Magnolia Petroleum Adds to North Dakota Portfolio
Magnolia Petroleum Plc, the AIM quoted US focused oil and gas exploration and production company, announced its participation in two further wells targeting the prolific Bakken and Three Forks Sanish formations, North Dakota.
The Jake 2-11 # 1H (Jake) horizontal well located in Williams County, North Dakota, is targeting the Bakken Formation and is operated by Brigham Oil & Gas, L.P. (Brigham) a leading energy company. Total drill costs are estimated at $10,215,000 with the Company's 1.9531 percent working interest in the well estimated at $199,509. Magnolia's net revenue interest is 1.4648 percent.
The Jake 2-11 # 2TFH (Jake 2TFH) horizontal well located in Williams County, North Dakota, also operated by Brigham, is targeting the Three Forks Sanish Formation (TFS) using the same pad as the above well. Total drill costs are estimated at $10,215,000 with the Company's 1.9531 percent working interest in the well estimated at $199,509. Magnolia's net revenue interest is 1.4648 percent.
The two wells are to be drilled back to back and are the first in which Magnolia has participated with Brigham as operator. Magnolia expects to elect to participate in four further wells in Williams County also operated by Brigham in the near future.
Magnolia participates in 83 producing properties with a further nine currently being drilled/completed and, following today's announcement, eleven are waiting to spud.
Magnolia COO, Rita Whittington said, "We are delighted to be participating in wells targeting the proven Bakken/TFS with Brigham for the first time, adding another leading name to our growing list of established operators with whom we have a commercial relationship. Brigham has had enormous success in drilling wells in Williams County, North Dakota, having reported some of the highest initial production rates ever recorded by wells targeting these two prolific reservoirs. With this in mind, I look forward to providing further updates on our progress in due course, as we continue to work towards our goal of building a significant oil and gas company."