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Madalena enters into agreements to increase its ownership at Coirón Amargo Sur and reduce near-term work commitments
Madalena enters into agreements to increase its ownership at Coirón Amargo Sur and re...
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[{"type":"text","content":"\n\n\n\nMadalena enters into agreements to increase its ownership at Coirón Amargo Sur and reduce near-term work commitments\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nMadalena enters into agreements to increase its ownership at Coirón Amargo Sur and reduce near-term work commitments\nCanada NewsWire\nCALGARY, July 11, 2016\n\n\n\n(All dollar figures are expressed in United States dollars unless otherwise stated)\n\n\n\nCALGARY, July 11, 2016 /CNW/ - Madalena Energy Inc. (\"Madalena\" or the \"Company\") (TSXV: MVN and OTCQX: MDLNF) is pleased to announce that it has entered into definitive agreements to effect positive ownership changes to the Company's Coirón Amargo block, which will result in Madalena achieving two of the Company's important goals in Argentina – securing increased ownership and operatorship over one of the Company's key assets and reducing near-term work commitments.\n\nHighlights of the transactions, which were accomplished without any cash consideration being paid by Madalena to any of the counterparties, are as follows: \n\n\nincreases Madalena's working interest (\"WI\") to 90% and provides for the Company's operatorship of a large portion of the evaluation concession in the south (\"Coirón Amargo Sur\"); \nreduces the Company's near-term work commitments at Coirón Amargo Sur; and \nMadalena's 35% WI is retained in the exploitation concession in the north (\"Coirón Amargo Norte\"). \n\nSummary of the Ownership Changes\n\nMadalena currently holds a 35% WI in the entire Coirón Amargo block. The block consists of an aggregate of approximately 100,000 gross acres (35,000 net) of Vaca Muerta and Sierras Blancas prospective acreage. The Coirón Amargo Norte exploitation concession consists of 26,598 gross acres (9,309 net) and the Coirón Amargo Sur evaluation concession consists of 72,738 acres (25,458 net).  \n\nPursuant to a series of agreements dated July 11, 2016 involving Madalena, a subsidiary of Royal Dutch Shell plc (\"Shell\"), O&G Developments Ltd...