Madalena Ventures Inc.

Madalena Ventures Inc.

May 23, 2006 09:10 ET

Madalena Announces Joint Venture in Tunisia

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 23, 2006) - Madalena Ventures Inc. ("Madalena") (CNQ:MAVI) is pleased to announce that it has entered into a Seismic Option Agreement with Storm Ventures International Inc. ("Storm") on the Hammamet Offshore Exploration Block ("Block") containing over 1.1 million acres in the Pelagian Basin offshore Tunisia.

The Block contains the previously developed Tazerka oilfield which produced 25 million barrels and is offset by eight proven oil discoveries, two of which are scheduled for development by other operators within the next 12 to 18 months. The Tunisian authorities granted the block to Storm on June 2005 for a period of 5 years starting 13 September 2005, under favorable fiscal terms.

Madalena will be participating for a 30% working interest in an extensive 3D seismic program of between 200 to 500 square kilometers. Upon review of the 3D seismic Madalena will have the option to participate for 30% in the drilling of a test well on the Block to earn a 15% working interest and the right to participate in all further development of the Block.

An evaluation of the extensive 2D seismic base over the Block is currently being undertaken by the parties. The 3D seismic program will be designed to evaluate the potential reactivation of the Tazerka field, delineate 7 significant hydrocarbon shows in wells drilled on the Block, evaluate three large untested structures previously recognized on the block and high-grade the most prospective test well location on the Block for drilling during 2007.


On behalf of the Board

"Ken Broadhurst"

Ken Broadhurst, President

Forward Looking Statements

Certain information set forth in this press release, including a discussion of future plans and operations, contains forward looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources, as well as risks inherent in operating in foreign jurisdictions, including varying judicial or administrative guidance on interpreting rules and regulations and a higher degree of discretion on the part of governmental authorities. Actual results, performance or achievement could differ materially from those expressed in or implied by these forward-looking statements.

Contact Information

  • Madalena Ventures Inc.
    Ken Broadhurst
    (403) 233-8010
    (403) 233-8013 (FAX)