Madison Energy Corp.

Madison Energy Corp.

March 02, 2005 16:12 ET

CORRECTION FROM SOURCE: Madison Announces Drilling of Nisku Test


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: MADISON ENERGY CORP.

TSX VENTURE SYMBOL: MDC

MARCH 2, 2005 - 16:12 ET

CORRECTION FROM SOURCE: Madison Announces Drilling of
Nisku Test

CALGARY, ALBERTA--(CCNMatthews - March 2, 2005) - Madison Energy Corp.
(TSX VENTURE:MDC):

In the release issued earlier today there was an error in the last
sentence of the first paragraph. The corrected and complete release is
as follows:

Madison Energy Corp. (TSX VENTURE:MDC) (the "Company") announces that in
the Meekwap area, the Company participated in the drilling of a
successful Nisku test. The well has been cased and a short-term test
confirmed the well is capable of oil production. The well is currently
awaiting production equipment which will be on location in March. A
longer-term test period will then be run to establish a rate of
production. The Copmany has a 5-per-cent interest in the well before
payout subject to an overriding royalty and 2.5-per-cent interest after
payout. There are an additional five potential drilling locations (320
hectares) on the remainder of the property, which the Company has a
2.5-per-cent interest.

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".

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Madison Energy Corp.
    John Murdoch
    Chief Executive Officer
    (403) 266-3453
    Email: murdochj@telus.net
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.