Madalena announces second quarter 2014 financial results and operational update

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[{"type":"text","content":"\n\n\nTSXV Trading Symbol: MVN\nOTC Trading Symbol: MDLNF\n\n\nCALGARY, Aug. 28, 2014 /CNW/ - Madalena Energy Inc. (\"Madalena\" or the \"Company\") (TSXV: MVN) (OTC: MDLNF) is pleased to announce the filing on SEDAR of its unaudited interim\n consolidated financial statements and related Management's Discussion\n and Analysis (\"MD&A\") for the three and six months ended June 30, 2014.\n Selected financial and operational information is outlined below and\n should be read in conjunction with Madalena's unaudited interim\n consolidated financial statements and related MD&A which are available\n for review under the Company's profile at www.sedar.com and on the Company's website at www.madalenaenergy.com.\n\n\nSECOND QUARTER 2014 HIGHLIGHTS\n($CDN unless otherwise specified) \n\n\n\nJune 24, 2014 - closed a bought deal financing for aggregate gross\n proceeds of $50 million;\n\n\nJune 25, 2014 - closed the acquisition (the \"Acquisition\") of the\n Argentinean business unit of Gran Tierra Energy Inc. for a total\n consideration of $74.4 million, including working capital adjustments,\n payable in $59.2 million cash and $15.2 million in common shares of\n Madalena. The second quarter results include six days of contribution\n from the Acquisition. The Acquisition included proved plus probable\n reserves of 6,513 Mboe at December 31, 2013, production on closing of\n approximately 3,300 boe/d (~78% oil), 11 exploration and production\n blocks comprising approximately 890,000 net acres and a fully\n functional independent business unit in Argentina, with an experienced\n technical and operational team;\n\n\nJuly 7, 2014  - closed the over-allotment option of the bought deal\n financing for aggregate gross proceeds of $7.5 million;\n\n\nQ2 - 2014 production was  1,569 boe/d - including the six day\n contribution from the Acquisition;\n\n\nCurrent production is approximately 4,700 - 4,800 boe/d (75% oil & NGLs) net to Madalena;\n\n\nOperating netbacks continue to improve and averaged $35.14 per boe compared to $13.71 per boe in Q2-2013, an increase of 156%;\n\n\nOperating costs in Argentina have significantly improved averaging\n $21.60 per boe in Q2-2014 as compared to $40.43 per boe in Q2-2013, as\n the benefits from increasing production volumes from the Company's\n horizontal drilling programs and the optimiza...

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