Business
Madalena Retains Financial Advisor to Conduct Joint Venture Partnering Process on Curamhuele Block and Enhances Financial Flexibility with Block Extension and Increased Credit Facility
CALGARY , June 17, 2013 /CNW/ -   Madalena Ventures Inc. (the "Company" or "Madale...
About this update from Centaurus Energy Inc.
[{"type":"text","content":"\n\n\nCALGARY, June 17, 2013 /CNW/ -  Madalena Ventures Inc. (the \"Company\" or \"Madalena\" (TSX VENTURE: MVN)\n is pleased to provide the following update:\n\n\nInternational Update - Hiring of Advisor and Curamhuele Block Extension\n\n\nAs announced in a press release dated June 11, 2013, the exploration\n period for Madalena's 90% W.I. Curamhuele block was extended by way of\n an official decree signed by the Province of Neuquén.  This one year\n extension allows Madalena until November 8, 2014 to satisfy the\n remaining work commitments of approximately US $13.8 million plus VAT\n on the block providing the Company enhanced financial flexibility.\n\n\nThe Company has retained RBC Capital Markets (\"RBC\") as its exclusive\n financial advisor in connection with the Company's assets located\n within the Neuquén Basin of Argentina. The Company's intention is to\n identify a potential joint venture partner(s) to accelerate exploration\n and development activities on the Curamhuele block where the Company\n has exposure to over 1.5 billion boe (65% oil) of best estimate\n contingent plus prospective recoverable resources as estimated by a\n recent Ryder Scott evaluation. The details of the Ryder Scott\n evaluation were disclosed in the Company's press release dated April\n 30, 2013.\n\n\nCorporate Update - Increase in Credit Facilities\n\n\nThe Company is also pleased to announce increases to its credit\n facilities with the National Bank of Canada. The revolving operating\n demand loan and the acquisition / development demand loan have been\n increased from $4.75 million to $10.0 million and from $1.25 million to\n $3.0 million, respectively. The credit facilities are subject to a\n periodic review by the bank, with the next review scheduled on or\n before September 1, 2013. The facilities are currently unutilized.\n\n\nAbout Madalena - Domestic and International Assets\n\n\nMadalena is an independent, Canadian-based, domestic and international\n upstream oil and gas company whose main business activities include\n exploration, development and production of crude oil, natural gas\n liquids and natural gas.\n\n\nDomestically, Madalena's core area of operations is located in the\n Greater Paddle River area of west-central Alberta where the Company\n holds approximately 200 gross (>150 net) sections of land...