Madalena Retains Financial Advisor to Conduct Joint Venture Partnering Process on Curamhuele Block and Enhances Financial

Madalena Retains Financial Advisor to Conduct Joint Venture Partnering Process
 on Curamhuele Block and Enhances Financial Flexibility with Block Extension
                        and Increased Credit Facility

  PR Newswire

  CALGARY, Alberta, June 17, 2013

CALGARY, Alberta, June 17, 2013 /PRNewswire/ --

Madalena Ventures Inc. (the "Company" or "Madalena" (TSX VENTURE: MVN) is
pleased to provide the following update:

International Update - Hiring of Advisor and Curamhuele Block Extension

As announced in a press release dated June 11, 2013, the exploration period
for Madalena's 90% W.I. Curamhuele block was extended by way of an official
decree signed by the Province of Neuquén. This one year extension allows
Madalena until November 8, 2014 to satisfy the remaining work commitments of
approximately US $13.8 million plus VAT on the block providing the Company
enhanced financial flexibility.

The Company has retained RBC Capital Markets ("RBC") as its exclusive
financial advisor in connection with the Company's assets located within the
Neuquén Basin of Argentina. The Company's intention is to identify a potential
joint venture partner(s) to accelerate exploration and development activities
on the Curamhuele block where the Company has exposure to over 1.5 billion boe
(65% oil) of best estimate contingent plus prospective recoverable resources
as estimated by a recent Ryder Scott evaluation. The details of the Ryder
Scott evaluation were disclosed in the Company's press release dated April 30,

Corporate Update - Increase in Credit Facilities

The Company is also pleased to announce increases to its credit facilities
with the National Bank of Canada. The revolving operating demand loan and the
acquisition / development demand loan have been increased from $4.75 million
to $10.0 million and from $1.25 million to $3.0 million, respectively. The
credit facilities are subject to a periodic review by the bank, with the next
review scheduled on or before September 1, 2013. The facilities are currently

About Madalena - Domestic and International Assets

Madalena is an independent, Canadian-based, domestic and international
upstream oil and gas company whose main business activities include
exploration, development and production of crude oil, natural gas liquids and
natural gas.

Domestically, Madalena's core area of operations is located in the Greater
Paddle River area of west-central Alberta where the Company holds
approximately 200 gross (>150 net) sections of land (78% average W.I.)
encompassing light oil and liquids-rich gas resource plays. Madalena's
domestic focus is to exploit its large inventory of horizontal development
locations on its Ostracod oil, Notikewin/Wilrich liquids-rich gas, and
emerging Nordegg oil & liquids-rich gas resource plays. Madalena also holds
more than 100 net sections (100% W.I.) which are prospective for the Duvernay

Internationally, Madalena holds three large blocks within the prolific Neuquén
basin in Argentina where it is focused on the delineation of vast shale and
unconventional resources in the Vaca Muerta and Lower Agrio shales, in
addition to tight sand plays in the Mulichinco and Quintuco. The Company is
also developing a conventional oil play in the Sierras Blancas formation.
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.

Madalena trades on the TSX Venture Exchange under the symbol MVN. Basic
corporate information, recent news releases and regularly updated corporate
presentations are available on the Company's website at .

Reader Advisories

Forward Looking Information

The information in this news release contains certain forward-looking
statements. These statements relate to future events or our future
performance, in particular with respect to the Company's reserves and
production from its properties. All statements other than statements of
historical fact may be forward-looking statements. Forward-looking statements
are often, but not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "estimate", "approximate", "expect", "may",
"will", "project", "predict", "potential", "targeting", "intend", "could",
"might", "should", "believe", "would" and similar expressions. In particular,
this news release contains forward-looking statements pertaining to
operational activities to be conducted by the Company. These statements
involve substantial known and unknown risks and uncertainties, certain of
which are beyond the Company's control, including: the impact of general
economic conditions; industry conditions; changes in laws and regulations
including the adoption of new environmental laws and regulations and changes
in how they are interpreted and enforced; fluctuations in commodity prices and
foreign exchange and interest rates; stock market volatility and market
valuations; volatility in market prices for oil and natural gas; liabilities
inherent in oil and natural gas operations; uncertainties associated with
estimating oil and natural gas reserves; competition for, among other things,
capital, acquisitions, of reserves, undeveloped lands and skilled personnel;
incorrect assessments of the value of acquisitions; changes in income tax laws
or changes in tax laws and incentive programs relating to the oil and gas
industry; geological, technical, drilling and processing problems and other
difficulties in producing petroleum reserves; and obtaining required approvals
of regulatory authorities. The Company's actual results, performance or
achievement could differ materially from those expressed in, or implied by,
such forward-looking statements and, accordingly, no assurances can be given
that any of the events anticipated by the forward-looking statements will
transpire or occur or, if any of them do, what benefits the Company will
derive from them. These statements are subject to certain risks and
uncertainties and may be based on assumptions that could cause actual results
to differ materially from those anticipated or implied in the forward-looking
statements. The forward-looking statements in this news release are expressly
qualified in their entirety by this cautionary statement. Except as required
by law, the Company undertakes no obligation to publicly update or revise any
forward-looking statements. Investors are encouraged to review and consider
the additional risk factors set forth in the Company's Annual Information
Form, which is available on SEDAR at .

