Madalena net loss widens in Q3

Bnamericas Published: Tuesday, November 27, 2012
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.

Subscribe to the most trusted business intelligence platform in Latin America. Let us show you our solutions for Suppliers, Contractors, Operators, Government, Legal, Financial and Insurance.

Subscribe to Latin America’s most trusted business intelligence platform.

Other projects in: Oil & Gas (Argentina)

Get critical information about thousands of Oil & Gas projects in Latin America: what stages they're in, capex, related companies, contacts and more.

Other companies in: Oil & Gas (Argentina)

Get critical information about thousands of Oil & Gas companies in Latin America: their projects, contacts, shareholders, related news and more.

  • Company: Grupo Pluspetrol  (Pluspetrol)
  • Founded in 1977, Argentine oil firm Pluspetrol S.A. is engaged in the exploration and production of oil and gas, particularly of unconventional resources. In Latin America, Plus...
  • Company: Total Austral S.A.  (TotalEnergies Austral)
  • Total Austral S.A., a producing subsidiary of French multinational integrated oil and gas company Total S.A., began operations in Argentina in 1978. The company operates and own...
  • Company: Shell Argentina
  • Shell Compañía Argentina de Petróleo S.A. (Shell CAPSA) is a subsidiary of Anglo-Dutch Royal Dutch Shell plc established in 1914 for manufacturing and trading of refined petrole...
  • Company: Arenas Argentinas del Paraná
  • The description included in this profile was taken directly from an official source and has not been modified or edited by the BNamericas’ researchers. However, it may have been...
  • Company: YPF S.A.  (YPF)
  • YPF S.A. is an Argentine fully integrated oil and gas company from upstream to downstream, including gas and power segments. It engages in the exploration, development and produ...
  • Company: Pan American Energy LLC  (Pan American Energy)
  • Argentine firm Pan American Energy LLC (PAE) is an oil and gas exploration and production company, which holds hydrocarbon reserves in Argentina, Bolivia and Chile. The company ...