Magnolia Petroleum Plc (`Magnolia' or `the Company')
Participating in Three Additional Wellsin Proven US Onshore Oil Plays in
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 inthefollowing three wells:
ï?· Brandt 31-28-12 1H, horizontal well, targeting the Mississippi Lime Formation (Magnolia 4.1937% working interest) operated by Chesapeake Energy (`Chesapeake'). Total drill costs are estimated at US$3,715,500 with the Company's share estimated at US$155,817
ï?· Otis 2-27-12 1H, horizontal well targeting the Mississippi Lime Formation,(Magnolia 4.188% working interest) operated by Chesapeake. The total estimated cost for the proposed work is US$3,763,800 with the Company's share estimated at US$157,628
ï?· Campbell 1-H, horizontal well targeting the Woodford Formation, (Magnolia 0.0694% working interest) operated by Newfield Exploration. The total cost of the well has been estimated at US$9,500,568 with the Company's share estimated at US$6,593
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."
Antony Legge / James Thomas Daniel Stewart & Company Plc +44 (0) 20 7776 6550
John Howes / John-Henry Northland Capital Partners +44 (0) 20 7796 8800 Wicks Limited
Lottie Brocklehurst St Brides Media and Finance +44 (0) 20 7236 1177 Ltd
Frank Buhagiar St Brides Media and Finance +44 (0) 20 7236 1177 Ltd
Notes Magnolia Petroleum Plc is an AIM quoted, US focussed, oil and gas exploration and production company. Its portfolio includes interests in 80 producing and non-producing assets, primarily located in the highly productive Bakken/Three Forks Sanish hydrocarbon formations in North Dakota as well as the oil rich Mississippi Lime and the substantial and proven Woodford and Hunton formations in Oklahoma. Summary of Wells Category Number of wells
Being Drilled / Completed 4
Elected to participate / waiting to 12 spud
TOTAL 96 Notes
his table excludes four out of six wells acquired as part of the acquisition of 800 gross acres with a 100% working interest in Osage County, Oklahoma, as announced on 10 February 2012. These four wells are currently `shut in' and will require a workover programme at some point in the future to bring back into production.
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