BUENOS AIRES, Argentina, April 13, 2018 (GLOBE NEWSWIRE) -- Madalena Energy Inc. ("Madalena" or the "Company") (TSXV:MVN) (OTCQX:MDLNF) announces the grant of 11,400,000 options ("Options") including 8,000,000 Options to officers and directors of the Company. The Options have an exercise price of $0.22 per common share of the Company ("Common Share") and are exercisable for a period of five years from the date of grant. The Options will vest as to one-third of the options to vest immediately, one-third to vest on the first anniversary date of the date of grant and the final third on the second anniversary date of the grant.
The Company's rolling stock option plan (the "Plan") was approved by the shareholders at the annual and special meeting of shareholders held on September 13, 2017. The Plan currently reserves up to approximately 54.4 million Common Shares for issuance pursuant to Options, which is equal to 10% of the number of issued and outstanding Common Shares.
About Madalena Energy
Madalena is an independent, Canadian upstream oil and gas company with operations in four provinces of Argentina where it is primarily focused on the delineation of unconventional oil and gas resources. The Company is implementing horizontal drilling and completions technology to develop both its conventional and resource plays.
Madalena trades on the TSX Venture Exchange under the symbol MVN and on the OTCQX under the symbol MDLNF.
For further information please contact:
| Jose Penafiel Chief Executive Officer email: jpenafiel@madalenaenergy.com phone: (403) 262-1901 | Alejandro A. Penafiel Director email: apenafiel@madalenaenergy.com phone: (403) 262-1901 |
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.