Magnolia Petroleum Updates Oklahoma Ops
Magnolia Petroleum Plc announced an update on its activities across its portfolio of interests in proven oil plays including the Bakken / Three Forks Sanish, North Dakota and the Mississippi Lime and Woodford / Hunton formations in Oklahoma, in line with its expansion strategy to rapidly grow production and revenues.
- Production commenced at Westline 30-28-16 1H well - operated by Chesapeake - Magnolia holds 0.0013% working interest:
- Output is mainly liquids rich gas, with an oil equivalent production rate of 403.33 boepd
- Participation provides access to critical well information for use in further evaluation of the Mississippi Lime play
- Total number of producing wells in which Magnolia has an interest now increased to 80
- Four wells currently drilling/completing - Henry 2-29 has been drilled and is now being completed in multiple zones; Montecristo 6-1H and Bollinger 1-27XL are now drilling
- Nine wells waiting to spud - participating in additional well, LaDonna 19-28-16 1H, targeting the Mississippi
- Numerous well proposals received in last few weeks - a pipeline of additional potential wells to increase revenue streams
Magnolia COO, Rita Whittington said, "We now have an interest in 80 producing properties with a further 13 either being drilled or waiting to be spud, giving an aggregate total of 93. Since the turn of the year, we have added 16 producing wells to our total. Not only does this show we are delivering on our objective of significantly increasing production and revenues, it also illustrates the heightened level of activity in the prolific plays in which we are active, such as the Bakken in North Dakota and, increasingly, the Mississippi Lime, Oklahoma where we intend to drill our first well as operator with a larger working interest later this year. In the last few weeks, we have received multiple proposals to drill on our leases and we therefore expect to provide the market with further updates in due course."