press release

Madalena Announces an Independent Evaluation of its Unconventional Shale Resources with an Estimated 34.8 Billion Barrels of Oil Equivalent ("boe") of Petroleum Initially In Place

2013-04-30

TSX - Toronto Stock Exchange

CALGARY, April 30, 2013 /CNW/ - Madalena Ventures Inc. (TSXV: MVN) (the "Company" or "Madalena") is pleased to provide information on the Company's unconventional shale resources on its three land blocks within the Neuquen basin, Argentina.

These resources were evaluated by Ryder Scott Petroleum Consultants Ltd. ("Ryder Scott") in a report dated effective December 31, 2012 (the "Resource Report"). All of the Company's international properties, which are located within the Neuquen basin, Argentina, were reviewed in the Resource Report although not all of the potential resources and formations were evaluated. All values disclosed herein are net to Madalena's interest.

Highlights

Madalena holds 135,000 net acres on the Coiron Amargo (35,027 net acres), Curamhuele (50,400 net acres) and Cortadera (49,600 net acres) blocks within the Neuquen basin, respectively; The main zones of interest for the independent resource evaluation focused on the Vaca Muerta shale, _Lower Agrio shale_and _Basal Quintuco_with the evaluated resources based on data from 19 delineation and discovery wells on the blocks, 3D or 2D seismic coverage and core analysis.

The following are summary results of the independent evaluation completed by Ryder Scott for all three blocks held by Madalena. A further breakdown (by block) of the petroleum initially in place and potential recoverable resources are shown in a series of tables that follow.

Best Case P50 total petroleum initially in place("PIIP")of 34.8 billionbarrels of oil equivalent ("boe") (51 % crude oil and natural gas liquids ("NGLs")), comprised of:

Best Case P50 discovered PIIP ("DPIIP") of 257.4 million boe (95 % crude oil and NGLs); and Best Case P50 undiscovered PIIP ("UPIIP") of 34.6 billion boe (50 % crude oil and NGLs);

Best case P50 contingent plus prospective recoverable resourcesof 2.9 billionboe (45 % crude oil and NGLs), comprised of:

Best case P50 contingent recoverable resources of 19.4 million boe (95 % crude oil and NGLs); and Best case P50 prospective recoverable resources of 2.8 billion boe (45 % crude oil and NGLs).

Please see the tables (and notes thereto) and narrative that follow for a detailed break-down of the calculation of these amounts.

Disclosure of Resources

The Resource Report has been prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") and National Instrument 51- 101 - _Standards for Disclosure for Oil and Gas Activities_of the Canadian Securities Administrators ("NI 51-101"). The Resource Report provides a summary of the oil, liquids & natural gas resources associated with Madalena's assets and properties in the Neuquen basin, Argentina as at December 31, 2012. Madalena engaged Ryder Scott to provide evaluations of its contingent and prospective recoverable resources over all three of its land blocks in the Neuquen basin with a focus on the Vaca Muerta shale, Lower Agrio shale and Quintuco formations.

The Resource Report is based on certain factual data supplied by the Company and Ryder Scott's opinion of reasonable practice in the industry. The extent and character of ownership and all factual data pertaining to the Corporation's petroleum properties and contracts (except for certain information residing in the public domain) were supplied by the Company to the Ryder Scott and accepted without any further investigation. Ryder Scott accepted this data as presented and neither title searches nor field inspections were conducted. The recovery and resources estimates for Madalena's assets and properties described herein are estimates only and there is no guarantee that the estimated resources will be recovered. The actual resources for Madalena's assets and properties may be greater or less than those calculated.

Ryder Scott has also identified certaincontingencies in order to convert the contingent recoverable resources described herein and in the Resource Report into developed reserves. These contingencies are specific to each formation and are related to the maturity of these projects and commercialization contingencies. There are no commercially productive analog fields in this area of the basin to establish expected production rates and recovery efficiencies at this time. There may be risk that accumulations containing contingent resources may not achieve commercial production.

