Madison Energy Corp.

Madison Energy Corp.

October 19, 2006 09:00 ET

Madison Energy Reports Results for Garrington Well

CALGARY, ALBERTA--(CCNMatthews - Oct. 19, 2006) - Madison Energy Corp. (TSX VENTURE:MDC) ("Madison") announces that the Company has completed a Lower Mannville light oil well in the Garrington area. The well was flowing at a tubing pressure of 420 psi and a stabilized rate of 85 barrels of light (45 degree API) oil per day and 650 MCF (thousand cubic feet) of sweet gas per day during the last 6 hours of the 24 hour test period.

The well has an additional 3 sand intervals that will be completed over the next several months once the well has produced a minimum of three months. The additional intervals if productive will be commingled with the current production.

Madison will complete operations by installing the production tubing in the well and begin constructing a pipeline as soon as possible. Madison anticipates that the well can be pipelined into existing infrastructure within 1000 meters of the well and expects the well to be producing prior to calendar year end.

Madison has a 30% working interest in the well before payout and a 21% working interest after payout.

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.

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

Contact Information

  • Madison Energy Corp.
    John Murdoch
    President and Director
    (403) 266-3453