Madalena Ventures Inc. provide the following operational updates:

On the Coiron Amargo Block (35% working interest), the CAN-8 development well located 800 meters southeast of the existing CAN-7 oil producer on the northern portion of the block (i.e. Coiron Amargo Norte) which was cased to a total depth (TD) of 10,433 feet in December 2012, was completed over the last few weeks following a successful remedial cement squeeze executed across the Sierras Blancas light oil zone, which is one of two oil zones encountered in the wellbore.

The CAN-8 well was then perforated without any stimulation and production tested in the Sierras Blancas light oil zone for a period of three days. The well flowed at an initial flowing pressure of 750 psi and declined to 440 psi at the end of the test period. The average production rates over the three day test period were 482 bbls/day (168 bbls/day net) at an oil cut of ~96%, and 525 mcf/d (184 mcf/d net) of associated gas. Gas rates were accurately measured over only the final 12 hours of the test period.

Tags: Madalena Ventures Inc.