Business
Madalena Announces Financial and Operating Results for the three and nine months ended September 30, 2012
/ NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED...
About this update from Centaurus Energy Inc.
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ \n\n\nTSXV Trading Symbol: MVN \n\n\nCALGARY, Nov. 26, 2012 /CNW/ - Madalena Ventures Inc. (\"Madalena\" or the\n \"Company\") (TSX Venture: MVN) today announced that it has filed its\n unaudited financial statements and related management's discussion and\n analysis (\"MD&A\") for the three and nine month period ended September\n 30, 2012 on www.sedar.com and on its website www.madalena-ventures.com. All amounts are in Canadian dollars ($) unless otherwise stated.\n\n\nHIGHLIGHTS\n\n\nHighlights in the nine months ended September 30, 2012 include:\n\n\nStrategic acquisition (closed November 1, 2012) of Canadian oil and gas\n assets securing access to a large inventory of horizontal drilling\n locations and diversifying country risk;\n\n\nExtension of the Company's large acreage position in the Neuquen Basin\n and conversion of the northern 108 km2 of the 404 km2 Coiron Amargo Block to a 25 year exploitation concession;\n\n\nSuccessful drilling and completion of 2 development wells and 2\n exploration wells on the Coiron Amargo Block;\n\n\nWith its partner Apache, drilled a Vaca Muerta shale test at the CorS\n X-1 deep gas exploration well on the Cortadera Block penetrating the\n Vaca Muerta formation and additional zones of interest in the Quintuco,\n Mulichinco, and Agrio formations; and\n\n\nGenerated in Argentina in Q3 positive funds from operations(2) on higher production volumes and maintained strong working capital\n position exiting the period with working capital of $58.7 million.\n\n\nOVERVIEW\n\n\nMadalena is an independent, Canadian-based, international upstream oil\n and gas company whose main business activities include exploration,\n development and production of crude oil, natural gas liquids and\n natural gas.\n\n\nCorporate\n\n\nOn November 1, 2012 the Company acquired all of the common shares of\n Online Energy Inc. (\"Online\") for a total purchase price of\n approximately $20.6 million which includes the assumption of Online's\n debt in the amount of approximately $4.5 million excluding transaction\n and severance costs.\n\n\nOnline's assets include 153 net sections of land (197 gross sections at\n 77.9% average working interest) in the greater Paddle River area of\n central Alberta across multipl...