Madalenda Announces Commencement of Testing Operations in Tunisia

Madalena provided an update on the TT2 exploration well located on the Remada Sud Permit in Southern Tunisia. The Corporation announced that the Schlumberger stimulation equipment is onsite and operations have commenced to artificially fracture and production test several zones of interest in the exploration well. The TT2 exploration well encountered potentially significant light oil and gas shows in the primary Ordovician Bir Ben Tartar formation while coring. Secondary zones of interest which encountered hydrocarbon potential during drilling and coring will also be tested. The Sud Remada permit is located in the Ghadames Basin and is approximately 1.2 million acres in size. Madalena has earned a 15% working interest in 600,000 acres on the Sud Remada permit for the drilling of the TT 2 test well, and has the option to pay 30% of the costs of a second test well to earn an additional 15% working interest in an additional 600,000 acres on the permit.