Magnolia Petroleum Share News (MAGP)

Shares in Magnolia Petroleum, the AIM-listed US onshore focused oil and gas exploration and production company, rose on Friday after the company reported strong initial production at the Gustafson Well in the Bakken formation, North Dakota. An initial production rate of 1,216 barrels of oil equivalent (boepd) was recorded for the Marathon Oil-operated Gustafson 31-30H well in the Bakken Formation, North Dakota in which Magnolia holds a 4.071% net revenue Interest(NRI).Rita Whittington, Chief Operating Officer of Magnolia, said: "Combined with a 4.0% NRI in the well, net production attributable to Magnolia from Gustafson is currently 50 boepd. As a result, this well alone represents a 40% increase on the 122.5 boepd reported in the Competent Person's Report as at December 31st 2012." She added: "With Gustafson's excellent results in mind, we are looking forward to receiving the initial production rate for the Helgeson well, situated close to Gustafson, in which we also hold a 4% NRI, as we look to continue to increase net production and prove up reserves on the 13,500 plus net mineral acres we hold in proven US onshore formations."Magnolia Petrolium's share price was up 6.59% to 2.43p at 08:39.MF