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Madalena Energy Buoyed by Argentinean Oil Prices
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Madalena Energy Inc. has provided the following comments on recent changes to regulated Argentina oil prices and updates its 2015 Capital Budget as outlined below.
Regulated Argentina Oil Price MarketIn Argentina, oil prices are set by the government for product sold into the domestic oil market, which is where Madalena sells the oil from its Argentine operations. For many years Argentina's domestic oil prices were well below the Brent oil benchmark price. Since May 2014, oil prices in Argentina have remained above USD $83 per barrel while Brent oil prices have sharply declined from USD $115 per barrel to USD $53 per barrel.
The regulators in Argentina have set January 2015 oil pricing at approximately USD $77 per barrel for Medanito crude quality oil compared to the December 2014 posted…
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