MADALENA CASES THE CAN X-1 EXPLORATION WELL AS POTENTIAL OIL DISCOVERY
September 27 2010 - 10:23AM
PR Newswire (Canada)
CALGARY, Sept. 27 /CNW/ -- /NOT FOR DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ TSXV
Trading Symbol: MVN CALGARY, Sept. 27 /CNW/ - Madalena Ventures
Inc. and its wholly owned subsidiary Madalena Austral SA
("Madalena" or the "Corporation"), is pleased to announce that the
Corporation's CAN X-1 exploratory well on the Coiron Amargo Block
has been cased as a potential oil discovery. The well is situated
on a defined 3D anomaly midway between the CAN X-3 well drilled in
August 2010 and the CAN X-2 discovery well drilled in 2009. The CAN
X-1 well targeted the Sierras Blancas formation, which is a
prolific oil producer in this part of the Neuquén Basin of
Argentina. The CAN X-1 exploration well was drilled to total depth
("TD") of 10,930 feet and has been cased to TD. The well
encountered several zones with hydrocarbon potential. Based on
electric logs, the Sierras Blancas formation encountered a gross
hydrocarbon column of approximately 65 feet. The Vaca Muerta
formation had a gross hydrocarbon column similar to that
encountered at CAN X-3 of approximately 110 feet. Drilling and
electric log data also indicate potential for hydrocarbons in the
Lotena formation below the Sierras Blancas formation. A completion
rig is being mobilized this week to test the Sierras Blancas
formation encountered by the CAN X-3 well followed immediately by
the CAN X-1 well. As previously disclosed, the CAN X-1 exploration
well is the second well of a two stage, multi-well drilling program
("Farmout") of the Coiron Amargo Block. Under the Farmout, the
Farmee has 60 days from completion of the first stage of the
drilling and completion program to elect to enter into the second
stage of the program. Madalena also announces that the drilling rig
contracted to drill the Corporation's Curamhuele X-1001 exploratory
well (truncation play) is expected to be onsite early October,
2010. The well location was selected based on 3D seismic and is
situated up structure from an existing well located 2.4 kilometres
away which tested varying light oil rates/cuts from two separate
formations. The well is planned to be drilled to a drilling depth
of approximately 8,850 feet in order to penetrate the Lower
Troncoso and Avile formations. The Lower Troncoso and Avile
formations are the main productive horizons from the El Trapial,
Chihuido de la Sierra Negra and Lomita Sur fields located
approximately 20-30 km east of Curamhuele where they have produced
over 750 million barrels of oil to date. All references in this
news release referring to oil and natural gas production from the
El Trapial, Chihuido de la Sierra Negra and Lomita Sur fields have
been obtained from the National Secretary of Energy of 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. %SEDAR: 00017647E 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
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