Madison Energy Corp.

Madison Energy Corp.

December 01, 2008 11:47 ET

Madison Energy Corp. Announces Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - Dec. 1, 2008) - MADISON ENERGY CORP., ("Madison") (TSX VENTURE:MDC) is pleased to announce that the TSX Venture Exchange has accepted notice of a normal course issuer bid.

The notice provides that Madison may, during the 12 month period commencing December 1, 2008 and ending November 30, 2009, purchase on the TSX Venture Exchange up to 2,053,647 common shares, being approximately 10% of the public float of the common shares of Madison. The price which Madison will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares which may be purchased and the timing of any such purchases will be determined by Madison. There are 25,995,516 common shares of Madison currently outstanding. Madison has maintained the Normal Course Issuer Bid since October 2006 during which time Madison has acquired 2,472,000 shares. Currently 396,000 repurchased shares have yet to be returned to treasury.

Madison believes that its common shares have been trading in a price range which does not adequately reflect their value in relation to Madison's business and its future business prospects. As a result, depending upon future price movements and other factors, Madison believes that its outstanding common shares may represent an attractive investment and a desirable use of a portion of its available funds.

Madison is a Canadian-based corporation engaged in the acquisition, exploration and development of resource properties. Common Shares of the Company trade on the TSX Venture Exchange under the trading symbol "MDC".

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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