Project Profile

Value: Undisclosed
Location: Middle portion of the province of Neuquén, approximately 650 miles south and west of Buenos Aires and approximately 50 miles north of the Cortadera block, Argentina
Area: 56,000 gross acres (50,400 net acres)
Start-up Year: -

The Curamhuele block covers an area of approximately 56,000 gross acres (50,400 net acres) and is situated along the east side of a north south trending fault in the middle portion of the province of Neuquén, approximately 650 miles south and west of Buenos Aires and approximately 50 miles north of the Cortadera block (also held by Madalena). The two key shale plays include both the Vaca Muerta shale and the Agrio shale, which are estimated to be up to 600 metres and 180+ metres thick, respectively. To date, Madalena has drilled a deep test down to the Agrio shale where oil flowed to surface unstimulated, and has also tested liquids-rich gas at the top of the Mulichinco at rates of approximately 10 mmcf/d and 500 bbls/d of 51 degree API condensate. The Mulichinco has a thick, lower sand section (about 200 metres thick) which is a prime candidate for multi-stage vertical or horizontal fracs. Block Curamhuele is owned by Madalena Ventures with a 90% working interest. The remaining 10% interest is held by Gas y Petróleo del Neuquén. In 2012, the company began a first hydraulic fracture stimulation of the lower Agrio shale. In addition, it recently secured an exploration period extension on Curamhuele, extending it until November 2013.

Operators:

Madalena Ventures Inc.: Operator with 90% interest

Gas y Petróleo del Neuquén: 10% interest