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Madalena Energy Inc.

TICKER: MVN:TSX.V; MDLNF:OTCPK

Madalena Energy Inc. is an independent, Canada-based, international and domestic upstream oil and gas company whose main business activities include development, exploration and production from conventional and unconventional resources (large-in-place shale and tight sands). The company's strategy is to create value and provide superior returns to its shareholders through the generation of a balanced portfolio of high quality oil and gas assets in proven hydrocarbon areas characterized by competitive fiscal terms and significant development potential.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Bill Newman, Mackie Research Capital (9/23/14) "Madalena Energy Inc.'s two new board member additions bring a variety of executive level experience helping to balance its board. The highly experienced new members provide expertise in operating, growing and monetizing oil and gas companies. . .the company continues to hold a strong balance sheet, no debt and its focus on its large shale resource development provides substantial upside for the stock."

Michael Charlton, Industrial Alliance Securities (9/18/14) "Madalena Energy Inc. provides investors a balanced exposure to both domestic and international exploration and development plays with approximately 100K net acres in the Western Canada Sedimentary Basin and 1M net acres in Argentina. . .we are initiating coverage on the company with a Buy recommendation and a $1.35 target price."

James Stafford, Oilprice.com (9/2/14) "There are only a few junior companies that have significant land holdings in Argentina's Neuquen basin, among them, Madalena Energy Inc., which will benefit from Chevron Corp.'s plans to drill 300 wells just west of the junior's Coiron Amargo block. The point is that as the supermajors drill, the smaller companies reap the benefits, positioning themselves for big rewards with big players that are eyeing their large tracts of land in this promising basin."

Darrell Bishop, Haywood Securities (8/29/14) "While there is still some discontent with investors over Madalena Energy Inc.'s acquisition of the Gran Tierra Energy Inc. assets and the subsequent financing, we believe the company is setting up to be sustainable in Argentina such that an attractive value can be extracted for shareholders at some point in time. Madalena's shale blocks are still in the best part of what is a very hot play, and we see more than ~$0.50/share in value here longer term."

Bill Newman, Mackie Research Capital (8/29/14) "Madalena Energy Inc.'s operations continue as expected. Multiple drilling results are expected before year-end; the company is on track to grow production in H2/14."

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Geoff Ready, Dundee Capital Markets (8/28/14) "We reiterate our Buy recommendation for Madalena Energy Inc. and have increased our target price to $1.10/share based on a 2015E EV/DACF multiple of 4x and our risked Argentinian unconventional upside of $0.79/share. Over the medium term we expect that value will be realized in Argentina via a joint venture or outright sale of the Vaca Muerta shale assets."

Bill Newman, Mackie Research Capital (8/8/14) "Madalena Energy Inc. completed the acquisition of Gran Tierra Energy Inc.'s Argentina business unit adding 2P reserves of 6.5 Mboe, ~3,300 boe/d (79% oil) of production, 891,165 net acres across 11 blocks and an in-country technical team. The acquisition is accretive on a reserves, production and cash flow basis, and we believe Madalena can now grow its operations funded primarily with cash flow. . .we believe that the company is an excellent buying opportunity. . .each of its resource plays has the potential to add substantial value to the company."

Bill Newman, Mackie Research Capital (7/30/14) "Madalena Energy Inc. has an active conventional drilling and workover program this year that should translate into impressive production growth. We also expect reserve additions in 2014 from delineation of its unconventional shale and tight sand resources. We like the company for its balance sheet, holding no debt, and operations that generate ample cash flow, which will be reinvested to advance development of its large shale resources."

Darrell Bishop, Haywood Securities (7/30/14) "Madalena Energy Inc. has approved a $36M capital budget for H2/14, driving exit production of between 5,200 and 5,400 boepd. . .the focus will be on building a sustainable base of cash flow to continue growth of conventional development activities in Argentina, in addition to Ostracod Hz in Canada."

