Madalena net loss widens in Q3

Argentina-focused Madalena Ventures (TSX-V: MVN) reported a 3Q12 net loss of Cdn$916,185 (US$923,203) compared to a Cdn$315,915 loss in the year-ago quarter. The change was mainly the result of a Cdn$1.04mn gain Madalena realized the quarter following the 2011 farm-out of the Coiron Amargo block, the firm said in its latest results report. For the first nine months of 2012, Madalena reported a net loss of Cdn$3.93mn compared to a net loss of Cdn$14.5mn in the same period last year. Third quarter oil and gas revenues reached Cdn$1.76mn from Cdn$619,178 in the year-ago period. In the same comparison, oil and gas production rose to 314boe/d from 103boe/d, the report said. Madalena credited increased production to contributions made by the recently producing CAN 5 and CAN 7 wells (both located in the Coiron Amargo block). The firm's Argentine assets include a 35% working interest in the Coiron Amargo block, a 40% working interest in the Cortadera block and a 90% working interest in the Curamhuele block. Madalena is currently drilling the CAN 8 development well at Coiron Amargo and pursuing an exploration period extension on Cortadera. The firm recently secured an exploration period extension on Curamhuele, extending it until November 2013, according to the report.