Madison Energy Corp.

Madison Energy Corp.

October 23, 2006 16:45 ET

Madison Energy Corp. Announces Normal Course Issuer Bid

CALGARY, ALBERTA--(CCNMatthews - Oct. 23, 2006) - MADISON ENERGY CORP., (TSX VENTURE:MDC) ("Madison") is pleased to announce that the TSX Venture Exchange has accepted a notice filed by Madison of its intention to make a normal course issuer bid.

The notice provides that Madison may, during the 12 month period commencing October 23, 2006 and ending October 23, 2007, purchase on the TSX Venture Exchange up to 2,383,627 Common Shares, being approximately 10% of the "public float" of the common shares of Madison. The price which Madison will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares which may be purchased and the timing of any such purchases will be determined by Madison. There are approximately 27,521,516 common shares of Madison currently outstanding.

Madison believes that its common shares have been trading in a price range which does not adequately reflect their value in relation to Madison's business and its future business prospects. As a result, depending upon future price movements and other factors, Madison believes that its outstanding common shares may represent an attractive investment and a desirable use of a portion of its available funds.

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".

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 has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Madison Energy Corp.
    John Murdoch
    Chief Executive Officer
    (403) 266-3453