The Mining Report Interview with Etienne Moshevich (7/29/14) "Madalena Energy Inc. acquired Gran Tierra Energy Inc.'s Argentina business unit, which was very accretive for shareholders, as it provides Madalena with a solid foundation and sizeable footprint in arguably one of the biggest shale plays in the world. Post-acquisition, the company has a large portfolio of opportunities across 14 concessions, with multiple horizontal development plays, an extensive exploration portfolio on high-impact conventional exploration assets and a multibillion-barrel asset base for unconventional shale and tight sand plays.

If we look at the acquisition based on fundamentals, Madalena got the asset at a huge discount. The company paid just $9.67 per boe for 2P reserves, or just $19K per flowing barrel of production, which is extremely cheap compared to transactions with similar production levels. With this acquisition Madalena triples its production, and could dramatically increase its cash flow in 2014 and 2015 respectively." More >

Bill Newman, Mackie Research Capital (7/8/14) "Madalena Energy Inc. has successfully closed the overallotment option on its previously announced bought-deal subscription receipt financing. The overallotment option consisted of 14.7M shares at a price of $0.51/share for additional gross proceeds of $7.5M. . .a fully subscribed financing signals high demand, support and confidence in the company's growth story. Now that Madalena can sustain and grow its operations with cash flow, we believe the company is in a strong financial and operational position to utilize its new assets from Gran Tierra Energy Inc."

Bill Newman, Mackie Research Capital (6/26/14) "Yesterday, Madalena Energy Inc. announced that it had closed the acquisition of Gran Tierra Energy Inc.'s Argentina business unit for total consideration of $63M. . .the acquisition is accretive on a reserves, production and cash flow basis, and because Madalena can now sustain and grow its operations with cash flow, we believe management made the right move."

Geoff Ready, Dundee Capital Markets (6/26/14) "Madalena Energy Inc. announced that it has closed its acquisition of producing oil and gas assets in Argentina from Gran Tierra Energy Inc. for total consideration of $63M. . .becoming a larger entity within Argentina should not only enhance the negotiating position of Madalena in regard to potential joint ventures or sales of its Vaca Muerta properties, but also the addition of the Argentinian technical team should broaden the list of interested suitors."

Darrell Bishop, Haywood Securities (6/26/14) "Madalena Energy Inc. has closed the acquisition of Gran Tierra Energy Inc.'s Argentina business unit for total consideration of $63M, $49M in cash plus $14M in Madalena shares (~$29.8M shares at $0.51/share). . .the acquisition is highly accretive on a reserves (83% on 2P), production (132%) and cash flow basis (73% on 2014E). . .we maintain our Buy rating."

Bill Newman, Mackie Research Capital (6/24/14) "Madalena Energy Inc. has completed the previously announced bought deal subscription receipt financing, issuing 98.1M shares at a price of $0.51/share for gross proceeds of $50M. . .the company will use the proceeds to fund the cash component of the acquisition of Gran Tierra Energy Inc.'s Argentina business unit, expected to close on June 25, 2014."

The Energy Report Interview with Christopher Brown (5/22/14) "The government is now reimbursing Repsol for those expropriated assets. Consequently, three companies in Argentina, including Madalena Energy Inc., are experiencing very positive share price increases. This development shows that people are overcoming their former apprehensions about investing in Argentina and are now looking at what these companies are capable of unlocking in the region." More >

The Energy Report Interview with Bill Newman (5/8/14) "Madalena has been a very active driller in the Neuquén Basin. The company recently drilled two Vaca Muerta exploration wells on the Coiron Amargo block, which will be fracture stimulated and tested in Q2/14. The Coiron Amargo block is located within the prime Vaca Muerta shale oil window and just to the east of the Loma Campana block, where Chevron and YPF are drilling. Madalena is also having a lot of success by drilling horizontal wells to achieve high flow rates from the conventional Sierras Blancas formation. So far the company has discovered six Sierras Blancas light oil pools on the Coiron Amargo block. But Madalena has shown the best way to develop the play is with unstimulated horizontal wells. In January 2014, Madalena announced that the CAN.xr-2(h) horizontal well tested up to 2,235 boe/d, and in April the CAN-15(h) well, a second horizontal well targeting the largest Sierras Blancas structure, tested at 1,945 boe/d from only a portion of the horizontal leg. The company plans to drill three more horizontal Sierras Blancas wells this year, which should boost its production in Argentina. Madalena now has two high-impact plays to appraise on the Coiron Amargo block.