Reserves and Other Oil and Gas Disclosure

All calculations converting natural gas to barrels of oil equivalent ("boe")
have been made using a conversion ratio of six thousand cubic feet (six "Mcf")
of natural gas to one barrel of oil, unless otherwise stated. The use of boe
may be misleading, particularly if used in isolation, as the conversion ratio
of six Mcf of natural gas to one barrel of oil is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead. Given that the value ratio
based on the current price of crude oil as compared to natural gas is
significantly different from the energy equivalency of 6:1, utilizing a
conversion on a 6:1 basis may be misleading as an indication of value.

In addition, the following sets out the applicable definition for each of the
resource categories as set out in the COGE Handbook, which is referred to in
this news release and the Company's April 30, 2013 news release.

     "contingent resources"                                 Definition: Those
                                                            quantities of
                                                            estimated, as of a
                                                            given date, to be
                                                            recoverable from
                                                            using established
                                                            technology or
                                                            technology under
                                                            development, but
                                                            which are not
                                                            considered to be
                                                            recoverable due to
                                                            one or more

                                                            Contingencies may
                                                            include factors
                                                            such as economic,
                                                            political, and
                                                            regulatory matters
                                                            or a lack of
                                                            markets. It is
                                                            also appropriate
                                                            to classify as
                                                            resources the
                                                            associated with a
                                                            project in the
                                                            early evaluation

                                                            Definition: That
                                                            quantity of
                                                            petroleum that is
                                                            estimated, as of a
                                                            given date, to be
                                                            contained in known
                                                            prior to

    "Discovered petroleum initially-in-place" or            The recoverable
    "discovered resources" or "DPIIP"                       portion of
                                                            reserves and
                                                            resources; the
                                                            remainder is

    "Prospective resources"                                 Definition: Those
                                                            quantities of
                                                            estimated, as of a
                                                            given date, to be
                                                            recoverable from
                                                            accumulations by
                                                            application of
                                                            future development

                                                            resources have
                                                            both an associated
                                                            chance of
                                                            discovery and a
                                                            chance of

                                                            Definition: That
    "Total petroleum initially-in-place", "total resources" quantity of
    or "TPIIP"                                              petroleum that is
                                                            estimated to exist
                                                            originally in
                                                            equal to DPIIP
                                                            plus UPIIP.

                                                            It includes that
                                                            quantity of
                                                            petroleum that is
                                                            estimated, as of a
                                                            given date, to be
                                                            contained in known
                                                            prior to
                                                            production, plus
                                                            those estimated
                                                            quantities in
                                                            accumulations yet
                                                            to be discovered.

    "Undiscovered petroleum initially-in-place",            Definition: That
    "undiscovered resources" or "UPIIP"                     quantity of
                                                            petroleum that is
                                                            estimated, on a
                                                            given date, to be
                                                            contained in
                                                            accumulations yet
                                                            to be discovered.

                                                            The recoverable
                                                            portion of
                                                            is referred to as
                                                            resources; the
                                                            remainder is

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

For further information: Kevin Shaw, P.Eng, MBA  President and Chief
Executive Officer Madalena Ventures Inc. Phone: +1(403)262-1901 (Ext. 230)  Thomas Love, CA VP, Finance and Chief Financial
Officer Madalena Ventures Inc. Phone: +1(403)262-1901 (Ext. 227)
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