Madalena Ventures Inc.
CNQ : MAVI

Madalena Ventures Inc.

October 17, 2006 18:22 ET

Madalena Ventures Inc. Extends Closing Date of Private Placement Financing of Up to $22,000,000

CALGARY, ALBERTA--(CCNMatthews - Oct. 17, 2006) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Madalena Ventures Inc. ("Madalena" or the "Company") (CNQ:MAVI) announces that the closing date to its previously announced private placement financing of up to $22,000,000, with Canaccord Capital Corporation (the "Agent") acting as agent, has been extended until on or about October 24, 2006 by mutual agreement between the Company and the Agent.

Madalena is a Calgary-based company focused on both domestic and international oil and gas exploration and development. Madalena has entered into formal agreements to earn interests in two Exploration Blocks in Tunisia and is evaluating additional high impact exploration opportunities in South America. Madalena owns producing oil and gas properties in Alberta with extensive development drilling projected for 2007.

The common shares and warrants comprising the units offered under the private placement have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Forward-Looking Statements

Certain information set forth in this press release, including a discussion of future plans and operations, contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources, as well as risks inherent in operating in foreign jurisdictions, including varying judicial or administrative guidance on interpreting rules and regulations and a higher degree of discretion on the part of governmental authorities. Actual results, performance or achievement could differ materially from those expressed in or implied by these forward-looking statements.


Contact Information

  • Madalena Ventures Inc.
    Ken Broadhurst
    President and Chief Executive Officer
    (403) 233-8010
    (403) 233-8013 (FAX)