"Near the Coiron Amargo block, Madalena holds a 90% working interest in the Curamhuele block. The region could be the next hot area for shale exploration. As we mentioned, Chevron plans to drill four wells targeting the Vaca Muerta shale on its El Trapial block, which is directly adjacent to Madalena's Curamhuele block. Madalena also sees a lot of potential in the Lower Agrio formation, which is another shale play on the Curamhuele block. With the success of the Sierras Blancas wells and all the shale wells that are scheduled to be tested, we think Madalena could add a lot of value in 2014." More >

Etienne Moshevich, Alphastox.com (5/1/14) "Madelena Energy Inc. stock, in my opinion, is a prime candidate for a potential rerate. . .the stock has been derisked with great potential upside. . .remember, the company has a strong cash position, Canadian assets and production and, now, a very nice horizontal play internationally, which is quickly evolving."

Bill Newman, Mackie Research Capital (4/28/14) "Madalena Energy Inc. announced results from the second horizontal Sierras Blancas well, the success of which gives confidence in the production capability of the Sierras Blancas formation and provides a large inventory of follow-up drill locations. . .the company's Vaca Muerta shale acreage also provides significant upside to the stock as the shale play develops in Argentina. We reiterate our Buy recommendation."

Geoff Ready, Dundee Capital Markets (4/28/14) "We reiterate our Buy recommendation for Madalena Energy Inc. We believe there is a strong likelihood that a transaction will occur on the for lands on the company's Vaca Muerta shale deposit, as the asset is too capital-intensive for Madalena to exploit on its own and there are major oil companies rapidly committing capital to the play's development. A transaction could include a joint venture or an outright sale of one or all of Madalena's blocks, either of which will set a market value for the acreage."

Darrell Bishop, Haywood Securities (4/28/14) "We continue to view Madalena Energy Inc. as a sum-of-the-parts story, with both Canada and Argentina offering strong upside potential. . .considering that drilling is continuing at the Sierras Blancas conventional oil formation and upcoming Vaca Muerta tests at Coiron Amargo are scheduled for Q2/14, industry activity is intensifying, and the potential for a joint venture or sale announcement that could unlock significant value, we continue to like Madalena's risk/reward profile."

Deborah Bacal, Proactive Investors (4/10/14) "Madalena Energy Inc. holds over 132,000 acres in the prolific Argentinean basin. . .driven by the Vaca Muerta shale, the Lower Agrio shale and the Mulchinco tight sand play. . .Yacimientos Petrolíferos Fiscales, the provincial state-run company within the Nequen basin, claims the Vaca Muerta shale alone could be worth an estimated $8K/acre as an average blended number for oil, dry gas and liquids-rich gas shales, which would value Madalena's net acreage at approximately $1.1B, or $2.77/share."

Geoff Ready, Dundee Capital Markets (3/18/14) "We are initiating coverage of Madalena Energy Inc. with a Buy recommendation. . .the company's Vaca Muerta shale play has been the focus of industry attention in the Neuquén Basin, as it is thick, rich and mature. There have been over $4B worth of transactions in this shale play since December 2012, including joint ventures and outright sales."

Bill Newman, Mackie Research Capital (2/24/14) "Madalena Energy Inc. is currently operating in Argentina and benefits from the improving investment climate there. It also stands to benefit from the development of the immense, world-class, unconventional shale resource play in the Neuquén Basin. We expect the company's stock to appreciate in 2014 on the back of continued deals in the Neuquén basin, improving energy policies and successful development of the Vaca Muerta shale; as such, we reiterate our Buy recommendation."

The Mining Report Interview with Keith Schaefer (2/18/14) "Madalena Energy Inc. is a very simple producer story. It has a big land position in Argentina, a country that might scare a lot of people. But the reality is that big oil is spending big money in Argentina to buy up a lot of land. If you apply the transaction metrics that are going on in the country to Madalena's land block, the stock is a triple from here. That's exciting. I wanted to make sure management can tell investors that story.

