Magnolia Petroleum has commenced drilling at the Jake 2-11 1H and the Jake 2-11 TFH wells operated by Statoil ASA ('Statoil'), successor to Brigham Oil & Gas, L.P., and targeting the prolific Bakken/Three Forks Sanish formations, North Dakota. An update is also provided on Magnolia's activities across its portfolio of interests in proven oil plays including the Mississippi Lime and Woodford/Hunton formations in Oklahoma.

The Jake 2-11 1H horizontal well located in Williams County, North Dakota, is targeting the Bakken Formation and is operated by Statoil, a leading energy company. The Jake 2-11 TFH horizontal well, also operated by Statoil, is using the same pad as the Jake 2-11 1H well to target the Three Forks Sanish Formation. Total drill costs for the Jake wells are estimated at US$10,215,000 each, with the Company's 1.9531% working interest in each well estimated at US$199,509. Magnolia's net revenue interest is 1.4648%.

Tags: Magnolia Petroleum