Magnolia Petroleum reports an initial production rate of 2,244 boepd for the Statoil operated Jake 2-11 2TFH well in the Three Forks Sanish Formation, North Dakota, in which Magnolia holds a 1.465% net revenue interest. This adds 33 boepd to the Company’s net production and follows the initial production rates for the Jake 2-11 # 1H, announced on 22 July 2013, which added a further 57.5 boepd net to Magnolia. This update is in line with the Company’s strategy to rapidly build production and reserves on its leases in proven US onshore formations.

Rita Whittington, COO of Magnolia, said, “As a result of this second Statoil operated Jake well, the last four wells in which we have participated in North Dakota’s prolific Bakken and Three Forks Sanish formations have added almost 200 boepd net to Magnolia. Even after taking decline rates into account, this substantial increase in net production will result in a major uplift in revenues which in turn will fund new wells and leases.

Tags: Magnolia Petroleum