Madalena Suspends Curamhuele Well
Madalena Ventures Inc. and its wholly owned subsidiary Madalena Austral SA, announced that the Curamhuele X-1001 exploration well located on the Curamhuele Block in the Province of Neuquén, Argentina has been temporarily suspended with intermediate casing set at 4,000 feet due to operational issues associated with drilling through the lower portion of the Neuquen group formation. Madalena will re-enter the well and continue to the objective formations early in the new year utilizing specialized equipment that is not available at this time. Plans to re-enter the well will be combined with ongoing preparations to drill the Yapai X-1001 (previously named Yapai X-2) thrust play well in the first quarter of 2011.
Madalena anticipates that it will be active on all three of its exploration blocks in the first quarter of 2011. On the Coiron Amargo Block, Apco Oil & Gas International Inc. has elected to enter into the second stage of the previously announced multi-well drilling program and farm-out on the block. Drilling of the third well under the farm-out agreement, CAS X-1, is expected to commence in January 2011 in the southern portion of the block. The well is scheduled to be drilled to approximately 11,500 feet depth to penetrate not only the primary objective horizon in the Sierras Blancas formation, but will also allow examination of the prospective Quintuco and Vaca Muerta horizons above, and the Lotena formation below. The joint venture has agreed on two further exploitation locations for which an environmental impact assessment will be submitted to regulatory authorities once completed. In addition, the joint venture anticipates further exploration activity on the block associated with the Vaca Muerta shale formation.
Both the CAN X-1 and CAN X-3 exploration wells drilled in the northern portion of the block are on production. It is anticipated that the joint venture will return to the CAN X-3 location in the first quarter of 2011 to conduct further testing operations.
On the Cortadera Block, a well location has been identified and an environmental impact assessment has been submitted to regulatory authorities. Madalena anticipates that an exploration well targeting gas in the Mulichinco tight sand and Vaca Muerta shale formations will be drilled on the block in the first quarter of 2011.
The Corporation would like to remind holders of common share purchase warrants (the "Warrants") that the Warrants will expire on December 30, 2010 at 5:00 p.m. (Calgary time) (the "Expiry Time").
Madalena is a publicly traded international junior Canadian oil and gas exploration company trading on the TSXV under the symbol "MVN". The Corporation is actively evaluating international oil and gas opportunities with a primary focus on South America.