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Madalena Energy Inc. announces the departure of Mr. Ray Smith from the board of directors of the Company. Mr. Smith has been a director of Madalena for over 10 years and the board thanks him for his significant contributions to the Company.
Madalena also announces the departures of Mr. Stephen Kapusta, Vice President, Engineering and Mr. Robert Stanton, Vice President, Operations. Mr. Kapusta has resigned effective July 31, 2016 to pursue other opportunities. The departure of Mr. Stanton, who was previously responsible for Madalena's Canadian operations, is effective August 5, 2016 and is as a result of the sale of Madalena's Canadian assets. The Madalena board of directors and management thank Mr. Kapusta and Mr. Stanton for their contributions and wish each of them success in the future.
In addition, Madalena announces that it has entered into a settlement agreement with Mr. Kevin Shaw, former President and Chief Executive Officer of the Company, with respect to his departure from Madalena.
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