Pan American Energy LLC Sucursal Argentina entered into an agreement to acquire a 55% working interest in Coiron Amargo Sur Este from Madalena Energy Inc. (TSXV:MVN) for $10 million on December 7, 2016. Under the terms, Madalena will transfer a 55% working interest and operatorship in Coiron Amargo Sur to Pan American Energy, retaining a 35% non-operated working interest. Madalena will receive a refundable deposit within two business days with the balance of the $10 million due upon closing. The deal is subject to approvals from Gas y Petróleo del Neuquén Sociedad Anómina and the Province of Neuquén, Argentina. The deal is expected to close within 90 days. Pan American Energy LLC Sucursal Argentina completed the acquisition of a 55% working interest in Coiron Amargo Sur Este from Madalena Energy Inc. (TSXV:MVN) on January 10, 2017.