Magnolia Petroleum is pleased to report an update on its activities in proven US onshore formations including the Mississippi Lime and Woodford in Oklahoma.

Rita Whittington, COO of Magnolia, said, “Our well count continues to rise. We now have interests in 105 producing wells in proven onshore US formations such as the Bakken, North Dakota, and the Mississippi Lime, Oklahoma. Our pipeline of new wells is currently growing at a faster rate than those that are coming into production and as a result, with 17 wells drilling and a further 17 waiting to spud, we expect the strong momentum behind Magnolia to continue. As our participation in drilling activity increases, we are confident we will see further strong growth in our 3P reserves, which were valued at US$94 million as at 1 January 2013 in the recent Competent Person’s Report.”

Tags: Magnolia Petroleum