Madalena Announces Sierras Blancas Test Results

Madalena Energy

) announced the results of a multi-rate production test for the CAN.xr-2(h) horizontal well which is the Company's first horizontal well to be drilled on its international assets: International Update: Neuquén Basin, Argentina Coiron Amargo Block (35% Working Interest) - Sierras Blancas Test Results and Drilling Update The CAN.xr-2(h) well was recently re-entered and drilled horizontally in the Sierras Blancas light oil reservoir to a total measured depth of 3,751 meters with a horizontal lateral section of approximately 530 meters in length. This horizontal well was subsequently cased and completed with a 3.5" slotted liner and a multi-rate production test was carried out through temporary production facilities. Throughout the multi-rate production test, the CAN.xr-2(h) well flowed without artificial lift equipment and was tested for approximately 42 hours at various choke settings ranging from 4 mm to 12 mm in size with the following flow rates observed during the test: The 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 associated natural gas for a total of