Summary Tables for Unconventional Shale Resources Across Three Blocks in the Neuquen Basin

The following tables provide a summary of the findings from the Resource Report. Please see Appendix "A" to this news release for some important definitions.

| Total Petroleum Initially In Place(1) | | | | | | | | | | | (net to Madalena) | | | | | | | | | | | Oil, NGLs and Natural Gas | | | | | | | | | | | at December 31, 2012(2) | | | | | | | | | | | | | | | | | | | | | | | Oil & NGLs (MMbbl) | Natural Gas (Tcf) | Oil & NGLs + Natural Gas (MMboe) | | | | | | | | | Low Estimate P90 | Best Estimate P50 | High Estimate P10 | Low Estimate P90 | Best Estimate P50 | High Estimate P10 | Low Estimate P90 | Best Estimate P50 | High Estimate P10 | | Lower Agrio Shale | 3,835.7 | 4,763.4 | 5,834.03.8 | 2.777 | 3.955 | 5.443 | 4,298.4 | 5,422.5 | 6,741.2 | | Basal Quintuco | 46.8 | 108.8 | 184.8 | 16.234 | 22.706 | 29.003 | 2,752.4 | 3,893.1 | 5,018.6 | | Vaca Muerta Shale | 10,868.0 | 12,722.8 | 14,940.3 | 40.610 | 76.610 | 116.238 | 17,636.4 | 25,491.2 | 34,313.3 | | Total | 14,750.5 | 17,594.9 | 20,959.1 | 59.620 | 103.271 | 150.684 | 24,687.4 | 34,806.8 | 46,073.2 | | Note:

(1)"Total Petroleum Initially In Place" means DPIIP + UPIIP. When calculating DPIIP, there is no material production or reserves associated with these properties. Contingent resources is the only category of DPIIP that has been categorized as recoverable. Prospective resources is the only category of UPIIP that has been categorized as recoverable. There is no certainty that it will be commercially viable to produce any portion of the contingent resources referred to in the table above. There is no certainty that any portion of the prospective resources referred to in the table above will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of these resources.

(2)These volumes are arithmetic sums of multiple estimates of contingent & prospective resources, which statistical principles indicate may be misleading as to volumes that may actually be recovered. Readers should give attention to the estimates of individual classes of resources and appreciate the differing probabilities of recovery associated with each class as explained herein. Details on the categories that comprise these calculations are in the tables that follow. | | | | | | | | | |

| Contingent Recoverable Resources(1)Plus Prospective Recoverable Resources(2) | | | | | | | | | | | (net to Madalena) | | | | | | | | | | | Oil, NGLs and Natural Gas | | | | | | | | | | | at December 31, 2012(3) | | | | | | | | | | | | | | | | | | | | | | | Oil & NGLs (MMbbl) | Natural Gas (Tcf) | Oil & NGLs + Natural Gas (MMboe) | | | | | | | | | Low Estimate P90 | Best Estimate P50 | High Estimate P10 | Low Estimate P90 | Best Estimate P50 | High Estimate P10 | Low Estimate P90 | Best Estimate P50 | High Estimate P10 | | Lower Agrio Shale | 86.2 | 328.7 | 596.2 | 0.070 | 0.267 | 0.524 | 97.9 | 373.1 | 683.5 | | Basal Quintuco | 5.6 | 14.0 | 27.2 | 1.745 | 2.932 | 4.569 | 296.5 | 502.6 | 788.7 | | Vaca Muerta Shale | 309.6 | 950.2 | 1,642.8 | 2.662 | 9.251 | 17.426 | 753.2 | 1,986.1 | 3,751.6 | | Total | 401.4 | 1,293.0 | 2,266.2 | 4.477 | 12.449 | 22.519 | 1,147.5 | 2,861.9 | 5,223.8 | | Note:

(1) There is no material production or reserves associated with these properties. Contingent resources is the only category of DPIIP that has been categorized as recoverable. There is no certainty that it will be commercially viable to produce any portion of the contingent resources referred to in the table above.

(2) Prospective resources is the only category of UPIIP that has been categorized as recoverable.There is no certainty that any portion of the prospective resources referred to in the table above will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of these resources.

