Magnolia Petroleum Share News (MAGP)

AIM-listed US onshore oil and gas exploration company Magnolia Petroleum has reported above expectation initial production rates for three wells. The net initial production rate (IPR) for well BB Rice no.2 in the Bakken, North Dakota formation was 1.81 barrels of oil equivalent per day.In the BB Rice no.3, Three Forks Sanish formation, also in North Dakota, the net IPR was 1.94 barrels of oil equivalent per day, and in the Mack 10-27-17 1H Mississippi Lime formation in Oklahoma, the net IPR was 1.27 barrels of oil equivalent per day.COO: Well production rates exceeding expectationsMagnolia Petroleum Chief Operating Officer, Rita Whittington, said: "Initial production rates for wells targeting the Bakken and Three Forks Sanish, North Dakota, and the Mississippi Lime, Oklahoma, in which we have an interest, continue to exceed our expectations, highlighting the prolific nature of these formations. "With multiple potential drilling locations in both North Dakota and Oklahoma, we are looking forward to participating in additional wells targeting these plays, as we progressively prove up our acreage and in the process grow net production and reserves further," she added.MF