Magnolia Reports Jake Wells Boost

US onshore-focused Magnolia Petroleum reported Wednesday a boost to its production from four Jake wells in the Bakken and Three Forks Sanish Formations, North Dakota, that have come on stream.

Magnolia holds a 1.465-percent net revenue interest in each of these Statoil operated wells which, combined, add 156 boepd to Magnolia's net production. The company said the addition of the wells is in line with its strategy to rapidly build production through drilling and in the process prove up the reserves on its leases.

Magnolia CEO Rita Whittington commented in a company statement:

"As with the previously reported two Jake wells, also operated by Statoil, all four initial production rates reported today are among the best in our portfolio of 133 producing wells in proven US onshore formations, such as the Bakken and Three Forks Sanish, North Dakota.

"Our share of production from these four wells alone totals 156 boepd, and as a result we expect our next CPR, due in 1Q 2014, to report another major increase in Magnolia's daily production which, as at 1 August 2013, stood at 214 boepd."

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Petrofac Suspends Group Chief Operatin... (May 25)
 -  EnQuest On Track For Kraken First Oil ... (May 25)
 -  Energean Signs Lease Agreement for Exp... (May 25)
 -  Seadrill CEO Praises Workforce (May 24)
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Field Specialist
Expertise: Field Development|Field Service Tech
Location: Dickinson, ND
 
Field Technician Intern
Expertise: Field Development
Location: Charlotte, NC
 
United States Rock Springs: Entry Level to Senior Field Engineer - Logging
Expertise: Petroleum Engineering
Location: Rock Springs, WY
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours