Madalena Ventures Inc.

Madalena Ventures Inc.

April 25, 2008 08:30 ET

Madalena Announces Update on Drilling Operations in Tunisia

CALGARY, ALBERTA--(Marketwire - April 25, 2008) -


Madalena Ventures Inc. (TSX VENTURE:MVN) ("Madalena" or the "Corporation") on behalf of its wholly owned subsidiary, Madalena Ventures International Inc., is pleased to announce that the TT2 exploration well on the Remada Sud Permit in southern Tunisia reached total depth of 1500m in the Ordovician Kasbah Leguine formation on April 16th, 2008. The Remada Sud permit is located in the Ghadames Basin and is 1.2 million acres in size. Madalena has paid 30% of the TT 2 well costs to earn a 15% working interest in approximately 600,000 acres. Madalena retains the option to drill a second earning well to earn a 15% working interest in an additional 600,000 acres. Partners in the well are Cygam Energy Inc. at 14% and Storm Ventures International Inc. at 71%, with Storm acting as contractor and the National Oil Company, Entreprise Tunisienne D'Activites Petrolieres (ETAP) as a holder of the Remada Sud Permit. The well was drilled without incident or accident by High Arctic's Rapad Rig 2.

The pre-drilling expectation of encountering a 50 meter hydrocarbon column in Ordovician quartzites appears to have been achieved. A 60 meter core was cut through the potential reservoir and a full suite of open hole logs was run. The well is currently being tested open hole and will be cased for completion and extended production test to determine commerciality. Dependent upon the outcome of the core evaluation and the initial testing program, the well may require stimulation to achieve commercial flow rates. The cost for this operation was built into the original Authority for Expenditure, and the timing of this subsequent operation is likely to be within 60 to 90 days of rig release, subject to equipment availability. An additional announcement will be made following completion of the testing operations.

Madalena is a publicly traded international junior Canadian oil and gas exploration company trading on the Toronto Venture Stock Exchange under the symbol "MVN". The Company has assets in Canada, Tunisia and Argentina and is actively evaluating international oil and gas opportunities with a primary focus on South America and North Africa.


On behalf of the Board

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.

This news release does not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction. The Common Shares will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, or to a U.S. person, absent registration, or an applicable exemption therefrom.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

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