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CoironAmargoBlockArgentina,SouthAmerica

Madalenanotproceedingwiththeacquisition

ProjectProfile
Value:Undisclosed
Location:SouthwestofBuenosAires
Area:100,000acres
StartupYear:

TheCoironAmargoblockcoversanareaofapproximately100,000acresandissituatedapproximately650milessouthwestofBuenosAiresandapproximately75mileseast
oftheCortaderablock.Madalenahasa35%interestintheblock.Duringtheexplorationphase,Madalenaandpartnerspay100%ofthecosts.Ifreservesarediscoveredin
commercialquantities,productionwillbesubjecttoa12%royaltypayabletotheprovinceofNeuquen.Theprovincialoilcompany,GasyPetroleo,isresponsibleforits10%
shareofthecostsincurredinthedevelopmentandproductionphase.

Operators:

Madalena:Operatorwith35%interest

Other:65%interest

ProjectInformation

Mar18,2016

Madalena Energy has elected not to proceed with the acquisition of an additional 10% working interest in the CoironAmargo block inArgentina and the
related marketed public offering of common shares of the Company.

Feb19,2016

Madalena and its partners have successfully drilled their seventh horizontal well in the conventional Sierras Blancas formation with a total lateral length of
763 metres. The first 478 metres (63%) has been completed and tested over a five day (120 hour) period. Average production was 596 Bopd and 350 mcf/d
gas at 17% watercut for a total 654 Boe/d. During the last nine hours, the choke was increased from 8 mm to 10 mm and the well produced at a rate of
729 Bopd and 330 mcf/d at 18% watercut for a total of 784 Boe/d at a flowing pressure of 800 psi. The well has now been tied in to existing production
facilities. Five of the existing seven horizontal Sierras Blancas wells have additional net pay which will ultimately be completed for production. Madalena and
its partners intend to recomplete two of these wells in 2016 and test the effectiveness of higher volume lift equipment.

Nov10,2015

Madalena Energy has received the results of its independent resource reports effective as at September 30, 2015. The Company has been advancing its key
resource plays inArgentina with the goal of converting estimated Prospective Resources to Contingent Resources via a focused delineation program on
certain core area Vaca Muerta Shale and LowerAgrio Shale assets. The Company has also been advancing activities on its strategic conventional oil and
gas properties.As Madalena advances further from the delineation to development stages on its key resource plays, the Company anticipates promoting
certain Resources to Reserves. Based on progress to date from positive drilling results and evaluation work, Madalena commissioned new resource reports
which replace certain previous reports dated December 2012. For purposes of this resource update, three of the Companys twelve concessions were
evaluated including the CoironAmargo, Curamhuele and Valle Morado blocks.

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Projectclassification

STATUS: CATEGORY: ON/OFFSHORE:

UPSTREAM APPRAISAL EXPLORATION DRILLING ONSHORE

Projectoperators

MadalenaEnergyInc
Suite 200
707 7th Avenue SW
Calgary
Alberta T2P 3H6
Canada

CONTACT

Telephone:++14032621901
Fax:++14032621905
Web:http://www.madalenaenergy.com/

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Projectmaincontractors
Nomaincontractorslisted

Projectsubcontractors
Nosubcontractorslisted

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Projectnotes

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