So far, [the Vaca Muerta shale] is the only play on earth that could be more oil-charged than the Bakken. Everyone is familiar with fracking. Usually companies will do 20 fracks in a well. In the Bakken, you might get 10 bbl per frack. In the Vaca Muerta, explorers are seeing as many as 50 bbl per frack. It is very highly oil-charged." More >

Darrell Bishop, Haywood Securities (2/13/14) "Overall, we view Apache Corp.'s transactions as neutral to slightly positive for Madalena Energy Inc. . .we continue to highlight Madalena as one of the best positioned to benefit from the ongoing macroeconomic turnaround in Argentina and recommend investors revisit the name. . .we maintain our Buy rating and $1.10 price target."

Bill Newman, Mackie Research Capital (2/11/14) "Madalena Energy Inc. announced that it has closed the previously announced bought-deal, short-form prospectus offering for gross proceeds of $23M. The offering was fully subscribed, including the over-allotment option. The use of proceeds is for the continued development of the company's assets in Argentina and Canada and general working capital purposes. . .we recommend Madalena for its conventional production growth potential in Canada and Argentina and the massive resource potential of the Vaca Muerta shale play in Argentina and maintain our Buy rating."

Darrell Bishop, Haywood Securities (2/11/14) "We continue to view Madalena Energy Inc. as a sum-of-the-parts story, with both Canada and Argentina offering strong upside potential. . .the company's recent financing adds financial flexibility to support the acceleration of development in Canada and Argentina while also providing crucial negotiating leverage to the ongoing joint venture/sale talk in Argentina. . .we reiterate our Buy rating for Madalena."

Bill Newman, Mackie Research Capital (1/16/14) "The updated flow rate of Madalena Energy Inc.'s Sierras Blancas CAN.xr-2(h) horizontal well continues to impress; we look forward to the results of the next horizontal well targeting a larger Sierras Blancas discovery. Production test results of the Vaca Muerta shale in the CAS.x-15 well and flow rates of the company's Ostracod wells provide additional near-term catalysts."

Darrell Bishop, Haywood Securities (1/16/14) "Madalena Energy Inc. supplemented its previously announced test results for the CAN.xr-2(h) well at Coiron Amargo in Argentina by providing a gross 10-day test rate of 781 boepd (77% light oil). . .work commitments on the Cortadera block have been extended to Oct. 14 by way of official decree. . .we maintain our Buy rating."

Darrell Bishop, Haywood Securities (1/14/14) "We continue to like Madalena Energy Inc.'s stock at current levels and highlight the next major catalyst as a joint venture (JV) or sale in Argentina. . .we continue to see a JV announcement as a late Q1/14 or Q2/14 event. Meanwhile, several well results are expected over the next two months to keep investors occupied."

Bill Newman, Mackie Research Capital (1/9/14) "On Dec. 27, 2013, Madalena Energy Inc. announced the results of the CAN.xr-2(h) horizontal well. . .we believe the better-than-expected drilling result has not been fully accounted for by the market, and we expect significant stock price appreciation in the event that the second horizontal Sierras Blancas well targeting a separate structure achieves similar flow rates. . .we reiterate our Buy recommendation."

Darrell Bishop, Haywood Securities (1/6/14) "Madalena Energy Inc. reported positive results from the first Sierra Blancas Hz well, and has accelerated the timing of the second well. . .we continue to believe the company is a sum-of-the-parts story, with both Canada and Argentina offering strong upside potential."

M Partners (12/30/13) "Madalena Energy Inc. has announced the results of a multi-rate production test for the CAN.xr-2(h) horizontal well on the Coiron Amargo block in the Neuquen Basin in Argentina. The well was drilled to a total measured depth of 3,751m with a horizontal lateral section of approximately 530m in length. At a 12mm choke setting, the well flowed at a rate of 1,791 bbl/d oil with 2,683 Mcf/d associated natural gas for a total of 2,238 boe/d (80% oil) over a three-hour period and at an average flowing pressure of approximately 1,304 psi."

