Pat: I am an Inner Circle member and am wondering about the “Canadian” junior oil company Madalena Energy. I put quotes around Canadian because Madalena seems to be active in Argentina only. However, its holdings there look very interesting. I’m looking forward to your evaluation and have profited from your advice for several years. Thanks.
Madalena Energy, $0.32, symbol MVN on Toronto (Shares outstanding: 542.1 million; Market cap: $176.2 million; www.madalenaenergy.com), is a Canadian oil and gas producer that mainly operates in Argentina, though it also has a presence in Alberta.
Prior to June 2014, the company’s Argentine operations consisted of about 450 barrels of oil equivalent per day of production from one concession at Coiron Amargo.
In June 2014, Madalena acquired all of the outstanding shares of Gran Tierra Energy’s Argentine business unit for $59.2 million. The company is now focused on four areas: the Loma Montosa oilfield, the Vaca Muerta shale, the Lower Agrio shale and the Mulichinco field, which is rich in natural gas liquids.
In the three months ended June 30, 2015, Madalena produced 3,996 barrels of oil equivalent a day, up 154.7% from 1,569 a year earlier (before the Gran Tierra purchase). Argentina supplied about 95% of its output. Cash flow rose to $4.3 million, or $0.01 a share, from $1.0…
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