Madalena Announces Change of Auditors

Madalena Energy Inc. ("Madalena" or the "Company") (TSXV:MVN) (OTCQX:MDLNF) announces today the resignation of KPMG LLP (the "Former Auditor") as auditor of the Company and the appointment of Ernst & Young LLP (the "Successor Auditor") of Calgary, Alberta as auditor for the Company effective September 27, 2017 until the close of the next annual general meeting of the shareholders of the Company.

There were no reservations in the Former Auditor’s reports in connection with the financial statements of the Company since the Former Auditor’s appointment; and any periods subsequent for which an audit report was issued and preceding the effective date of expiry of the Former Auditor’s term of office.

The Company confirms that there have been no reportable events as defined in the National Instrument 51-102 and, in its opinion, there are no reportable events pending.

The Company and the Board of Directors would like to extend their thanks to KPMG LLP for their auditing services to date.

About Madalena EnergyMadalena is an independent, Canadian head-quartered Argentina upstream oil and gas company with operations in four provinces of Argentina where it is focused on the delineation of unconventional resources in the Vaca Muerta shale, Lower Agrio shale and Loma Montosa oil plays. The Company is implementing horizontal drilling and completions technology to develop both its conventional and resource plays.

Madalena trades on the TSX Venture Exchange under the symbol MVN and on the OTCQX under the symbol MDLNF.

For further information please contact:        

Jose David Penafiel  Chief Executive Officer  E-mail:[e-mail]: [phone]

Ezequiel Martinez ArietChief Financial OfficerE-mail: [e-mail]: [phone]

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.