Madalena Ventures Inc. and its wholly owned subsidiary Madalena Austral SA ("Madalena" or the "Corporation"), announced Tuesday that the Corporation's CAN X-4 exploratory well on the Coiron Amargo Block has been cased as a potential oil discovery. The well is situated on a separately defined 3D drilling anomaly located between the CAN X-1 and CAN X-2 wells.
The CAN X-4 exploration well was drilled to total depth ("TD") of 11,027 feet and has been cased to TD. Both oil and gas shows were evident during the drilling of the Vaca Muerta and Sierras Blancas formations. Based on electric logs, the Vaca Muerta formation had similar thickness and characteristics to the other four wells the Corporation has drilled on the block. In the Sierras Blancas formation, the well encountered a potential gross hydrocarbon column of 92 feet.
The Corporation now plans to return to the CAS X-1 well drilled in April 2011 in the southern portion of the block to test both the Sierras Blancas and Vaca Muerta formations encountered by the well. Part of the test is expected to include a fracture stimulation of the Vaca Muerta formation and combined test results will be reported as soon as they are available. Completion operations at the CAS X-1 well have commenced to be immediately followed by testing of the CAN X-4 well.
Madalena is a publicly traded international junior Canadian oil and gas exploration company. The Company is actively evaluating international oil and gas opportunities with a primary focus on South America.
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