Magnolia Petroleum is pleased to report an initial production rate of 1,401 boepd for the Marathon Oil operated Helgeson 41-30H well in the Bakken Formation, North Dakota in which Magnolia holds a 4.071% net revenue interest. In addition, the Company announces its participation in seven new wells in producing US formations in Oklahoma, in line with its strategy to rapidly build production and reserves.

Rita Whittington, COO of Magnolia, said, “Based on the initial production rates, the two Bakken wells, Helgeson and Gustafson, have together increased our daily production by 107 boe in the space of a week. This represents a near doubling of the 122.5 boepd reported in the Competent Person’s Report as at 31 December 2012.

Tags: Magnolia Petroleum