CALGARY, June 28, 2017 /CNW/ - Madalena Energy Inc.
("Madalena" or the "Company") (TSXV: MVN and OTCQX: MDLNF) is
pleased to announce the appointment of Mr. Ezequiel Martinez Ariet as permanent Chief
Financial Officer of the Company, effective as of July 1, 2017. Mr. Martinez replaces Madalena
Director Alejandro Augusto Penafiel,
who assumed an Interim CFO role on May 31,
2017, following the transfer of executive management
functions from Canada to
Argentina. The Madalena board of
directors would like to thank Mr. Alejandro
Augusto Penafiel for his diligent work and assistance in
facilitating the transition between management regimes.
Mr. Martinez, who will leave his position as Administrative and
Financial Manager at AESA in Argentina, will bring 15 years of financial,
strategic and operational experience to Madalena. He will be based
in Buenos Aires and will report
directly to Madalena Chief Executive Officer, Jose David Penafiel. Mr. Penafiel commented,
"Having had the privilege of working with Mr. Martinez on projects
in the past, I am fully confident that his knowledge, expertise and
experience will greatly enhance the management team at Madalena and
offer invaluable leadership, both during this current period of
reorganization and beyond. His precise insight into the E&P
market in Argentina makes him the
perfect candidate for the position of CFO of Madalena."
An Accountancy graduate from Salvador University with post-graduate
diplomas from the Professional Council of Economic Sciences CABA
(IFRS and ISAs), the IAE Business School (Business Management) and
the Catholic University of Argentina (Finance), Mr. Martinez combines
vast proficiency in Accounting, Administration, Tax and Finance
with abundant experience in the geographical region. After acting
as Head of Accounting at Argentinian energy giant YPF, he moved on
to the position of CFO at Petrolera San Jose before leading the
financial team as Administrative and Financial Manager at AESA – a
subsidiary of YPF – with some 5,000 employees and a net income of
around $460 million (USD).
About Madalena Energy
Madalena is an independent,
Canadian upstream oil and gas company with operations in four
provinces of Argentina where it is
primarily focused on the delineation of unconventional oil and gas
resources. The Company is implementing horizontal drilling and
completions technology to develop both its conventional and
resource plays.
Madalena trades on the TSX Venture Exchange under the symbol MVN
and on the OTCQX under the symbol MDLNF.
Reader Advisories
Forward Looking Information
The information in this news release contains certain
forward-looking statements. These statements relate to future
events or our future performance, in particular, but not limited
to, with respect to matters related to the Company's future plans
and the timing of certain matters. All statements other than
statements of historical fact may be forward-looking statements.
Forward-looking statements are often, but not always, identified by
the use of words such as "seek", "anticipate", "plan", "continue",
"estimate", "approximate", "expect", "may", "will", "project",
"predict", "potential", "targeting", "intend", "could", "might",
"should", "believe", "would" and similar expressions. These
statements involve substantial known and unknown risks and
uncertainties, certain of which are beyond the Company's control,
including: the impact of general economic conditions; industry
conditions; changes in laws and regulations including the adoption
of new environmental laws and regulations and changes in how they
are interpreted and enforced; fluctuations in commodity prices and
foreign exchange and interest rates; stock market volatility and
market valuations; volatility in market prices for oil and natural
gas; liabilities inherent in oil and natural gas operations;
uncertainties associated with estimating oil and natural gas
reserves; competition for, among other things, capital,
acquisitions, of reserves, undeveloped lands and skilled personnel;
incorrect assessments of the value of acquisitions; changes in
income tax laws or changes in tax laws and incentive programs
relating to the oil and gas industry; geological, technical,
drilling and processing problems and other difficulties in
producing petroleum reserves; and obtaining required approvals of
regulatory authorities. The Company's actual results, performance
or achievement could differ materially from those expressed in, or
implied by, such forward-looking statements and, accordingly, no
assurances can be given that any of the events anticipated by the
forward-looking statements will transpire or occur or, if any of
them do, what benefits the Company will derive from them. These
statements are subject to certain risks and uncertainties and may
be based on assumptions that could cause actual results to differ
materially from those anticipated or implied in the forward-looking
statements. The forward-looking statements in this news release are
expressly qualified in their entirety by this cautionary statement.
Except as required by law, the Company undertakes no obligation to
publicly update or revise any forward-looking statements. Investors
are encouraged to review and consider the additional risk factors
set forth in the Company's Annual Information Form, which is
available on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Madalena Energy Inc.