Madalena Reports Shale Resource Potential at Argentina Basin

Madalena Ventures Inc. provided information on the Company's unconventional shale resources on its three land blocks within the Neuquen basin, Argentina.

These resources were evaluated by Ryder Scott Petroleum Consultants Ltd. in a report dated effective December 31, 2012. All of the Company's international properties, which are located within the Neuquen basin, Argentina, were reviewed in the Resource Report although not all of the potential resources and formations were evaluated. All values disclosed herein are net to Madalena's interest.

Highlights

  • Madalena holds 135,000 net acres on the Coiron Amargo (35,027 net acres), Curamhuele (50,400 net acres) and Cortadera (49,600 net acres) blocks within the Neuquen basin, respectively;
  • The main zones of interest for the independent resource evaluation focused on the Vaca Muerta shale, Lower Agrio shale and Basal Quintuco with the evaluated resources based on data from 19 delineation and discovery wells on the blocks, 3D or 2D seismic coverage and core analysis.

The following are summary results of the independent evaluation completed by Ryder Scott for all three blocks held by Madalena.

  • Best Case P50 total petroleum initially in place (PIIP) of 34.8 billion barrels of oil equivalent (boe) (51% crude oil and natural gas liquids (NGL)), comprised of:
    • Best Case P50 discovered PIIP (DPIIP) of 257.4 million boe (95% crude oil and NGLs); and
    • Best Case P50 undiscovered PIIP (UPIIP) of 34.6 billion boe (50% crude oil and NGLs);
  • Best case P50 contingent plus prospective recoverable resources of 2.9 billion boe (45% crude oil and NGLs), comprised of:
    • Best case P50 contingent recoverable resources of 19.4 million boe (95% crude oil and NGL); and
    • Best case P50 prospective recoverable resources of 2.8 billion boe (45% crude oil and NGL).

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