US onshore-focused Magnolia Petroleum confirmed Monday that it is "on track" to increase the number of wells it is a participant in to 100 by the end of this year.
In an operations update, Magnolia said that including the producing wells in the Bakken/Three Forks Sanish in North Dakota and the Mississippi Lime and Woodford/Hunton formations in Oklahoma, it is now involved with number 77.
The firm has become an operator itself for the first time with the workover of two producing wells (Osage Lynn and Solman in the firm's Mississippi acreage). Meanwhile, the Brady 17-27-12 1H and Lois Rust 7-27-12 1H wells – also in the Mississippi Lime – are now both producing.
Magnolia said that the SPS 6-26 well, operated by Paul Gillham and targeting the Hunton Formation at Pottawatomie County, Oklahoma, has been spud and is currently drilling. The firm has also elected to participate in two additional wells (the Montecristo 6-1H and Beebe 24-W1H), with the total number of wells waiting to be spud now stands at 10.
"These developments are in line with our strategy and brings the total number of producing properties in which we have an interest in to 77 with a further 12 either being drilled or waiting to be spud, giving an aggregate total of 89. We remain on track to increase this to 100 by the end of the year," said Magnolia Chief Operating Officer Rita Whittington in a press statement.
In addition, Magnolia has acquired a further 470.39 net mineral acres with an average working interest of 16 percent, meaning that its total net acreage in the Mississippi Lime now stands at 4,011.39 acres.
Monday's update comes after Magnolia announced at the end of May that initial production from the Thomason well in the Mississippi Lime Formation in Oklahoma amounted to 124 barrels of oil per day and 2,032 million cubic feet per day – a total of 441 barrels of oil equivalent per day. Magnolia has a 12.5-percent working interest in this well.
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