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Last C$0.34 CAD
Change Today -0.01 / -2.86%
Volume 585.3K
MVN On Other Exchanges
Symbol
Exchange
Venture
Frankfurt
As of 3:48 PM 03/30/15 All times are local (Market data is delayed by at least 15 minutes).

madalena energy inc (MVN) Snapshot

Open
C$0.35
Previous Close
C$0.35
Day High
C$0.35
Day Low
C$0.34
52 Week High
04/8/14 - C$0.78
52 Week Low
12/12/14 - C$0.20
Market Cap
183.5M
Average Volume 10 Days
730.6K
EPS TTM
C$-0.02
Shares Outstanding
539.8M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for MADALENA ENERGY INC (MVN)

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madalena energy inc (MVN) Details

Madalena Energy Inc. explores, develops, and produces crude oil, natural gas liquids, and natural gas. The company primarily operates in the Greater Paddle River area of west-central Alberta, Canada. It holds approximately 132,200 net acres on the Coiron Amargo, Curamhuele, and Cortadera blocks within the Neuquén basin in Argentina. The company was formerly known as Madalena Ventures Inc. and changed its name to Madalena Energy Inc. in August 2013. Madalena Energy Inc. is headquartered in Calgary, Canada.

10 Employees
Last Reported Date: 04/29/14

madalena energy inc (MVN) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$255.0K
Chief Financial Officer and Vice President of...
Total Annual Compensation: C$135.0K
Vice-President of Exploration
Total Annual Compensation: C$157.0K
Compensation as of Fiscal Year 2013.

madalena energy inc (MVN) Key Developments

Madalena Energy Inc. Provides Argentina Update

Madalena Energy Inc. Provided Argentina Update. The Company currently has two horizontal drilling operations underway in Argentina. At the Coiron Amargo (35% WI) block, the CAN - 16h horizontal well is currently drilling within the targeted Sierras Blancas light oil reservoir. The well is expected to be tied in for production in March 2014. At the Company's 100% WI Puesto Morales field, the Company is working to unlock the Loma Montosa oil resource play through the utilization of horizontal multi-stage frac technology. Drilling operations have recently commenced on the PMN-1135 horizontal multi-frac well into the Loma Montosa resource play that will be drilled horizontally for approximately 800 metres and completed with approximately 10 frac stages. The Company has internal geological mapping based on approximately 60 wells which have penetrated the Loma Montosa and there is cumulative production from 16 offsetting vertical wells of approximately 1.7 MMBbls. The Loma Montosa represents one of four key resource plays being pursued by Madalena in 2015. The Vaca Muerta shale, Agrio shale and liquids-rich Mulichinco comprise the other three resource plays.

