Rita Whittington, COO of Magnolia, said, "We have hit the ground running in 2014. So far this year we have elected to participate in 35 new wells across our leases in North Dakota and Oklahoma. Including those waiting to spud, we now have interests in 219 wells, 154 of which are producing. This demonstrates the step-up in activity we are seeing and the new well proposals we are receiving from leading operators such as Devon Energy who, as Rothermel 3 shows, are increasingly drilling eight wells per spacing unit in Oklahoma to maximise the recovery of reserves from the Woodford and Mississippi Lime formations. With a 19% increase in our well count since January, multiple opportunities to participate in new wells with higher than average interests and excellent initial production rates such as Bolay's 542 boepd, 2014 is shaping up to be another year of strong growth in terms of production, revenues and reserves."
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