Magnolia Petroleum Plc is pleased to report initial production rates for four Jake wells in the Bakken and Three Forks Sanish Formations, North Dakota. Magnolia holds a 1.465% net revenue interest in each of these Statoil operated wells which, combined, add 156 boepd to Magnolia’s net production. 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.
Rita Whittington, COO of Magnolia, said, “As with the previously reported two Jake wells, also operated by Statoil, all four initial production rates reported today are among the best in our portfolio of 133 producing wells in proven US onshore formations, such as the Bakken and Three Forks Sanish, North Dakota. Our share of production from these four wells alone totals 156 boepd, and as a result we expect our next CPR, due in Q1 2014, to report another major increase in Magnolia’s daily production which, as at 1 August 2013, stood at 214 boepd.