder of 2013 on the Coiron Amargo block. After
CAS.x-14, the next two wells to be drilled on the block include the first horizontal (CAN.xr-2h) into one of
six Sierras Blancas conventional light oil pools discovered to date and a subsequent Vaca Muerta shale
delineation well (CAS.x-15) in the southern portion of the block. In addition, the shooting of two 3D
seismic programs have been recently completed at Coiron Amargo Sur. The Coiron Amargo block (both
north and south regions) now have extensive 3D seismic coverage.
At Cortadera (Madalena 40% working interest), the Company has recently agreed with its partners on
next steps to progress the block and plans to re-enter the CorS.X-1 deep test originally drilled and
completed as a Vaca Muerta shale gas discovery in early 2012. The CorS.X-1 location was cased to a
depth of 4,500 meters with four zones of interest identified by way of log interpretation and analysis.
The re-entry work involves moving uphole to perforate, fracture stimulate and evaluate one or more
uphole zones of interest in the Mulichinco (250 meters thick), Quintuco (577 meters thick) or Agrio
formations. Re-entry operations at CorS.X-1 are planned to commence in early Q4-
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