Magnolia Petroleum is pleased to provide an operations update across its portfolio of interests in proven US onshore formations including the Bakken, North Dakota and Mississippi Lime, Oklahoma. This update is in line with the Company’s strategy to rapidly build production through drilling and in the process prove up the reserves on its leases.
Commencement of production at the following four wells brings total number of producing wells in which Magnolia has an interest to 129:
Rita Whittington, COO of Magnolia, said, “We now have interests in 129 producing wells in established US onshore formations. With an additional 51 wells at various stages of development, we are well placed to significantly grow this total in the near term. Furthermore, as the Voise and Nevada wells demonstrate, we are not only continuing to replenish our pipeline of new drilling activity alongside leading operators such as Devon Energy, but with interests of 7.5% and 5.0% respectively, we are also increasing the average size of our net revenue interests. As a result, the strong growth seen to date in Magnolia’s daily production and the value of our proven (P1) reserves, which as at 1 August 2013 stood at 214 boepd and US$40.721m respectively, is set to continue, as we focus on our goal to build shareholder value.”