Magnolia Petroleum Plc, the AIM quoted US focused oil and gas exploration and production company, is pleased to announce its participation in three further wells in proven onshore oil plays in Oklahoma, as part of its expansion strategy to rapidly build production and revenues. Magnolia currently has interests in 80 producing properties, a further four currently being drilled/completed and, following today's announcement, an additional 12 waiting to be spud.
Participating in the following three wells:
Magnolia COO, Rita Whittington said, "We are continuing to build a pipeline of future wells which, once drilled, will add to our portfolio of producing wells in proven US onshore oil plays such as the Bakken/ Three Forks Sanish, North Dakota and the Mississippi Lime and Hunton/ Woodford, Oklahoma. Importantly, the Brandt, Otis and the previously announced Thomason and Montecristo wells show our average working interests are on the rise, in line with our stated strategy."
Osage’s Nemaha Ridge Project delivered strong growth in crude oil and natural gas production during the first quarter of 2013.
The Blevins 1-7H, located in Section 7-17N-3W and operated by Stephens Production Company, achieved one-day peak production of 557 BOE on a gas lift and has averaged 466 BOE in the seven days since that peak.