Magnolia Petroleum Plc Participation in Four Additional Wells in the Bakken Formation, North Dakota and Hunton Formation, Oklahoma and Production Update for Hunton Well
Magnolia Petroleum Plc, the AIM quoted US focussed oil and gas exploration and production company, announces positive updates on certain non-producing assets within the highly productive Bakken and Three Forks Sanish hydrocarbon formations, North Dakota and in the Hunton Formation, Oklahoma and on the producing Zenyatta 1-6 well in Oklahoma.
Overview
- Participating in the drilling of two new wells in the Bakken / Three Fork Sanish Formations with leading US oil and gas operator, Marathon Oil Company
- Participating in the drilling of two new wells in the Hunton Formation, Oklahoma
- Production commenced from Zenyatta 1-6 well in Oklahoma with Avalon Oil & Gas III, LLC, producing an average of 79.66 barrels of oil per day and 118.18 MCF of gas per day - production increasing
Rita Whittington, COO of Magnolia Petroleum, said, "This is an extremely exciting time for the Company as we are now receiving multiple proposals for wells on both the Three Forks Sanish and Bakken Formations acreage from leading operators such as Marathon Oil Company. Today's news is in line with the expected drilling for 2012, as set out in our Admission document and in this regard I am delighted to report Magnolia is delivering on its strategic targets.
"While the Bakken Formation, in which we are active, continues to excite strong interest, our assets in Oklahoma are also looking highly promising and we anticipate a steady flow of news as we move into 2012."
This article is for information and discussion purposes only and does not form a recommendation
to invest or otherwise. The value of an investment may fall. The investments referred to in this
article may not be suitable for all investors, and if in doubt, an investor should seek advice from
a qualified investment adviser. More
Related Companies