Magnolia Petroleum announces its final results for the year ended 31 December 2013.
The results below are extracted from the Company's audited accounts. Copies of the Company's Annual Report and Notice of AGM will be sent to shareholders later this week.
48% increase in number of wells on Magnolia's leases in proven US onshore formations to 149 as at 31 December 2013 (2012: 101) - 140 producing and 9 drilling/completing
244% increase in full year revenues to US$2,443,244
Full year EBITDA of U$975,622 compared to loss of US$359,944 in 2012
US$5 million three year revolving line of credit secured to help fund multiple proposals to drill new wells on Magnolia's 13,500 net mineral acres
£1.5 million capital raised to acquire acreage in proven onshore US formations such as the Bakken, North Dakota and participate in wells with leading operators such as Marathon Oil and Statoil