TSXV Trading Symbol: MVN
OTC Trading Symbol: MDLNF
CALGARY, Sept. 23, 2014 /CNW/ - Madalena Energy Inc. (TSX-V: MVN) and (OTC: MDLNF) (the "Company" or "Madalena") is pleased to announce
that Messrs. Douglas E. Brooks and Steven Sharpe, two new independent
directors have joined the Madalena board of directors (the "Board").
"This is an exciting time for Madalena following our recent
transformational transaction and our transition to a more balanced
business strategy", said Raymond Smith, Chairman of the Board. "We are
very pleased that Douglas and Steven have agreed to join the Board and
feel that Madalena and its shareholders will benefit greatly from the
education, experience and skills that these two highly qualified
individuals possess." The following is a brief biography of each of
these new independent directors.
Mr. Brooks is an executive with 32 years' experience in the oil and
natural gas exploration and producing industry in positions of
increasing responsibility, including eleven years at the executive
level and seven years as a company President and CEO. In 2012 Mr.
Brooks joined Aurora Oil & Gas Ltd. as CEO and member of the board of
directors. Aurora was an ASX and TSX listed public company and was
one of Australia's largest oil and gas companies prior to it being
purchased by Baytex Energy Corp. for $2.6 billion in June, 2014. Under
Mr. Brooks' leadership Aurora implemented a new strategy to transform
it from a non-operated production company into an operating focused
company to unlock greater shareholder value by leveraging its existing
significant technical and commercial expertise in the Eagle Ford
formation of south Texas. The strategy resulted in accretive growth
through targeted acquisitions of under developed nearby Eagle Ford
assets and selective exploration efforts resulting in Aurora operating
nearly 30% of its production and 45% of its leasehold interests,
including one new core exploration area at the time of the purchase by
Baytex. Mr. Brooks has previously also worked as President and CEO of
two private equity sponsored companies from 2006 to 2011. Prior
thereto, Mr. Brooks held various positions at Marathon Oil Company from
1982-2006, including an executive position to grow the company in
select areas within its corporate strategy. His positions at Marathon
also included Director, Worldwide M&A and Business Development, North
America and South America. Resource play projects worked by Mr. Brooks
include the U.S. include the Eagle Ford and Austin Chalk in south
Texas; the Niobrara and Mowry in central Wyoming; the Bakken in North
Dakota; Williams Fork in northwest Colorado; early work in coal bed
methane in Wyoming and oil sand projects in Canada. Besides his
resource play involvement, his experience includes domestic and
international conventional plays in Canada, North Africa and West
Africa and China. Mr. Brooks is based in Houston. He obtained his
Bachelor of Science, Business Management at the University of Wyoming,
Casper, and his Master of Business Administration (finance) at Our Lady
of the Lake University.
Mr. Sharpe is currently Managing Director of The EmBeSa Corporation, a
private consultancy dealing primarily with corporate restructuring and
business strategy. Most recently, Mr. Sharpe was Chairman and Interim
CEO of Longview Oil Corp (TSX) until its acquisition by Surge Energy
Inc. in June of this year. He was for many years Chairman of Advantage
Oil & Gas Ltd. (TSX, NYSE), and was a director and Chair of the Special
Committee of the Board of Renegade Petroleum Ltd. (TSX-V). Until March,
2013, Mr. Sharpe was CEO and a member of the Board of C.A. Bancorp Inc.
Steven graduated from Osgoode Hall Law School in 1977; he spent his
legal career at Torys and then Davies, Ward & Beck until 1998. During
that time, much of his time was spent advising banks, multinational
corporations and boards of directors on strategic, conflictual and
governance issues. He co-headed the work-out and restructuring group at
Davies, and participated in a variety of national and international
situations. From 1998 until 2001, Mr. Sharpe was the Executive Vice
President of the Kroll-O'Gara Company (NASDAQ) in New York. He was
responsible for strategic planning, business development and the
building of a mergers and acquisitions group. During his tenure, the
M&A group completed more than 10 acquisitions of scale, spread out over
North America, the U.K., South America and the People's Republic of
China. In 2002, Mr. Sharpe and Gordon Cheesbrough founded Blair
Franklin Capital Partners Inc., a Toronto-based investment bank. Steven
was co-Managing Partner of Blair Franklin from 2002 to 2007, and then
Senior Advisor to the firm. Subsequently, he was Chairman and CEO of
Prime Restaurants Royalty Income Fund which became Prime Restaurants
Inc. (TSX) where he was Chairman until its sale to Fairfax Financial
Holdings Ltd. in 2011.
Grant of Options
Madalena is also pleased to announce that the Board has approved the
grant of options to purchase 350,000 common shares of the Company to
each of Messrs. Brooks and Sharpe at an exercise price per share equal
to the closing price of Madalena's common shares on September 24, 2014
pursuant to the stock option plan of the Company.
About Madalena - International and Domestic Assets
Madalena is an independent, Canadian-based, international and domestic
upstream oil and gas company whose main business activities include
exploration, development and production of crude oil, natural gas
liquids and natural gas.
Internationally, Madalena holds 14 large land blocks within five
provinces in Argentina where it is focused on the delineation of large
petroleum in-place shale and unconventional resources in the Vaca
Muerta and Agrio shales, in addition to multiple tight sand plays. The
Company is also implementing horizontal drilling and completions
technology to develop high impact conventional and resource plays.
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 (approximately
78% average W.I.) encompassing light oil and liquids-rich gas resource
plays. Madalena's primary domestic focus is to exploit its large
inventory of horizontal drilling locations on its Ostracod oil and
other oil and liquids-rich gas resource plays.
Madalena trades on the TSX Venture Exchange under the symbol MVN and on
the OTC under the symbol MDLNF. Basic corporate information, recent
news releases and regularly updated corporate presentations are
available on the Company's website at www.madalenaenergy.com.
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.
SOURCE: Madalena Energy Inc.
For further information:
Kevin Shaw, P.Eng, MBA
President and Chief Executive Officer
Madalena Energy Inc.
Phone: (403) 262-1901 (Ext. 230)
Thomas Love, CA
VP, Finance and Chief Financial Officer
Madalena Energy Inc.
Phone: (403) 262-1901 (Ext. 227)