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Madelena Strikes Oil And Gas In Argentina (Corion Amargo)

|Includes: Madalena Energy Inc (MDLNF)

The well is flowing 2,238 boe/d (80% oil) and with a 35% net working interest that would be 783 boe/d net to the company. Given that current production is about 189 boe/d in Argentina, this is very good news indeed.

Before this result, overall company production stood at 1,793 boe/d (189 boe/d Argentina + 1,604 Canada). Now production goes to roughly 2,576 boe/d, up 43.7% on a combined basis. In January, the company expects results from another well nearby.

Here is the press release:

Disclosure: I am long OTCQX:MDLNF.