Magnolia announced a positive update on its operations in North Dakota where the Company has a portfolio of interests in the potentially game-changing and highly productive Bakken/Three Forks Sanish hydrocarbon formations.
Magnolia Petroleum COO, Rita Whittington said, "We are delighted to be able to provide our shareholders with such a positive update on our operations so close to our listing on AIM last month. The successful drilling of the two wells at Skunk Creek and reaching total depth in the Stocke well provides us with huge encouragement as we continue to participate in drilling in the highly productive Bakken/Three Forks Sanish formations. We are particularly excited about the Skunk Creek Three Forks Sanish well, as Moyes & Co. our Competent Person singled out this well as a trigger for a significant shift in Magnolia's reserve categories once the well has been successfully drilled and is producing.
"Modern technology such as multi-stage frac techniques used in the completion of horizontal wells has increased production tremendously in non-conventional oil and gas plays. Magnolia's participation in the Drone well, completed as a 30 stage frac, yielded an initial production of 1,199 barrels of oil per day, and nearly trebled Magnolia's net production interests to approximately 20 barrels per day. We are extremely pleased with the Company's participation in successful drilling programs to date and our highly experienced Board anticipates the Stocke and Skunk Creek wells will prove to be highly productive and will add to our outstanding success rate to date. With this in mind, I very much look forward to updating shareholders on our progress."
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