STB it looks like Rita done a deal with Hangdown Oil for the participations at minimal cost to MAGP prior to listing on aim.
To enable Magnolia to participate in a wide range of Marathon’s currently extensive drilling opportunities, an agreement has been signed with Hangtown Oil, LLC to farmout Magnolia’s interest in five proposed middle Bakken wells to be drilled by Marathon in central Dunn County, North Dakota.
Under this arrangement, Magnolia will not be required to make any contribution towards the cost of drilling and completing the wells, but will nevertheless receive 25% of the working interest revenue once the cost of drilling and completing has been recovered.
I have been scratching around looking for something worth posting alas with the drop in oil prices there appears to be trimming back on drilling at the moment however Devon Energy posted a third-quarter profit of $1 billion fuelled by record oil production that exceeded the company’s forecast and what Devon Energy do is surely to rub off on to us Magnolia Petroleum in a big way, "Rock on" as you say our time is coming.
Devon’s retained assets produced 640,000 barrels of oil equivalent per day in the third quarter, up 19% from 538,000 barrels per day in the third quarter of 2013. Oil and liquids represent 55% of the company’s production in the most recent quarter.
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