Madalena Announces Start of Completion Operations of Horizontal Multi-Frac Well CAS.x-14 and Update of CAS.x-15 Results in Va...
March 06 2018 - 8:00AM
Madalena Energy Inc. ("Madalena" or the "Company") (TSXV:MVN)
(OTCQX:MDLNF) is pleased to announce that Pan American Energy LLC
(“PAE”) has successfully commenced completion operations of the
second horizontal multi-frac well CAS.x-14 in the Vaca Muerta Shale
Formation at the Coiron Amargo Sur Este (“CASE”) block in
Argentina. PAE is the operator at CASE with a 55% working
interest. Madalena and Gas y Petroleo del Neuquén, the provincial
oil and gas company in the Province of Neuquén, hold 35% and 10%
working interests, respectively.
A cement bond log has been run and 60 hydraulic
fracs in 25 stages have been performed with approximately 10,300
klb of proppant. Cleaning operations with coiled tubing are
finished. The well location is being prepared to start flow-back
operations.
Madalena is also pleased to announce the latest
production test for the CAS.x-15 well, which produced 86 barrels of
oil per day without artificial lift through 3mm choke with 426 psi;
Cum Oil Production of 41,100 barrels.
About Madalena EnergyMadalena
is an independent, Canadian upstream oil and gas company with
operations in four provinces of Argentina where it is primarily
focused on the delineation of unconventional oil and gas
resources.
Madalena trades on the TSX Venture Exchange
under the symbol MVN and on the OTCQX under the symbol MDLNF.
For further information please
contact:
Jose
David PenafielChief Executive Officeremail:
info@madalenaenergy.comphone: (403) 262-1901 |
|
Alejandro Augusto PenafielDirectoremail:
info@madalenaenergy.comphone: (403) 262-1901 |
Reader Advisories
Forward Looking Information
The information in this news release contains
certain forward-looking statements. These statements relate to
future events or our future performance, in particular, but not
limited to, with respect to the characteristics of the properties
held by the Company, production levels, the strategic value and
opportunities available to Madalena, operational, business
development and financial plans, and opportunities and the ability
of Madalena to execute on such plans and opportunities and the
Company's ability to meet its commitments and continue as a going
concern. All statements other than statements of historical fact
may be forward-looking statements. Forward-looking statements are
often, but not always, identified by the use of words such as
"seek", "anticipate", "plan", "continue", "estimate",
"approximate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should",
"believe", "would" and similar expressions. These statements
involve substantial known and unknown risks and uncertainties,
certain of which are beyond the Company's control, including: the
impact of general economic conditions; industry conditions; changes
in laws and regulations including the adoption of new environmental
laws and regulations and changes in how they are interpreted and
enforced; fluctuations in commodity prices and foreign exchange and
interest rates; stock market volatility and market valuations;
volatility in market prices for oil and natural gas; liabilities
inherent in oil and natural gas operations; uncertainties
associated with estimating oil and natural gas reserves;
competition for, among other things, capital, acquisitions, of
reserves, undeveloped lands and skilled personnel; incorrect
assessments of the value of acquisitions; changes in income tax
laws or changes in tax laws and incentive programs relating to the
oil and gas industry; geological, technical, drilling and
processing problems and other difficulties in producing petroleum
reserves; and obtaining required approvals of regulatory
authorities. There is specific risk that the CAS.x-15 well will not
continue to produce at initial rates disclosed in this press
release. The Company's actual results, performance or achievement
could differ materially from those expressed in, or implied by,
such forward-looking statements and, accordingly, no assurances can
be given that any of the events anticipated by the forward-looking
statements will transpire or occur or, if any of them do, what
benefits the Company will derive from them. These statements are
subject to certain risks and uncertainties and may be based on
assumptions that could cause actual results to differ materially
from those anticipated or implied in the forward-looking
statements. The forward-looking statements in this news release are
expressly qualified in their entirety by this cautionary statement.
Except as required by law, the Company undertakes no obligation to
publicly update or revise any forward-looking statements. Investors
are encouraged to review and consider the additional risk factors
set forth in the Company's Annual Information Form, which is
available on SEDAR at www.sedar.com.
Well Test Results
Well test results should be considered as
preliminary and not necessarily indicative of long-term performance
or of ultimate recovery. Neither a pressure transient analysis nor
a well-test interpretation has been carried out on the well test
data contained herein and therefore the data contained herein
should be considered to be preliminary until such analysis or
interpretation has been done.
Neither the TSX Venture Exchange nor its
Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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