CALGARY, Alberta, Aug. 31, 2015 /PRNewswire/ -- Madalena Energy Inc. ("Madalena" or the "Corporation") announces the grant of 15,563,158 options ("Options") to certain officers, employees and directors of the Corporation and its subsidiaries as part of its compensation procedures. Of the Options granted, a total of 15,163,158 Options were granted to directors and executive officers of the Corporation or its subsidiaries. The grant of options is the first grant to executive officers in over two years. Each Option has an exercise price of $0.30 per share and is exercisable for a period of five years from the date of grant. The Options vest over a three year period, one-third per year, commencing on the first anniversary of the date of grant.
The Corporation's rolling stock option plan (the "Plan") was approved by the shareholders at the annual and special meeting of shareholders held on May 26, 2015. The Plan currently reserves up to 54,103,227 common shares of the Corporation ("Common Shares") for issuance pursuant to Options, which is equal to 10% of the number of issued and outstanding Common Shares. Options to purchase 38,645,991 Common Shares are now outstanding, which is equal to approximately 7.1% of the number of issued and outstanding Common Shares. In addition, 1,416,667 options expire on September 11, 2015 leaving 37,229,324 Options outstanding representing approximately 6.9% of the Common Shares currently outstanding.
The Corporation also announces the appointment of Mr. Stephen Kapusta as Vice President, Engineering of the Corporation. Mr. Kapusta previously acted as the Corporation's Head of Engineering.
ABOUT MADALENA ENERGY
Madalena is an independent, Canadian-based Argentina focused, upstream oil and gas company.
Madalena holds over 950,000 net acres in five provinces of Argentina where it is focused on the delineation of large shale and unconventional resources in the Vaca Muerta shale, Lower Agrio shale, Loma Montosa oil play and the Mulichinco liquids-rich gas play. The Corporation 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 OTC under the symbol MDLNF.
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.
Kevin Shaw, P.Eng, MBA, President and Chief Executive Officer, Madalena Energy Inc., Phone: (403) 262-1901 (Ext. 230), email@example.com; Thomas Love, CA, VP, Finance and Chief Financial Officer, Madalena Energy Inc., Phone: (403) 262-1901 (Ext. 227), firstname.lastname@example.org
SOURCE Madalena Energy Inc.