Magnolia Petroleum provides an update on the Company’s activities in proven US onshore formations such as the Bakken/Three Forks Sanish, North Dakota, and the Mississippi Lime and Woodford/Hunton formations in Oklahoma.

Participation in new wells

The Company is pleased to announce that it is participating in the following eleven wells for an aggregate net cost of US$1,398,694:

Rita Whittington, COO of Magnolia, said, “The speed with which we have started to deploy the recently raised funds demonstrates the high level of activity in US onshore liquids rich plays, the large number of opportunities we continue to see and, more specifically, the considerable potential of the 13,500 plus net mineral acres we hold. Both the above average interest in the Blaser well, along with an aggregate net investment of almost US$1.4million into new wells, are in line with our strategy to rapidly grow net production and reserves through drilling, as we look to generate further value for shareholders. This is a highly exciting time for Magnolia and I look forward to providing further updates on our progress in due course.”

Tags: Magnolia Petroleum