Magnolia Petroleum Adds Eight Wells and Builds Gas Assets in Oklahoma
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US onshore oil and gas group Magnolia Petroleum brought on eight new wells to its portfolio in its latest quarter, taking the total in production where it has a stake to 210.
A further nine at various stages of development, said Magnolia, which also has agreed to participate in a 10 well drilling program alongside operator Continental Resources targeting gas in the South-Central Oklahoma Oil Province (SCOOP).
Nine of these wells are already drilling are underway and are scheduled to come onstream in the current quarter.
SCOOP has already produced 3.2bn barrels of conventional oil, though Mangolia said the move is to increase the gas portion of its production profile from 30 percent.
Gas markets have local supply/demand dynamics which tend to be independent of global oil prices, it said.
Rita Whittington, chief operating officer, said: “Magnolia now has interests in 210 producing wells in proven US onshore formations such as the Bakken in North Dakota and the Woodford and Mississippi Lime in Oklahoma.
“In the face of persistently low oil prices we continue to maintain strict control of our cost base to ensure as much of our internally generated revenues as possible are reinvested into new wells.”
Source: (February 10, 2016) Proactive Investors
About Magnolia Petroleum
Magnolia Petroleum plc is an AIM listed oil and gas production company focused on the acquisition, exploitation and development of oil and gas properties primarily located onshore in the United States. Led by a highly skilled management team with over 100 years combined experience in the on shore oil and gas industry, the Company already has interests in over 60 producing properties and significant acreage in two major project areas, the potentially game-changing and highly productive Bakken shale in North Dakota and the proven Woodford and Hunton formations in Oklahoma. The Company is also currently targeting the Mississippi Formation in Oklahoma, a known play with proven and substantial reservoirs.
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