News Column

Madalena announces second quarter 2014 financial results and operational update

September 12, 2014

By a News Reporter-Staff News Editor at Energy Weekly News -- June 24, 2014 - closed a bought deal financing for aggregate

gross proceeds of $50 million;

-- June 25, 2014 - closed the acquisition (the "Acquisition") of

the Argentinean business unit of Gran Tierra Energy Inc. for a

total consideration of $74.4 million, including working capital

adjustments, payable in $59.2 million cash and $15.2 million in

common shares of Madalena. The second quarter results include

six days of contribution from the Acquisition. The Acquisition

included proved plus probable reserves of 6,513 Mboe at

December 31, 2013, production on closing of approximately 3,300

boe/d (~78% oil), 11 exploration and production blocks

comprising approximately 890,000 net acres and a fully

functional independent business unit in Argentina, with an

experienced technical and operational team;

-- July 7, 2014 - closed the over-allotment option of the bought

deal financing for aggregate gross proceeds of $7.5 million;

-- Q2 - 2014 production was 1,569 boe/d - including the six day

contribution from the Acquisition;

-- Current production is approximately 4,700 - 4,800 boe/d (75%

Keywords for this news article include: Madalena Energy Inc.

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Source: Energy Weekly News

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