Madalena Energy Inc. Reports Earnings Results for the Three Months and Year Ended December 31, 2014; Provides Production Guidance for 2015
Apr 17 15
Madalena Energy Inc. reported earnings results for the three months and year ended December 31, 2014. For the quarter, the company reported net loss of $30,526,000 or $0.07 diluted loss per share on oil and gas revenue of $26,636,000 against net loss of $20,529,000 or $0.06 diluted loss per share on oil and gas revenue of $5,633,000 for the same period a year ago. Funds flow from operations was $4,352,000 against $1,493,000 for the same period a year ago. Capital expenditures was $13,282,000 against $13,098,000 for the same period a year ago.
For the year, the company reported net loss of $36,004,000 or $0.08 diluted loss per share on oil and gas revenue of $72,945,000 against net loss of $23,287,000 or $0.07 diluted loss per share on oil and gas revenue of $17,960,000 for the same period a year ago. Funds flow from operations was $17,721,000 against $3,920,000 for the same period a year ago. Capital expenditures was $40,537,000 against $43,296,000 for the same period a year ago.
Madalena's current production is approximately 4,000 boe/d (79% oil and NGL's) with 3,800 boe/d (80 % oil and NGL's) in Argentina and 200 boe/d (55% oil & NGL's) in Canada.
Madalena Energy Inc. Announces Resignation of Doug Brooks from its Board of Directors
Apr 17 15
Madalena Energy Inc. announced with regret that Mr. Doug Brooks has tendered his resignation from the Board of Directors. Mr. Brooks has recently accepted the position of president and chief executive officer with a private, U.S.-based oil and gas company. Mr. Brooks' employment terms preclude him from serving on public company boards. Mr. Brooks remains a strong supporter of Madalena.
Madalena Announces 860 boe/d Loma Montosa Horizontal Well Test At Puesto Morales and 590 boe/d Sierras Blancas Well At Coiron Amargo
Apr 8 15
Madalena Energy Inc. has completed the testing of an operated horizontal multi frac well (PMS-1135(h)) in the Loma Montosa formation on its 100% working interest property at Puesto Morales, one of Madalena's four strategic resource plays in Argentina. Madalena also provided an update on its horizontal well development on its Coiron Amargo Block. The PMS-1135(h) well on Madalena's Puesto Morales block, was successfully drilled and cased with a tapered mono-bore assembly to a total depth of 2,600 metres with a horizontal length of approximately 1,095 metres. The horizontal section had twelve open hole frac packers and ports while the main 5.5" casing string was cemented using a staged cement collar. Madalena then completed Argentina's first 12 stage ball drop frac operation. All 12 stages were completed using a hybrid slickwater/gel frac that pumped a total of 10,900 bbls of water and 360 tonnes of sand (approximately 30 tonnes per stage). Testing operations commenced on March 30, 2015 and the well has been flowing up 5.5" casing without a production string run. Over the last 24 hours, the well flowed a total of 860 boe/d including 480 barrels of oil per day (bopd) plus 2,300 mcf/d of gas at a flowing pressure of 530 psi and a 47% water cut. Cumulative production over the last 5 days was 2,140 barrels of oil (428 bopd) plus gas volumes. To date the well has recovered 4,931 barrels of water which is approximately 45% of the total water based frac fluid pumped. Although Madalena is very encouraged by this production test, it cautions that these results are not necessarily indicative of the long-term performance or of the ultimate recovery of the well. At Coiron Amargo, drilling and completion operations recently finished on the Company's fourth Sierras Blancas horizontal well (CAN-16(h)). The CAN-16h well was drilled to a total depth of 4,214 metres with a horizontal lateral section of 1,011 metres. Testing operations began on March 15, 2015 and the well was tied into production facilities on March 27, 2015 at a total rate of 600 boe/d (210 boe/d WI) including 480 barrels of oil per day (170 bopd WI) and 730 mcf/d (255 mcf/d WI) of associated gas flowing at 1,400 psi wellhead pressure. The well has been on test or production for 20 days and continues to produce at a rate of 590 boe/d (206 boe/d WI) with a 15% water cut.