Magnolia Petroleum is pleased to report an update on its activities in proven US onshore formations including an initial production rate of 1,216 boepd for the Marathon Oil operated Gustafson 31-30H well in the Bakken Formation, North Dakota in which Magnolia holds a 4.071% net revenue interest.

Rita Whittington, COO of Magnolia, said, “We are delighted with the initial production rate for the Gustafson well which demonstrates the prolific nature of the Bakken formation in North Dakota. Combined with a 4% NRI in the well, net production attributable to Magnolia from Gustafson is currently 50 boepd. As a result, this well alone represents a 40% increase on the 122.5 boepd reported in the Competent Person’s Report (‘CPR’) as at 31 December 2012. Since then, in addition to Gustafson, a number of new wells have come on stream and we therefore expect our next CPR to report a significant increase in production as at 31 December 2013.

Tags: Magnolia Petroleum