Bill Newman, Mackie Research Capital (12/27/13) "Madalena Energy Inc. released a positive Argentina update this morning. The CAN.xr-2(h) well on the Coiron Amargo block (35% working interest) tested at a maximum rate 2,238 boe/d (80% oil) from the Sierras Blancas formation. This well represents the first horizontal well drilled into one of the six Sierras Blancas conventional light oil pools discovered on the block. . .the success of this well could result in material production additions in 2014 and adds an attractive conventional light oil play which can be appraised concurrently with the high-impact Vaca Muerta shale oil play. . .we maintain our Buy rating and $1.95/share target."

The Energy Report Interview with Peter Dupont (12/12/13) "Some of these companies have first-mover advantage. Madalena Energy Inc. [is one of] the most obvious examples. . . Madalena has working interests ranging between 35–90% in three blocks in the Neuquén Basin comprising a sizeable 135,000 net acres. Contingent and prospective recoverable resources are estimated by Madalena at 2.9 Bboe, of which 45% are oil and NGLs. There is a mixture of conventional and unconventional plays. Small quantities of oil are presently obtained from the conventional Sierras Blancas formation in the Coiron Amargo Block, where horizontal drilling technology is being applied. Madalena's key focus presently is to secure a joint venture partner for the appraisal and development of the Vaca Muerta and Agrio shale formations. Securing a partner or partners would be a critical catalyst for the stock." More >

Darrell Bishop, Haywood Securities (12/6/13) "We are resuming coverage on Madalena Energy Inc. following close of the company's $12.2M financings. . .we continue to believe the company is a sum-of-the-parts story, with both Canada and Argentina offering strong upside potential. . .we reiterate our Buy rating."

Bill Newman, Mackie Research Capital (12/5/13) "Madalena Energy Inc. announced that it has closed the previously announced bought-deal private placement. . .the proceeds of the financing provides additional financial flexibility, which will allow the company to accelerate the development of the Ostracod play in Alberta. . .Madalena could build significant production and cash flow from the current winter drill program. We also see the potential for significant stock price appreciation upon completion of a transaction on one of its Argentina blocks. We maintain our Buy recommendation."

Bill Newman, Mackie Research Capital (12/5/13) "Madalena Energy Inc. announced that it has closed the previously announced bought deal private placement. The company issued 19.6M commons shares at a price of $0.47/share and 5.6M flow-through shares at a price of $0.54/share, raising total proceeds of $12.2M. . .the proceeds of the financing provides additional financial flexibility that will allow Madalena to accelerate the development of the Ostracod play."

Jin Yan, Casimir Capital (12/2/13) "Madalena Energy Inc. released its Q3/13 financial and operating results just before markets closed last Thursday. Q3/13 production averaged 1,177 boe/d, an increase of 16% from Q2/13, while the oil and liquids weighting grew from 43% to 46%. . .the company has upped its 2013 capex budget by $8M to $42M, with the increase primarily going towards the drilling of additional Ostracod oil wells."

The Energy Report Interview with Xavier Grunauer (11/26/13) "Madalena Energy Inc. is in Argentina, and has an added advantage of producing assets in Alberta. The Alberta assets can help support the company's day-to-day cash flow and operations while Madalena continues to develop its large asset base in the southern cone." More >

Deborah Bacal, Proactive Investors (11/14/13) "Madalena Energy Inc. says it is raising roughly $11M through two financings, with proceeds to be used for further development of the company's Ostracod oil project. . .Madalena earlier this week unveiled impressive testing results. . .the 1-32 Ostracod well in the Paddle River area of Alberta, in which it has a 100% stake, was placed on production early this month, flowing at an average rate of 793 boepd during the first nine days of production."

Bill Newman, Mackie Research Capital (11/12/13) "Madalena Energy Inc.'s Ostracod oil well continues to impress: The company announced that the 1-32 horizontal Ostracod well (100% working intrest) in the Paddle River area of Alberta was placed on production in early November. . .the initial production rate of the 1-32 well is more than two times management's type curve for the Ostracod play. . .the success of the well sets up multiple follow up locations for this winter's drilling program, which could quickly add substantial production in H1/14."

