Madalena Energy begins drilling Vaca Muerta shale at Coiron Amargo Sur Este

3/20/2017

CALGARY -- Madalena Energy Inc. has announced the commencement of the first horizontal multi-frac re-entry in the Vaca Muerta shale formation at Coiron Amargo Sur Este (CASE). Madalena’s partner, Pan American Energy LLC, Sucursal Argentina (PAE) is the operator at CASE with a 55% working interest. Madalena and Gas y Petroleo del Neuquén, the provincial oil and gas company in the Province of Neuquén, hold 35% and 10% working interests, respectively.

PAE recently mobilized a drilling rig to the CAS.x-15(ST) location to re-enter the well and Madalena was advised that the Re-entry Program commenced today. The rig will drill horizontally for approximately 1,500 m and will target the Vaca Muerta unconventional oil resource play at a vertical depth of approximately 3,200 m. Subsequent to drilling, the drilling rig will be de-mobilized and preparations will commence to mobilize supplies, services and equipment to complete the well with approximately 19 stages of hydraulic fracs.

The total gross estimated cost of this Re-entry Program is $9.8 million, which includes the costs for drilling, completing and equipping the well. Pursuant to the transactions previously described in the Company’s Jan. 11, 2017, and Dec. 7, 2016, news releases, the 2017 work program at CASE is comprised of two well re-entries. Madalena will receive $5.6 million in carried capital costs through this work program.

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