Madalena Provides Operational Outlook, Recommences Drilling Activities and Announces 2014 Budget and Guidance

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[{"type":"text","content":"\n\n\nTSXV Trading Symbol: MVN\nOTC Trading Symbol: MDLNF\n\n\nCALGARY, July 30, 2014 /CNW/ - Madalena Energy Inc. (\"Madalena\" or the \"Company\") (TSXV: MVN and OTC: MDLNF), is pleased to announce that it has approved a CDN$ 36 million budget\n for the remainder of 2014 and to provide an overview of the Company's\n operational priorities through the 2015 calendar year.\n\n\nKey Focus Areas and Company Priorities:\n\n\nMadalena is positioned within the Argentine energy sector with a solid\n platform for future growth across 14 concessions and is focused on\n delivering a balanced approach towards both conventional oil and gas\n development and the delineation of the Company's unconventional shale\n and tight sand resources. The Company also has a land base with over\n 150 net sections (>100,000 net acres) in Western Canada with a large\n inventory of horizontal development locations.\n\n\nMadalena has a strong portfolio of assets in Argentina including\n approximately 1 million net acres of land, a stable production base, an\n extensive inventory of low-risk development drilling opportunities, a\n portfolio of conventional exploration and appraisal assets and a\n large-petroleum-in-place set of unconventional shale (Vaca Muerta and\n Lower Agrio shales) and tight sand resources.\n\n\nOver the next 17 months, Madalena plans to invest the Company's cash\n flow and financial resources on its conventional opportunities and to\n execute a delineation strategy on the Company's unconventional shale\n and tight sand resources within the Neuquén basin.\n\n\nMadalena is focused on creating shareholder value through a balanced\n business strategy focused primarily on a combination of lower risk\n development activities and unconventional shale and tight sand\n delineation strategy.  Key focus areas and priorities are as follows:\n\n\nPriority #1: Conventional Development - Horizontal Drilling & Workover\n Programs\n\n\nTo build the Company's production platform, conventional development\n will be a key priority and will include implementing horizontal\n drilling and multi-stage frac technology both internationally and\n domestically.  In Argentina, on the Coiron Amargo, Puesto Morales and\n Rinconada South blocks, the Company plans to execute horizontal\n drilling programs in both the Sierras Blancas light oil reser...

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