MADALENA ANNOUNCES OPERATIONS UPDATE
October 13 2010 - 3:12PM
PR Newswire (Canada)
CALGARY, Oct. 12 /CNW/ -- /NOT FOR DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ TSXV
Trading Symbol: MVN CALGARY, Oct. 12 /CNW/ - Madalena Ventures Inc.
and its wholly owned subsidiary Madalena Austral SA ("Madalena" or
the "Corporation"), is pleased to announce that drilling operations
have commenced on the Corporation's Curamhuele X-1001 exploratory
well. 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 well is expected to take approximately 30
days to drill and if successful, a completion of the well will be
performed. On the Coiron Amargo Block, testing operations on the
CAN-X3 exploration well have commenced. The well was drilled in
August 2010 to a total depth of 10,590 feet and targeted the
Sierras Blancas formation, which is a prolific oil producer in this
part of the Neuquén Basin 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. 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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