Madison Energy Corp.
TSX VENTURE : MDC

Madison Energy Corp.

April 24, 2008 17:17 ET

Madison Announces Release of Annual Financial Statements and Provides Operational Update

CALGARY, ALBERTA--(Marketwire - April 24, 2008) - Madison Energy Corp (TSX VENTURE:MDC) (the "Company") announces the release of its audited Financial Statements for the year ended December 31, 2007 and accompanying Management Discussion and Analysis.

Financial Highlights for 2007

- Revenue (less royalties) $2,960,950, an increase of 25% over 2006.

- Revenue net of Operating Expenses $2,056,101, an increase of 26% over 2006.

- Fourth quarter production 174 BOE/day an increase of 54% from fourth quarter of 2006.

- Annual production 154 BOE/day an increase of 43% from 2006.

- Production consisted of 30% Gas and 70% Light Oil and associated Gas Liquids.

- Operating Costs were $16.98 per BOE a decrease of 13% from 2006.

- Debt to Operating Cash Flow Ratio of 1:1

Outlook For 2008

The Company intends to drill, in the second and third quarters, locations in the Antler/Sinclair area of Saskatchewan and Manitoba. Madison's partners have licensed one well and are preparing to license another. The wells in the area produce from the Bakken/Torquay Formation and produce 44o API light oil. Madison's working interest is 20-55% in the various lands. There are several prospective drilling locations on Company lands.

The Company will continue to improve operating costs by purchasing equipment currently being leased in the Garrington Area. The Company intends to spend $100,000 (net) to purchase the equipment and reduce monthly costs by approximately $4,000(net).

Madison continues to purchase shares under the Normal Course Issuer Bid announced in November 2007. Madison is under the opinion that the current share price does not reflect fair value and therefore will continue buying shares and cancelling them when prudent. Since December 31, 2007 the Company has repurchased 416,000 common shares at an average price of $0.143 per share. Since October 23, 2006 the Company has repurchased a total of 1,023,500 shares for cancellation.

The Company's 2007 Audited Financial Statements and the Management Discussion and Analysis have been filed and may be viewed at www.sedar.com.

Common shares of the Company trade on the TSX Venture Exchange under the trading symbol "MDC". Boes may be misleading, particularly if used in isolation. A Boe conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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.

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