Madison Confirms Bakken / Torquay Activities and Provides Updates on Hedging and NCIB

Madison Energy Corp. ("Madison" or the "Corporation") (TSX VENTURE:MDC) is
pleased to report that the Sinclair vertical well drilled in Manitoba was placed
on production in late July, having stabilized at 13 barrels of oil per day,
after initial declines. The production of the well is consistent with company
expectations for a vertical well and the results have enabled Madison to proceed
with planning and engineering for multiple horizontal wells in the area. Madison
intends to secure a rig to drill the first horizontal well in Saskatchewan and
one horizontal well in Manitoba prior to year end (subject to rig availability).
Madison's working interest in the first well will be a minimum 50% before payout
and 38% after payout. Working interests in the Manitoba wells are anticipated to
be similar. The region continues to exhibit increasingly significant horizontal
drilling activity incorporating recent developments in horizontal
multi-fracturing completion technology. Madison intends to utilize this
technology in the drilling and completion of its planned horizontal wells.


Hedging Contracts

Madison reports that the hedging contract for 1000 barrels per month of oil with
a floor price of $70 per barrel and a ceiling of $82 per barrel ends on August
31, 2008. The contract has been replaced with a contract for 1000 barrels per
month at a floor price of $100 per barrel and a ceiling of $175.50 per barrel
for the period of September 1, 2008 to August 31, 2009.


Madison currently has a gas contract whereby 200 gigajoules ("GJ") of gas per
day is sold at a floor price of $6.00 per GJ and a ceiling of $6.80 per GJ. The
contract ends October 31, 2008.


Normal Course Issuer Bid (NCIB)

During the first six months of 2008, Madison purchased 886,500 shares at an
average price of $0.163 per share. Since June 30, 2008, the company has
purchased an additional 582,000 shares at an average price of $0.202 per share.
A total of 1,468,500 shares have been purchased under the NCIB since the
beginning of the year. As required under the TSX Venture Exchange's NCIB policy,
these shares will be cancelled. The total outstanding shares in Madison
following the cancellation of these repurchased shares will be 25,995,516.


Madison will be reporting its quarterly financials and MD&A later today. The
company's AGM will be held September 4th, 2008 at 10:00 AM on the plus 30 level
of the Bow Valley Square Conference Centre. All shareholders and interested
investors are welcome. There will be a PowerPoint presentation relating company
activities followed by an opportunity for questions and answers.


Madison is a Calgary-based corporation engaged in the acquisition, exploration
and development of resource properties. The company continues to generate
drilling prospects internally to complement its strategy of combining organic
growth with the continual evaluation of potential acquisitions with compelling
exploitation opportunities. Common shares of the company trade on the TSX
Venture Exchange under the trading symbol "MDC".


The term barrels of oil equivalent ("BOE") may be misleading, particularly if
used in isolation. In accordance with NI 51-101, a BOE conversion ratio of six
thousand cubic feet per barrel (6mcf/bbl) of natural gas to barrels of oil
equivalence is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the
wellhead. All BOE conversions herein are derived from converting gas to oil in
the ratio mix of six thousand cubic feet of gas to one barrel of oil.


Investors are cautioned that the preceding statements of the Corporation may
include certain estimates, assumptions and other forward-looking information.
The actual future performance, developments and/or results of the Corporation
may differ materially from any or all of the forward-looking statements, which
include current expectations, estimates and projections, in all or part
attributable to general economic conditions and other risks, uncertainties and
circumstances partly or totally outside the control of the Corporation,
including natural gas/oil prices, reserve estimates, drilling risks, future
production of gas and oil, rates of inflation, changes in future costs and
expenses related to the activities involving the exploration, development and
production of gas and oil hedging, financing availability and other risks
related to financial activities. The Corporation undertakes no obligation to
update forward-looking statements if circumstances or management's estimates or
opinions should change. The reader is cautioned not to place undue reliance on
forward-looking statements.