Madison Energy Corp.
TSX VENTURE : MDC

Madison Energy Corp.

October 09, 2009 07:00 ET

Madison Enters Into a Letter of Intent to Sell Its Garrington Alberta Property

CALGARY, ALBERTA--(Marketwire - Oct. 9, 2009) -

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Madison Energy Corp. ("Madison") (TSX VENTURE:MDC) is pleased to report today that it has entered into a letter of intent to sell its oil and gas holdings in the Garrington area of Alberta to a third party, for gross proceeds of $4.5 million.

The sale will be effective October 1, 2009 and is expected to close on or before December 30, 2009. The sale of Garrington is subject to the approval of the TSX Venture Exchange and normal industry due diligence.

The proceeds from the sale will be used to enhance Madison's working capital and for general corporate purposes. Following the sale, Madison will continue to operate its oil & gas interests in the Meekwap and Giroux areas of Alberta and the Antler/Sinclair area in Manitoba.

Madison is Canadian oil and gas exploration and development company headquartered in Calgary, Alberta.

Advisory: This press release contains forward-looking statements subject to certain risks and assumptions, which may cause performance in the future to vary materially from this. Only statements of historical fact are free from such variances.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Madison Energy Corp.
    John Murdoch
    President and Chief Executive Officer
    (403) 266-3453 (x 221)
    or
    Madison Energy Corp.
    Pat Taguchi
    Chief Financial Officer
    (403) 266-3453 (x 223)