BRIEF-Madalena Energy Q4 FFO per share $0.01

Thu Apr 21, 2016 10:48am EDT
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April 21 (Reuters) - Madalena Energy Inc :

* Madalena announces fourth quarter and year end 2015 financial results and provides operations update and 2016 outlook

* Oil and gas production averaged 3,274 boe/d (Q4-2014 - 4,075 boe/d) for Q4

* Qtrly FFO per share $0.01

* Company not in a position to provide guidance on its 2016 capital program

* Expects Q1 - 2016 sales volumes to average approximately 3,000 boe/d

* Does not expect forecasted cash flows from operating activities to be sufficient to meet anticipated 2016, 2017 capital commitments

* Need to raise capital to fund 2016 and 2017 capital commitments creates uncertainty that cast doubt ability to continue as going concern

* Continues to investigate alternative sources of capital, opportunities to extend drilling commitments to address liquidity challenges

* Is examining alternative sources of capital, including potential debt and equity financing and ways to monetize its assets Source text for Eikon: Further company coverage: