Madalena Energy Inc. announced operating results for the month of December and fourth quarter of 2018. For the quarter, the company reported production was approximately 1,730 barrels of oil equivalent (86% crude oil) before royalties, an increase of 8.8% from 1,590 boe/d in the prior quarter (87% crude oil).

For the month of December, the company reported production averaged 2,100 boe/d. A significant increase from prior months was driven by the signing of a new operation agreement giving Madalena a 100% interest in production from the Palmar Largo concession starting December 1, 2018.

For the first quarter of 2019, the company expects production to average approximately 2,025 boe/d (91% oil).