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Madalena Plans Further Development of Ostracod Domestically

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Madalena Plans Further Development of Ostracod Domestically
Domestic Operations - Greater Paddle River Area, Alberta, Canada Domestically, Madalena's core area of operations is located in the greater Paddle River area, where the Company holds approximately 196 gross (154 net) sections of land (approximately 78% average working interest) in west-central Alberta that support light oil and liquids-rich gas resource plays. Madalena entered the domestic E&P space in November, 2012 and executed horizontal drilling activity in 2013 with a focus of bringing increased production and cash flow into the company. Drilled 6 (5.92 net) wells in 2013 including 4 development horizontals and 2 exploration wells which qualify for Canadian Exploration Expense (CEE) , resulting in 4 (4 net) oil wells; Continued to make progress on the Ostracod horizontal oil project…
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