Darrell Bishop, Haywood Securities (11/12/13) "We believe Madalena Energy Inc. is a sum-of-the-parts story and not a cash flow multiple story at the moment, with both Canada and Argentina offering strong upside potential. . .operations are moving forward in the two potentially large parts to the story: 1) a very large land block in west central Alberta where it has multiple potential oil resource plays and 2) the large land position in the rapidly emerging shale plays in Argentina."

Darrell Bishop, Haywood Securities (10/17/13) "We are initiating coverage of Madalena Energy Inc. with a Buy rating. . .with valuation trading below that of its nearest Argentinean peer and supported by the junior domestic peer group, we believe now is the time for investors to begin doing their homework on Madalena ahead of several potential momentum-building macro events in Argentina as well as a series of potentially material, company-specific catalysts."

Bill Newman, Mackie Research Capital (10/9/13) "The shale plays in the Neuquén Basin in Argentina offer world class resource potential and Madalena Energy Inc. is well positioned to capitalize. . .the company is currently seeking partners to help fund the appraisal of the massive shale resource play. We believe that securing a partner would be a major catalyst for stocks and recommend Madalena as a Buy."

Morning Coffee (10/1/13) "Madalena Energy Inc. announced strong results of 1,000 boe/d (84% oil) from an Ostracod test in west-central Alberta, Canada, offsetting Long Run Exploration Ltd.'s land base at Cherhil. The company's test rate directly offsets where Long Run has licensed an Ostracod horizontal. . .recent drilling from Madalena and Long Run already suggests potential for the Ostracod area."

Mourad Haroutunian, Proactive Investors (9/30/13) "A potential $160M shale gas well development deal between Dow Chemical Co. and the Argentinian state-run YPF coud be a major catalyst for Madalena Energy Inc. Dow and YPF will team up in the area of El Orejano, located in the southern Patagonian province of Neuquen. . .Madalena, whose market value is currently at CA$138.77M, holds 135,000 net acres on the Coiron Amargo, Curamhuele and Cortadera blocks within the Neuquen basin."

Amy Chang, National Bank Financial (9/30/13) "This morning, Madalena Energy Inc. announced a positive three-day test rate from its latest Canadian Ostracod oil well (1-32-55-7W5M) of 1,045 boe/d (84% oil). This test rate is above their two previous Ostracod oil wells that were drilled in Q1/13 and tested at 719 boe/d and 547 boe/d (both 24-hour rates), respectively. . .in terms of valuation, we believe the company's acreage in Argentina is not being fully reflected in the current share price, which would represent significant share price upside should the company secure a joint venture deal (expected by year end or by early Q1/13)."

Jin Yan, Casimir Capital (9/30/13) "Madalena Energy Inc. announced results for the 1-32 Ostracod horizontal well this morning, testing at 1,045 boe/d (84% oil) over three days. . .this latest step-out well is the best well drilled by the company in the play by far, and is highly encouraging for proving up the light oil potential in the emerging Ostracod play. . .Madalena has large running room in the Ostracod play, with a drilling inventory of more than 50 horizontal locations in ~60 net sections."

Bill Newman, Mackie Research Capital (9/30/13) "Madalena Energy Inc.'s 1-32 horizontal Ostracod well (100% working interest) in the Paddle River area of Alberta tested over the final 24 hours at 957 boe/d (87% light oil and natural gas liquids [NGLs]). This is a very good test, which exceeded the previous best Ostracod well test of ~720 boe/d (46% oil and NGLs). . .once the new Ostracod well is onstream we estimate corporate production to increase to ~2,000 boe/d. . .the emerging Nordegg play [also] has large resource upside, but we continue to believe the real driver of valuation is the multibillion-barrel resource potential in Argentina."

