Jose David Penafiel: Director

Mr. Penafiel previously managed Hispania Petroleum and its predecessor for 10 years. He has held positions as director of Permtotineft, Hispania's joint venture with Lukoil, and CEO of the Hispania group. He has also managed gasoline and diesel distribution operations in Ecuador and Guatemala for the Hispania group. He led the efforts to consolidate the group's Argentine and Russian upstream assets in Hispania. Mr. Penafiel headed Hispania's Argentine operations out of Buenos Aires for 7 years as General Manager. Mr. Penafiel is a graduate of the University of Oxford where he studied Politics, Philosophy and Economics (PPE).

Alejandro Augusto Penafiel: Director

Mr. Penafiel worked in U.S. political campaigns prior to entering the energy sector. He has also worked in European energy derivatives markets in sales and business development positions at Trayport Ltd then a subsidiary of GFI Inc. He previously headed Hispania's corporate operations in Europe and led the day to day operations for the group's U.S. investment vehicles focusing on the Permian basin. Mr. Penafiel holds a BA in Economics from The American University in Washington D.C. and is a CFA Level II candidate.

Gus Halas: Director

Mr. Halas is currently a director of Triangle Petroleum Corporation (NYSE MKT:TPLM) and has significant experience in the energy industry and in public companies in both an executive and board role, including his roles as President, Chief Executive Officer, Director and/or Chairman of Central Garden & Pet Company, T-3 Energy Services, Inc., Ingersoll Dressers Pump Services Group and Aquilex Corporation. Mr. Halas has also held a leadership position at Sulzer Industries, Inc. and is currently a Member of the Advisory Board of White Deer Energy, a Houston based private equity firm. Mr. Halas received a BS in both Physics and Economics from Virginia Tech.

Barry Larson: Director

Mr. Larson has over 30 years of oil and gas industry experience, 15 of which have been in foreign operations. Mr. Larson is the Vice President Operations and Chief Operating Officer of Parex Resources Inc. He held the same position with Petro Andina Resources Inc. from 2005 - 2009. Mr. Larson was a resident of Argentina from 1994 - 1997 where he received extensive operating experience as Manager Drilling then Manager of Operations with Chauvco Resources and Chauvco Argentina and later as Vice President of Operations for Chauvco Resources International. Mr. Larson was a co-founder and Vice President of Aventura Energy Inc. from August 1999 to May 2004, a company that operated in Argentina as well as Trinidad & Tobago.

Keith Macdonald: Director

Mr. Macdonald graduated from the University of Calgary in 1978 with a Bachelor of Commerce in Accounting. Articling with a predecessor to KPMG LLP, he received the Chartered Accountant designation in 1980. Over his career, he founded and was President of New Cache Petroleums Ltd. and has served as a director of several public companies. Currently, he is the President and CEO of EFL Overseas, Inc. and a director and chair/member of Audit Committee of Zapata Energy Corporation, Bellatrix Exploration Ltd., Cirrus Energy Corporation, Holloman Energy Corporation, WCSB Oil and Gas Royalty Income 2010 Management Corp., Rocky Mountain Dealerships Inc., Cordy Oilfield Services Inc. and Stratabound Mineral Corp. During the past five years, Mr. Macdonald has been the President of Bamako Investment Management Ltd., a private holding and consulting company.

Eric Mark: Director

Mr. Mark, an independent director, is currently a Managing Director at Batuta Capital Advisors ("Batuta"), a merchant bank targeting middle market and special situation opportunities in both the public and private markets. Prior to joining Batuta, Mr. Mark was a Senior Analyst/Junior Portfolio Manager at BTG Pactual ("BTG"), a Brazilian investment bank, co-managing a $2 billion portfolio of distressed, high yield and special situation equities. Mr. Mark has over 20 years of investment experience (credit and equity) in the energy, metals & mining, general industrials and telecommunications sectors across North America, South America and Europe.

Jay Reid: Director

Mr. Reid is currently a Partner at the Calgary based law firm of Burnet, Duckworth & Palmer LLP. He has practiced corporate and securities law since 1990, and currently serves as a director and/or corporate secretary for a number of publicly and privately listed issuers. Mr. Reid provides advice to issuers, underwriters, financial advisors, boards of directors and special committees on a variety of transactions. Mr. Reid has successfully secured listings for companies on the New York Stock Exchange, the Toronto Stock Exchange, TSX Venture Exchange and NASDAQ (National Market).

Ving Y. Woo: Director

Mr. Woo has been a member of the Board of Directors of Madalena since March 2006. He was previously Vice President, Engineering and Chief Operating Officer at Bellatrix Exploration Ltd. Mr. Woo is a Professional Engineer with over 40 years of industry experience; throughout his career Mr. Woo has worked in many capacities within management and the operational departments of several junior and intermediate oil and gas companies.