Madison Extends Due Diligence Period to February 11, 2010

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAW


Madison Energy Corp. (TSX VENTURE:MDC) ("Madison") is pleased to report today
that it has entered into an extension agreement (the "Extension Agreement") to
the letter of intent (the "Letter of Intent") with respect to the proposed sale
of all the issued and outstanding securities of the Corporation (the "Share
Sale") to an Alberta-based private oil and gas company ("AlbertaCo") for a
purchase price of $0.20 per share, subject to adjustments.


The Extension Agreement allows AlbertaCo until February 11, 2010 to complete its
due diligence, to determine a structure for the Share Sale and to enter into a
formal agreement. 


All other terms and conditions described in the January 12, 2010 press release
remain unchanged.


Madison is Canadian oil and gas exploration and development company
headquartered in Calgary, Alberta.


Investors are cautioned that this news release contains forward looking
information. Such information is subject to known and unknown risks,
uncertainties and other factors that could influence actual results or events
and cause actual results or events to differ materially from those stated,
anticipated or implied in the forward-looking information. Readers are cautioned
not to place undue reliance on forward-looking information, as no assurances can
be given as to future results, levels of activity achievements, and whether the
proposed transaction with AlbertaCo will actually occur.