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Madalena Ventures Posts Quarterly Net Loss of $12.5M

Madalena Ventures Inc. (MVN.V) today announced its results for the three months ended June 30, 2011. The company realized a net loss of $12.5 million compared to a net loss of $757,919 in the second quarter of 2010. It said net loss increased primarily due to an impairment loss of around $11 million on exploration and evaluation assets in the second quarter of 2011, higher general and administrative expenses and share-based payments expense partially offset by oil revenue in 2011 from the Coiron Amargo Block and higher interest income.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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