Madalena announces 860 BOE/D Loma Montosa Horizontal Well Test at Puesto Morales

Madalena announces 860 BOE/D Loma Montosa Horizontal Well Test at Puesto Morales

Madalena Energy Inc. (“Madalena” or the “Company”) (TSXV: MVN and OTC: MDLNF) announced it has recently completed the testing of an operated horizontal multi frac well (PMS-1135(h)) in the Loma Montosa formation on its 100% working interest property at Puesto Morales, one of Madalena’s four strategic resource plays in Argentina. Madalena is also pleased to provide an update on its horizontal well development on its Coiron
Amargo Block.

Loma Montosa Oil Resource Play– Horizontal Well Test
The PMS-1135(h) well on Madalena’s Puesto Morales block, was successfully drilled and cased with a tapered mono-bore assembly to a total depth of 2,600 metres with a horizontal length of approximately 1,095 metres. The horizontal section had twelve open hole frac packers and ports while the main 5.5″ casing string was cemented using a staged cement collar. Madalena then completed Argentina’s first 12 stage ball drop frac operation. All 12 stages were completed using a hybrid slickwater/gel frac that pumped a total of 10,900 bbls of water and 360 tonnes of sand (approximately 30 tonnes per stage).

Testing operations commenced on March 30, 2015 and the well has been flowing up 5.5″ casing without a production string run. Over the last 24 hours, the well flowed a total of 860 boe/d including 480 barrels of oil per day (bopd) plus 2,300 mcf/d of gas at a flowing pressure of 530 psi and a 47% water cut. Cumulative production over the last 5 days was 2,140 barrels of oil (428 bopd) plus gas volumes. To date the well has recovered 4,931
barrels of water which is approximately 45% of the total water based frac fluid pumped. Although Madalena is very encouraged by this production test, it cautions that these results are not necessarily indicative of the long-term performance or of the ultimate recovery of the well.

Madalena is currently proceeding to tie this well into its existing infrastructure and has a large inventory of horizontal development locations on the Puesto Morales block.

Sierras Blancas Light Oil Exploitation – Horizontal Development Update
At Coiron Amargo (35% Madalena working interest “WI”), drilling and completion operations recently finished on the Company’s fourth Sierras Blancas horizontal well (CAN-16(h)). The CAN-16h well was drilled to a total depth of 4,214 metres with a horizontal lateral section of 1,011 metres.

Testing operations began on March 15, 2015 and the well was tied into production facilities on March 27, 2015 at a total rate of 600 boe/d (210 boe/d WI) including 480 barrels of oil per day (170 bopd WI) and 730 mcf/d (255 mcf/d WI) of associated gas flowing at 1,400 psi wellhead pressure. The well has been on test or production for 20 days and continues to produce at a rate of 590 boe/d (206 boe/d WI) with a 15% water cut.


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