/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
ANY UNITED STATES NEWS SERVICES. ANY FAILURE TO COMPLY WITH THIS
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TSXV Trading Symbol: MVN
CALGARY, Nov. 21, 2013 /CNW/ - Madalena Energy Inc. (the "Madalena" or the "Company") (TSXV: MVN) is pleased to announce that it has closed its previously
announced private placement ("Private Placement") financing for aggregate gross proceeds of $3.0 million through the
issuance of 5,555,556 common shares issued as CDE "flow-through shares"
within the meaning of the Income Tax Act (Canada) at a price of $0.54 per share.
The shares issued pursuant to the Private Placement are subject to a
four month hold period, which expires on March 22, 2014. Madalena paid
a finder's fee on the gross proceeds from the Private Placement to a
The Corporation's previously announced bought-deal financing in the
amount of $8,000,000 is expected to close on or about December 3, 2013.
About Madalena - International and Domestic 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.
Internationally, Madalena holds three blocks within the Neuquén basin in
Argentina comprised of approximately 135,000 net acres on the Coiron
Amargo (approximately 35,000 net acres), Curamhuele (approximately
50,500 net acres) and Cortadera (approximately 49,500 net acres)
Domestically, Madalena's core area of operations is located in the
Greater Paddle River area of west-central Alberta, where the
Corporation holds approximately 200 gross (155 net) sections of land
(78% average working interest).
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 www.madalena-energy.com.
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 planned
operational activities to be conducted by the Company. In addition,
statements relating to "reserves" or "resources" are deemed to be
forward-looking statements as they involve the implied assessment,
based on certain estimates and assumptions, that the reserves and
resources described exist in the quantities predicted or estimated and
can be profitably produced in the future. 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
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)