Madison Energy Corp.
TSX VENTURE : MDC

Madison Energy Corp.

February 01, 2010 15:20 ET

Madison Extends Due Diligence Period to February 11, 2010

CALGARY, ALBERTA--(Marketwire - Feb. 1, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW

Madison Energy Corp. (TSX VENTURE:MDC) ("Madison") is pleased to report today that it has entered into an extension agreement (the "Extension Agreement") to the letter of intent (the "Letter of Intent") with respect to the proposed sale of all the issued and outstanding securities of the Corporation (the "Share Sale") to an Alberta-based private oil and gas company ("AlbertaCo") for a purchase price of $0.20 per share, subject to adjustments.

The Extension Agreement allows AlbertaCo until February 11, 2010 to complete its due diligence, to determine a structure for the Share Sale and to enter into a formal agreement. 

All other terms and conditions described in the January 12, 2010 press release remain unchanged.

Madison is Canadian oil and gas exploration and development company headquartered in Calgary, Alberta.

Investors are cautioned that this news release contains forward looking information. Such information is subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, as no assurances can be given as to future results, levels of activity achievements, and whether the proposed transaction with AlbertaCo will actually occur.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Madison Energy Corp.
    John Murdoch
    President and Chief Executive Officer
    (403) 266-3453 (x221)
    or
    Madison Energy Corp.
    Pat Taguchi
    Chief Financial Officer
    (403) 266-3453 (x223)