Magnolia Petroleum announces a quarterly update on its operations across proven and producing US onshore hydrocarbon formations, including the Bakken/Three Forks Sanish in North Dakota and Montana, and the Mississippi Lime and the Hunton/Woodford in Oklahoma.

Quarter Highlights

• 15 new wells commenced production bringing the total to 176 producing wells as at end of Q4 2014 - a further 48 at various stages of development ◦ Elected to participate in 14 new wells in low cost formations including the Mississippi Lime and Woodford in Oklahoma

• Strong initial production rates from six Devon Energy operated wells drilled on the same spacing unit in Oklahoma added 96 boepd to Magnolia's net production - highlights low risk high impact potential of infill drilling to rapidly increase production and maximise the recovery of reserves

Tags: Magnolia Petroleum