Magnolia Petroleum is pleased to announce a quarterly update on its operations across proven and producing US onshore hydrocarbon formations, including the Bakken/Three Forks Sanish in North Dakota and Montana, and the Woodford, Mississippi Lime and the Hunton in Oklahoma.
Q3 Highlights to 30 September 2015
•Seven new wells commenced production bringing the total number of producing wells to 202 as at end of Q3 2015 - a further 10 at various stages of development
•Elected to participate in 10 new wells targeting the Woodford formation in Oklahoma
◦All 10 wells are operated by Continental Resources and are targeting gas in two sections
•Successfully diversifying product mix to a more even oil to gas ratio- current production is 56/44 compared to 70/30 in January 2015 oil to gas respectively
◦Gas markets have local supply/demand dynamics which tend to be independent of global oil prices, providing further diversification to Magnolia's producing well portfolio