Business
Madalena announces financial and operating results for the three months ended March 31, 2012
/ NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED...
About this update from Centaurus Energy Inc.
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ \n\n\nTSXV Trading Symbol: MVN\n\n\nCALGARY, May 28, 2012 /CNW/ - Madalena Ventures Inc. (\"Madalena\" or the\n \"Company\") (TSX Venture: MVN) today announced that it has filed its\n unaudited financial statements and related management's discussion and\n analysis (\"MD&A\") for the three month period ended March 31, 2012 on www.sedar.com and on its website www.madalena-ventures.com. All amounts are in Canadian dollars ($) unless otherwise stated.\n\n\nHIGHLIGHTS\n\n\nHighlights in the three months ended March 31, 2012 include:\n\n\nSuccessful completion and testing of the Company's first large scale\n hydraulic fracture stimulation treatment of the Vaca Muerta formation\n on the Coiron Amargo Block;\n\n\nExtension of the Company's large acreage position in the Neuquen Basin\n and conversion of the northern 108 km2 of the 404 km2 Coiron Amargo Block to a 25 year exploitation concession;\n\n\nCommenced testing the Vaca Muerta formation at the CorS X-1 deep gas\n exploration well on the Cortadera Block;\n\n\nContinued preparations for regions first fracture stimulation of the\n Lower Agrio shale; and\n\n\nCompleted public offering in the first quarter of 2012 for gross\n proceeds of $67,500,000.\n\n\nOVERVIEW\n\n\nCoiron Amargo Block (35% working interest)\n\n\nIn May 2012 the Company completed drilling the CAN 5 development well\n located within the CAN X-1 Sierras Blancas structure discovered in the\n second half of 2010.  The well was drilled to a total depth (\"TD\") of\n 10,525 feet and has been cased to TD.  Based on electric logs the\n entire Vaca Muerta formation interval encountered was 345 feet and in\n the Sierras Blancas formation, the well encountered a potential gross\n hydrocarbon column of 45 feet.   After drilling the CAN 5 well the\n Company immediately commenced drilling the CAN 7 development well\n location within the CAN X-3 Sierras Blancas structure.  The CAN 7 well\n is currently drilling ahead at approximately 7,500 feet.  The\n Corporation plans to complete both the CAN 5 and CAN 7 development\n wells once drilling operations at CAN 7 are completed.  The completion\n rig will also be used to install pumping equipment at CAN X-1.\n\n\nOther new infrastructure t...