Madalena Announces Sierras Blancas Test Results and Drilling Update in Neuquén Basin, Argentina

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[{"type":"text","content":"\n\n\nTSXV Trading Symbol: MVN\n\n\nCALGARY, Dec. 27, 2013 /CNW/ - Madalena Energy Inc. (TSX-V: MVN) (the\n \"Company\" or \"Madalena\") is pleased to announce the results of a\n multi-rate production test for the CAN.xr-2(h) horizontal well which is\n the Company's first horizontal well to be drilled on its international\n assets:\n\n\nInternational Update: Neuquén Basin, Argentina\n\n\nCoiron Amargo Block (35% Working Interest) - Sierras Blancas Test\n Results and Drilling Update\n\n\nThe CAN.xr-2(h) well was recently re-entered and drilled horizontally in\n the Sierras Blancas light oil reservoir to a total measured depth of\n 3,751 meters with a horizontal lateral section of approximately 530\n meters in length.  This horizontal well was subsequently cased and\n completed with a 3.5\" slotted liner and a multi-rate production test\n was carried out through temporary production facilities.  Throughout\n the multi-rate production test, the CAN.xr-2(h) well flowed without\n artificial lift equipment and was tested for approximately 142 hours at\n various choke settings ranging from 4 mm to 12 mm in size with the\n following flow rates observed during the test:\n\n\nThe highest rates were achieved on a 12mm choke setting, when the CAN.xr-2(h) well was flowed at a rate of 1,791 bbls/d of oil with 2,683 mcf/d of\n associated natural gas for a total of 2,238 Boe/d (80% oil) over a three hour period and at an average flowing pressure of\n approximately 1,304 psi.\n\n\nOn an 8mm choke setting, the CAN.xr-2(h)) well was flowed at a rate of\n 912 bbls/d of oil with 1,364 mcf/d of associated natural gas for a\n total of 1,139 Boe/d (80% oil) over a 16 hour period and at an average flowing pressure of\n approximately 1,433 psi.\n\n\nDuring the test period of 142 hours, the total produced cumulative\n volumes were approximately 2,736 barrels of oil (38 degree API) and\n approximately 4,154 mscf of natural gas, for a total of approximately\n 3,428 barrels of oil equivalent (80% oil). No significant flowing\n pressure declines were observed throughout any of the test rates and no\n water was produced throughout the test period.\n\n\nThis well represents the first horizontal well drilled into one of the\n six Sierras Blancas conventional light oil pools discovered to date on\n the Coiron Amargo block.  The Company has an ...

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