Madalena Energy Inc. announced that Jose David Penafiel, Hispania's CEO as been appointed CEO of the company. He and Alejandro Augusto Penafiel will join the company's Board of Directors. The company is reducing its Canadian presence as it transfers executive management functions to Argentina.

To that end, Steve Dabner, VP Exploration and New Ventures and Thomas Love, VP Finance and Chief Financial Officer will depart the company.