CALGARY, Alberta, Dec. 17, 2015 /PRNewswire/ — Madalena Energy Inc. (TSX-V: MVN and OTCQX: MDLNF) (the “Company” or “Madalena”) does not anticipate the Argentina government’s recently announced relaxation of currency controls and a move to only one exchange rate to have a negative impact on Madalena’s operations and overall business plan in Argentina.
On November 23, 2015, the Argentine Republic elected a new center-right government. Based on the campaign platform it was largely expected that currency controls would be relaxed and that the Argentine Peso (“AR$”) would undergo a devaluation to reflect its purchasing power in the global economy.
The following summarizes the impact of the AR$ and the United States dollar (“US$”) on the Company’s activities and addresses how Madalena has been planning for a potential devaluation. All numbers are presented in Canadian dollars (“CAD”) unless otherwise stated.
About Madalena Energy
Madalena is an independent, Canadian-based Argentina focused, upstream oil and gas company.
Madalena holds approximately 950,000 net acres in four provinces of Argentina where it is focused on the delineation of large shale and unconventional resources in the Vaca Muerta shale, Lower Agrio shale, Loma Montosa oil play and the Mulichinco liquids-rich gas play. The Company is implementing horizontal drilling and completions technology to develop both its conventional and resource plays.
Madalena trades on the TSX Venture Exchange under the symbol MVN and on the OTCQX under the symbol MDLNF.
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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.
Kevin Shaw, P.Eng, MBA, President and Chief Executive Officer, Madalena Energy Inc., Phone: +1(403) 262-1901 (Ext. 230), kdshaw@madalenaenergy.com; Thomas Love, CA, VP, Finance and Chief Financial Officer, Madalena Energy Inc., Phone: +1(403) 262-1901 (Ext. 227), tlove@madalenaenergy.com
SOURCE Madalena Energy Inc.