Magnolia Petroleum Plc, the AIM quoted US focused oil and gas exploration and production company, is pleased to announce the acquisition of additional acreage in the proven and producing US onshore hydrocarbon formations, the Mississippi and Woodford in Oklahoma, as well as an update on wells in which the Company is participating including the Quill 2-10-3H, targeting the prolific Bakken Formation, North Dakota.

All the acquisitions have occurred since the last quarterly update and brings total acreage acquired this year to 16,515 total gross acres (3,000 net mineral acres) in the oil rich Mississippi play, Oklahoma with an average 18% working interest in over 70 units - considerably higher than historic levels.

Magnolia COO, Rita Whittington said, "So far this year, we have acquired 3,000 net mineral acres primarily in the proven Mississippi Formation, the reopening oil play in Oklahoma. We are delivering on our goal to acquire acreage with materially larger working interests than has historically been the case. This is a crucial step on the road to accelerating Magnolia's transformation into a significant US onshore oil and gas company, as participating in wells in which we hold material interests will result in substantially higher production and revenues attributable to the Company."

Tags: Magnolia Petroleum