Magnum is participating by way of a 45% working interest subject to the Farmor's election at the equipping point. The Farmor retains a one-time election to convert its royalty interest in the Farmout Lands to a 30% working interest.
In such an event, Magnum's working interest would be converted to a 31.5 net working interest. Lease construction is currently under way, and the well is expected to spud within the next two weeks. Drilling to the target zone will take approximately eight days.
Magnum is also in the final stages of preparation of the re-entry of a potential gas well at a 100% working interest in Sedalia. Pending the results of the re-entry, several potential follow up development drilling locations have been identified.
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