Madalena Announces Q2 - 2015 Financial and Operational Results, Enhanced Financial Flexibility with Argentina Oil Incentives, Concession Renewal at Puesto Morales and Drilling Update

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[{"type":"text","content":"\n\nTSXV Trading Symbol: MVNOTC Trading Symbol: MDLNF\n\n\n\nCALGARY, Aug. 26, 2015 /CNW/ - Madalena Energy Inc. (\"Madalena\" or the \"Company\") (TSXV: MVN and OTC: MDLNF) is pleased to announce its financial and operating results for the three and six months ended June 30, 2015. Selected financial and operational information is outlined below and should be read in conjunction with Madalena's unaudited interim financial statements as at and for the three months ended June 30, 2015 and the related management's discussion and analysis, which are available for review under the Company's profile at www.sedar.com and on the Company's website at www.madalenaenergy.com.\n\nHIGHLIGHTS ($CDN unless otherwise specified) \n\nHighlights for the three and six months ended June 30, 2015 included:\n\n\n\nRealized Q2-2015 crude oil and NGL price in Argentina of $96.33/bbl and $6.28/mcf for natural gas. The Government of Argentina sets the benchmark price for crude oil, which averaged averaged US$76.33/bbl in Q2-2015 and has been set at US$76.00/bbl for Q3-2015; \nOil and gas production increased to 3,996 boe/d, up 155% from Q2-2014 and 11% from Q1 - 2015; \nRealized a 30% increase in oil and gas revenue per boe to $83.50/boe compared to $64.08/boe in Q2-2014; \nCorporate operating netbacks were $34.18/boe (Argentina $37.39/boe); \nFunds flow from operations was $4.3 million for Q2-2015 including a $1.9 million one-time charge to royalties pursuant to a 2007-2011 royalty settlement related to historical production from the Puesto Morales area. Without this one-time settlement charge, funds from operations would have been $6.2 million; \nExtended Rinconada Puesto Morales exploitation concession for 10 additional years; and \nSubsequent to the quarter, the Company was notified by the Argentina Secretary of Energy that Madalena will receive US$11.1 million in government bonds for settlement of past Petroleum Plus incentive credits.\n\nSUMMARY FINANCIAL AND OPERATIONAL RESULTS\n\n\n\n\n\n\n\n\n\nThree months ended\n\nJune 30\n\n\nSix months ended\n\nJune 30\n\n\n\n\n2015\n\n\n2014\n\n\n2015\n\n\n2014\n\n\n\n\n\n\n\n\n\nFinancial - Canadian $000s, except per share amounts\n\n\n\n\n\n\n\nOil and gas revenue\n\n\n30,365\n\n\n9,144\n\n\n54,500\n\n\n15,450\n\n\n\nFunds flow from operations(1)\n\n\n4,271\n\n\n1,047\n\n\n10,275\n\n\n4,616\n\n\n\n\nP...

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