Madison Energy Corp.

Madison Energy Corp.

June 26, 2008 09:00 ET

Madison Acquires Manitoba Lands, Prepares Bakken / Torquay Drilling Program

CALGARY, ALBERTA--(Marketwire - June 26, 2008) - Madison Energy Corp (TSX VENTURE:MDC) announces that the Company, in collaboration with its privately held partners, have leased 480 acres of freehold mineral rights in the Sinclair area of Manitoba. Madison has expanded its exposure to the Bakken / Torquay light oil play through this venture by acquiring a 20% working interest in the properties.

Madison has partnered with a low-cost, local operator on the Manitoba lands, for which a vertical well has been drilled and cased and will be completed as soon as rig availability allows. The Company and its partners are further exploring the economics of horizontal drilling on these lands. Madison estimates a potential drilling inventory of up to a dozen vertical locations for light oil within the newly acquired block.

The Sinclair, Manitoba property is near Madison's current holdings across the border in Saskatchewan, where the Company holds varying working interests on existing lands in the same pool. Subject to rig availability, Madison intends to drill a well within 60 days on these higher working interest Saskatchewan lands. Madison will have a 55% working interest in the next well.

Madison views the Antler Sinclair properties as prospective for both horizontal (exploration) and vertical (development) drilling. The Company notes that continued industry improvements to fracture technology applied to Bakken horizontal wells have resulted in significant production increases.

Madison's expanding operations in the Antler Sinclair area of Saskatchewan and Manitoba will continue through the third quarter, focusing on drilling locations targeted to produce light oil from the Bakken / Torquay Formation.

Madison is a Calgary-based corporation engaged in the acquisition, exploration and development of resource properties. The Company continues to generate drilling prospects internally to complement its strategy of combining organic growth with the continual evaluation of potential acquisitions with compelling exploitation opportunities. Common shares of the company trade on the TSX Venture Exchange under the trading symbol "MDC".

This news release contains forward-looking statements which involve known and unknown risks, delays and uncertainties not under the Madison's control which may cause actual results, performance or achievements of the Madison to be materially different from the results, performance or expectations implied by these forward-looking statements.

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

Contact Information