Madalena Energy Inc. Announces Operating Results for the Month of December and Fourth Quarter of 2018; Provides Production Guidance for the First Quarter of 2019
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).