Madalena Energy Inc. Provides an Operations Update

Madalena Energy Inc. provided the operational update. Domestic Operations Update - Western Canada: On January 28, 2015, Madalena was advised by Keyera Corp. (Keyera) that Keyera's Paddle River gas plant will be shut down for a minimum period of two months commencing February 1, 2015 due to current economic conditions and recent commodity price declines in North America. The majority of the Company's Western Canada gas production (including solution gas relating to the Company's Canadian oil production) is processed at this Paddle River facility. As a result of the gas plant shut-down, Madalena will temporarily suspend production of approximately 660 boe/d in Western Canada (40% oil) on February 1, 2015. The impact of this shutdown is a decrease in estimated funds flow from operations of approximately CAD 125,000 per month. Madalena is currently reviewing other alternative existing plant options in the general area to assess potential interim or long-term processing capabilities. Madalena's recent Nordegg oil and gas discovery at West Cove will not be tied-in until economic conditions improve and the Keyera plant situation is satisfactorily resolved. Additionally, two recently drilled and completed Paddle River Ostracod wells have not tested hydrocarbons in economic quantities and will remain suspended. Post the Keyera plant shutdown, Madalena estimates its current base production at 3,600 boe/d (76% oil & NGL's) with approximately 97% being realized from the Company's Argentina operations where the current posted price for Medanito crude oil in Argentina is $77 per barrel. International Operations Update -Argentina: Puesto Morales (100% WI) Field - Horizontal Drilling of Loma Montosa Oil Resource Play: Madalena has mobilized a drilling rig for its 100% working interest operated PMS-1135(h) drilling location. The well is expected to spud within the next few days and will target the Loma Montosa oil resource play at a vertical depth of approximately 1,385 metres. The well will be drilled horizontally for approximately 800 metres and be completed with approximately 10 frac stages. The Loma Montosa represents one of four key resource plays being pursued by Madalena in 2015. The Vaca Muerta shale, Agrio shale and liquids-rich Mulichinco comprise the other three resource plays. The Loma Montosa play is located in Madalena's Puesto Morales area which covers over 30,000 net acres of 100% working interest lands. There has been historical Loma Montosa oil production from 16 vertical wells on the Puesto Morales block. Madalena operates and controls a 100% working interest facility and pipeline infrastructure in the area. To unlock this resource play, the Company intends to apply horizontal multi-frac technology to increase recoveries and improve overall play economics. Coiron Amargo (35% WI) Block - Sierras Blancas Horizontal Exploitation & Vaca Muerta Shale Delineation: CAN-16(h) is the Company's fourth Sierras Blancas horizontal well at Coiron Amargo. The well is currently drilling in the build section of the trajectory. The Company anticipates that the drilling operations will be completed by mid-February and the well placed on production in March 2015. CAS.x-16 was drilled vertically to a total depth of 3,160 metres and rig released in December 2014. The well encountered 125 metres of Vaca Muerta shale reservoir. Following the drilling operations, the well was opened to flow un-stimulated (no acidization or fracture treatments) on a 2 mm choke at a pressure of approximately 570 psi with an initial rate of 60 Bopd of light oil. After approximately 30 days of flowing, the well continues to produce at a stabilized rate of 20 Bopd at approximately 250 psi. Management is encouraged by this unstimulated Vaca Muerta flow rate and believes the rate is potentially being restricted by a downhole tool (left by the operator of the Coiron Amargo concession) which needs to be retrieved. The well builds pressure to 4,200 psi after 3-4 hours of shut-in which is indicative of a damaged or restricted well. Further operations are expected to commence in February and following the recovery of the downhole tool, the Company will work with its partners to design and implement a stimulation program with the objective to further test and increase production from this vertical delineation well. CAS.x-15 was a previously drilled vertical well that encountered 114 metres of Vaca Muerta shale reservoir. In December 2014, operations resumed at this location and the well was set-up for future stimulation activities. The Company will work with its partners to design and implement a stimulation program on this vertical delineation well in 2015. Madalena is also working with its partners at Coiron Amargo to plan its first horizontal multi-stage frac well into the Vaca Muerta shale which is an important step to unlocking this unconventional resource. It is anticipated that Madalena and its partners will commence drilling operations on the first horizontal in late fourth quarter of 2015.

Madalena Energy Inc. and Maglan Capital LP Announce Board Changes

Madalena Energy Inc. and Maglan Capital LP announced that, further to the recently announced initiatives and review undertaken by the special committee of Madalena's Board of Directors, effective immediately Mr. Gus Halas has been appointed to the Board and Mr. Steven Sharpe has been elected Chairman of the Board. Mr. Halas, an independent director, is currently a director of Triangle Petroleum Corporation and has significant experience in the energy industry and in public companies in both an executive and board role, including his roles as President, Chief Executive Officer, Director and/or Chairman of Central Garden & Pet Company, T-3 Energy Services Inc., Ingersoll Dresser's Pump Services Group and Aquilex Corporation. Mr. Halas has also held a leadership position at Sulzer Industries Inc. and is currently a Member of the Advisory Board of White Deer Energy, a Houston based private equity firm. With Mr. Halas' background and skills, Madalena and Maglan believe that Mr. Halas will be an excellent contributor to the success of Madalena.

 

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