MVN Madalena Energy Inc

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Madalena Ventures Inc. (TSX VENTURE:MVN) ("Madalena" or the "Corporation") on
behalf of its wholly owned subsidiary, Madalena Ventures International Inc., is
pleased to announce that the TT2 exploration well on the Remada Sud Permit in
southern Tunisia reached total depth of 1500m in the Ordovician Kasbah Leguine
formation on April 16th, 2008. The Remada Sud permit is located in the Ghadames
Basin and is 1.2 million acres in size. Madalena has paid 30% of the TT 2 well
costs to earn a 15% working interest in approximately 600,000 acres. Madalena
retains the option to drill a second earning well to earn a 15% working interest
in an additional 600,000 acres. Partners in the well are Cygam Energy Inc. at
14% and Storm Ventures International Inc. at 71%, with Storm acting as
contractor and the National Oil Company, Entreprise Tunisienne D'Activites
Petrolieres (ETAP) as a holder of the Remada Sud Permit. The well was drilled
without incident or accident by High Arctic's Rapad Rig 2.


The pre-drilling expectation of encountering a 50 meter hydrocarbon column in
Ordovician quartzites appears to have been achieved. A 60 meter core was cut
through the potential reservoir and a full suite of open hole logs was run. The
well is currently being tested open hole and will be cased for completion and
extended production test to determine commerciality. Dependent upon the outcome
of the core evaluation and the initial testing program, the well may require
stimulation to achieve commercial flow rates. The cost for this operation was
built into the original Authority for Expenditure, and the timing of this
subsequent operation is likely to be within 60 to 90 days of rig release,
subject to equipment availability. An additional announcement will be made
following completion of the testing operations.


Madalena is a publicly traded international junior Canadian oil and gas
exploration company trading on the Toronto Venture Stock Exchange under the
symbol "MVN". The Company has assets in Canada, Tunisia and Argentina and is
actively evaluating international oil and gas opportunities with a primary focus
on South America and North Africa.


MADALENA VENTURES INC.

On behalf of the Board

Ken Broadhurst, President

Forward Looking Statements

Certain information set forth in this press release, including a discussion of
future plans and operations, contains forward looking statements that involve
substantial known and unknown risks and uncertainties. These forward-looking
statements are subject to numerous risks and uncertainties, some of which are
beyond management's control, including but not limited to, the impact of general
economic conditions, industry conditions, fluctuation of commodity prices,
fluctuation of foreign exchange rates, environmental risks industry competition,
availability of qualified personnel and management, stock market volatility,
timely and cost effective access to sufficient capital from internal and
external sources, as well as risks inherent in operating in foreign
jurisdictions, including varying judicial or administrative guidance on
interpreting rules and regulations and a higher degree of discretion on the part
of governmental authorities. Actual results, performance or achievement could
differ materially from those expressed in or implied by these forward-looking
statements.


This news release does not constitute an offer to sell or the solicitation of
any offer to buy the securities in any jurisdiction. The Common Shares will not
be and have not been registered under the United States Securities Act of 1933
and may not be offered or sold in the United States, or to a U.S. person, absent
registration, or an applicable exemption therefrom.

Madalena Energy (TSXV:MVN)
Historical Stock Chart
From May 2024 to Jun 2024

Madalena Energy (TSXV:MVN)
Historical Stock Chart
From Jun 2023 to Jun 2024