(3) These volumes are arithmetic sums of multiple estimates of contingent and prospective resources, which statistical principles indicate may be misleading as to volumes that may actually be recovered. Readers should give attention to the estimates of individual classes of resources and appreciate the differing probabilities of recovery associated with each class as explained herein. Details on the categories that comprise this calculation are in the tables that follow. | | | | | | | | | |

Block by Block Breakdown of the Company's Unconventional Shale Resources at Coiron Amargo, _Curamhuele_and Cortadera

Block #1: Coiron Amargo

A significant amount of seismic and well data from the Coiron Amargo block was provided to Ryder Scott for their evaluation. This included 311 sq. km. of 3D seismic covering approximately 77% of the block and 2D seismic covering the remainder. Wellbore data provided was geological and petrophysical logs from a total of 15 wells, including logs from 11 recently drilled wells and a full core through the Vaca Muerta from one recent well. Geochemical analysis for total organic content and kerogen type was provided from samples taken from six wells. On the block, four wells have demonstrated oil production from the Vaca Muerta shale, of which two of these wells have booked reserves.

At Coiron Amargo, Madalena has an estimated 3.1 billion boe (95% oil)of Best Case P50 TPIIP and best case contingent plus prospective recoverable resources of over 280 million boe (95% oil). The following tables provide a summary of the Company's net resources on its Coiron Amargo block:

(1) When calculating DPIIP, there is no material production or reserves associated with these properties. All DPIIP, other than contingent resources, has been categorized as unrecoverable. There is no certainty that it will be commercially viable to produce any portion of the resources referred to in the table above.

(1) There is no certainty that it will be commercially viable to produce any portion of the resources referred to in the table above. | | | | | | | | | | | |

(1) Prospective resources is the only category of UPIIP that has been categorized as recoverable. There is no certainty that any portion of the resources referred to in the table above will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of these resources.

Notes:

Block #2: Curamhuele

A moderate amount of seismic and well data from the Curamhuele block was provided to Ryder Scott for their evaluation. This included 100 sq. km. of 3D seismic covering approximately 44% of the block and 2D seismic covering the remainder. Wellbore data provided was geological and petrophysical logs from two recent wells. Geochemical analysis for total organic content and kerogen type was provided from samples taken from two wells and outcrop samples from the Lower Agrio and Vaca Muerta formations. On the block, two wells have demonstrated oil production from the Lower Agrio shale.

At Curamhuele, Madalena has over 23.7 billion boe (61% oil)of Best Case P50 TPIIP and best case contingent plus prospective recoverable resources of over 1.5 billion boe (65% oil). The following tables provide a summary of the Company's net resources on its Curamhuele block:

| Curamhuele Undiscovered Petroleum Initially In Place(1) (net to Madalena) Oil, NGLs and Natural Gas at December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | Oil & NGLs (MMbbl) | Natural Gas (Tcf) | Oil & NGLs + Natural Gas (MMboe) | | | | | | | | | Low Estimate P90 | Best Estimate P50 | High Estimate P10 | Low Estimate P90 | Best Estimate P50 | High Estimate P10 | Low Estimate P90 | Best Estimate P50 | High Estimate P10 | | Lower Agrio Shale | 3,835.7 | 4,763.4 | 5,834.0 | 2.777 | 3.955 | 5.443 | 4,298.4 | 5,422.5 | 6,741.2 | | Vaca Muerta Shale | 7,884.8 | 9,642.9 | 11,762.2 | 17.405 | 52.017 | 90.208 | 10,785.7 | 18,312.3 | 26,796.9 | | Total | 11,720.5 | 14,406.2 | 17,596.2 | 20.182 | 55.971 | 95.651 | 15,084.2 | 23,734.8 | 33,538.1 | | Notes:

(2) These volumes are arithmetic sums of multiple estimates, which statistical principles indicate may be misleading as to volumes that may actually be recovered. Readers should give attention to the estimates of individual classes of resources and appreciate the differing probabilities of recovery associated with each class as explained herein. | | | | | | | | | | | Curamhuele Prospective Recoverable Resources(1) (net to Madalena) Oil, NGLs and Natural Gas at December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | Oil & NGLs (MMbbl) | Natural Gas (Tcf) | Oil & NGLs + Natural Gas (MMboe) | | | | | | | | | Low Estimate P90 | Best Estimate P50 | High Estimate P10 | Low Estimate P90 | Best Estimate P50 | High Estimate P10 | Low Estimate P90 | Best Estimate P50 | High Estimate P10 | | Lower Agrio Shale | 86.1 | 328.6 | 596.2 | 0.070 | 0.266 | 0.524 | 97.8 | 373.0 | 683.5 | | Vaca Muerta Shale | 174.7 | 667.4 | 1,207.4 | 0.663 | 2.942 | 8.096 | 285.2 | 1,157.6 | 2,556.7 | | Total | 260.8 | 996.0 | 1,803.6 | 0.733 | 3.208 | 8.620 | 382.9 | 1,530.6 | 3,240.2 |

Notes:

(1) There is no certainty that any portion of the resources referred to in the table above will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of these resources.

Block #3: Cortadera

A moderate amount of seismic and well data from the Cortadera block was provided to Ryder Scott for their evaluation. This included 118 sq. km. of 3D seismic covering approximately 24% of the block. Wellbore data provided was geological and petrophysical logs from two recent wells. Geochemical analysis for total organic content and kerogen type was provided from samples taken from one well. On the block, two wells have demonstrated natural gas production from tests in the Vaca Muerta shale.

At Cortadera, Madalena has over 7.9 billion boe (97% gas)of Best Case P50 TPIIP and best case contingent plus prospective recoverable resources of over 1 billion boe (97% gas). The following table provides a summary of the Company's net resources on its Cortadera block:

| Cortadera Undiscovered Petroleum Initially In Place(1) (net to Madalena) Oil, NGLs and Natural Gas at December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | Oil & NGLs (MMbbl) | Natural Gas (Tcf) | Oil & NGLs + Natural Gas (MMboe) | | | | | | | | | | | Low Estimate P90 | Best Estimate P50 | High Estimate P10 | Low Estimate P90 | Best Estimate P50 | High Estimate P10 | Low Estimate P90 | Best Estimate P50 | High Estimate P10 | | | | Basal Quintuco | 46.8 | 108.8 | 184.8 | 16.234 | 22.706 | 29.003 | 2,752.4 | 3,893.1 | 5,018.6 | | | | Vaca Muerta Shale | 52.8 | 118.0 | 184.4 | 22.277 | 23.656 | 25.082 | 3,765.6 | 4,060.6 | 4,364.7 | | | | Total | 99.6 | 226.8 | 369.2 | 38.510 | 46.362 | 54.085 | 6,518.0 | 7,953.7 | 9,383.3 | | | | Notes:

(2) These volumes are arithmetic sums of multiple estimates, which statistical principles indicate may be misleading as to volumes that may actually be recovered. Readers should give attention to the estimates of individual classes of resources and appreciate the differing probabilities of recovery associated with each class as explained herein. | | | | | | | | | | | | | Cortadera Prospective Recoverable Resources(1) (net to Madalena) Oil, NGLs and Natural Gas at December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | Oil & NGLs (MMbbl) | Natural Gas (Tcf) | Oil & NGLs + Natural Gas (MMboe) | | | | | | | | | | | Low Estimate P90 | Best Estimate P50 | High Estimate P10 | Low Estimate P90 | Best Estimate P50 | High Estimate P10 | Low Estimate P90 | Best Estimate P50 | High Estimate P10 | | | | Basal Quintuco | 5.6 | 14.0 | 27.2 | 1.745 | 2.932 | 4.569 | 296.5 | 502.6 | 788.7 | | | | Vaca Muerta Shale | 6.4 | 14.8 | 27.6 | 1.958 | 3.189 | 4.428 | 332.7 | 546.3 | 765.6 | | | | Total | 12.0 | 28.8 | 54.8 | 3.703 | 6.121 | 8.997 | 629.2 | 1,048.9 | 1,554.3 | | |