Amy Chang, National Bank Financial (9/11/13) "We are initiating coverage on Madalena Energy Inc. with an Outperform rating. . .quantifying the potential upside, we believe the company could be worth double what it is trading at today based on our total return of 113%. We believe the current underlying valuation is supported by a low-risk development inventory of ~200 risked horizontal locations in the Ostracod (oil), Notikewin/Wilrich (liquids-rich gas) and emerging Nordegg (oil and liquids) resource plays."

Jin Yan, Casimir Capital (9/3/13) "Madalena Ventures Inc.'s activity is picking up in Coiron Amargo while the joint-venture process is underway in Curamhuele. . .Q2/13 production averaged 1,020 boe/d, generating $3.9M in revenues. . .and the company received a one-year extension for the exploration period on the 90%-operated Curamhuele block earlier this year, giving the company extra financial flexibility to meet the remaining $13.8M in work commitments."

Bill Newman, Mackie Research Capital (8/27/13) "Madalena Energy Inc.'s Ostracod play in Alberta offers near-term, low-risk production growth potential and the Nordegg holds large resource upside, but we continue to believe the real gem is the multibillion boe resource potential in Argentina. We maintain our Buy recommendation and $2.05 target price on the company's growing production in Canada and shale resource upside in Argentina."

The Energy Report Interview with Bill Newman (8/6/13) "Madalena Energy Inc. is an oil and gas exploration and production company with an interest in three blocks in the prolific Neuquén Basin in Argentina, and 92,800 acres in Paddle River Alberta. Oil and natural gas prices are expected to continue to rise in Argentina and we are hopeful that the government will implement additional investment incentives that could be beneficial to Madalena. The shale plays in the Neuquén Basin of Argentina offer world-class resource potential and Madalena is well positioned to capitalize on the unconventional plays. The company continues to make progress on all three of its blocks located in Argentina. . .Decree 929 makes it more likely that the major and super major oil and gas companies will continue to invest in Argentina and this is good news for Madalena because [the] company is in the process of farming out highly prospective block. Madalena hopes to find a partner for its Curamhuele block before year." More >

Bill Newman, Mackie Research Capital (7/31/13) "Madalena Energy Inc. announced that it commenced a multi-well drilling program at the Coiron Amargo block (35% working interest). . .the company continues to make progress on all three of its blocks located in Argentina. . .shale plays in the Neuquén Basin of Argentina offer world-class resource potential and Madalena is well positioned to capitalize on its unconventional plays."

Alphastox (7/22/13) "Argentina has added new incentives for oil patch investments; Madalena Energy Inc.'s shareholders are set to benefit strongly as he company moves forward with unconventional shale drilling and strategic joint venture activity across its 2 Bboe of recoverable resources. . .it's my opinion that Madalena will see a drastic move to the upside once we get better news out of Argentina and investors feel comfortable investing in the country. . .I believe this is only the beginning."

Bill Newman, Mackie Research Capital (7/11/13) "Madalena Energy Inc. announced the completion of a $7.25M private placement. . .although the equity financing is dilutive, the additional capital will be used to accelerate the company's drill program in Canada, which could provide more production and cash flow. We maintain our Buy recommendation and our $2.05 target price."

Ryan Galloway, Casimir Capital (6/18/13) "Madalena Energy Inc. has officially hired RBC Capital Markets as an advisor for Curamhuele farmout options, setting a good pace for future deals. . .Madalena has taken another step toward crystallizing some value on the block. . .we speculate that given the pace of other deals in country, we could see an update on the process in late Q3/13 to early Q4/13. . .with yesterday's boost to the company's credit facilities, Madalena should see ample room to maneuver in the second half of the year."

Ryan Galloway, Casimir Capital (6/11/13) "Madalena Energy Inc. announced that its application for a one-year extension on the Curamhuele block has been approved and signed by the province of Neuquén. We are encouraged by the fact that work commitments are unchanged at $13.8M + VAT, to be completed prior to November 8, 2014. This extension grants Madalena significantly improved financial flexibility in Argentina, easing some pressure to shoot seismic or drill additional exploration wells in the near term. . .with the extension in hand providing a stronger bargaining position, we see Madalena in a much better position to potentially farm-down this block later this year."

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