Madalena Energy Inc. has confirmed that Gus Halas has been appointed to Madalena’s board of directors and that Steven Sharpe has been elected chairman of the board.
Halas, an independent director, is currently a director of Triangle Petroleum Corp., and has experience in the energy industry and in public companies in both an executive and board role, including his roles as president, CEO, director and/or chairman of Central Garden & Pet Co., T-3 Energy Services Inc., Ingersoll Dresser's Pump Services Group, and Aquilex Corp. He has also held a leadership position at Sulzer Industries Inc. and is currently a member of the advisory board of White Deer Energy, a private equity firm.
Sharpe, an independent board member who joined the board Sept. 23, 2014, has experience in both executive and board levels with several public companies, and has experience in the areas of strategic planning, business development, and mergers and acquisitions.
Over the past four months, three new independent directors, including a new independent chairman, have been appointed to the board, bringing extensive oil and gas, capital markets, and governance experience to the board. To accommodate this board renewal process, Jay Reid has resigned as a director and Ray Smith has resigned as chairman but will remain on the board. Reid and Smith continue to support Madalena, and it is expected that Reid will be nominated to the board at Madalena's next Annual General and Special Meeting of shareholders, which will be held May 26.
Canadian-based Madalena Energy holds a land position of over 950,000 acres in Argentina, where it is focused on the delineation of large petroleum in-place shale and unconventional resources in both the Vaca Muerta and Lower Agrio shales, in addition to multiple tight sand plays throughout the company's portfolio of assets.
Madalena also focuses on implementing horizontal drilling and completions technology to develop conventional and scalable resource plays. In Canada, Madalena's core area of operations is in the Greater Paddle River area of west-central Alberta, where the company holds 200 gross (150 net) sections of land (79% average working interest) encompassing light oil and liquids-rich gas resource plays.