Madalena Cases Argentina Well as Potential Oil Discovery

Madalena Ventures reported 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 announced 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 kilometers 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.


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