April 21 (Reuters) - Madalena Energy Inc MVN.V :
* 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: ID:nCNWTr8vwa
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