3 Sep 2014 11:52
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Magnolia Petroleum Information
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Don't have an account? Click here to register.Magnolia Petroleum revenues surge in the first half
Tue, 10th Sep 2013 07:24
Magnolia Petroleum's first-half revenues jumped by more than 200 per cent and the pace of increase is increasing, the oil and gas company said.Revenues increased by 223% to $910,721 (£580,188) in the six months to June 30th and were 27% up on the full year for 2012, the company said in a statement. June 2013 revenues were 1.5 times higher than January's.Stripping out foreign exchange losses, earnings before interest, tax, depreciation and amortisation (EBITDA) swung to a profit of $237,552 from a loss of $485,464 a year earlier.Magnolia's business is focused on potentially fertile US oil grounds in Oklahoma and North Dakota. It is seeking to fund its activities internally through rapid development of existing sites. Chief Executive Steven Snead said: "We expect to see a major upgrade in our 2P [proven plus probable] reserves and a further increase in net daily production, all of which will demonstrate that we are moving ever closer to transforming Magnolia Petroleum into a significant US onshore focused oil and gas company."As reported on September 9th, AIM-listed Magnolia's production increased by 75% to 214 barrels of oil equivalent per day at August 1st from the start of the year.
More News
29 Aug 2014 11:36
22 Aug 2014 14:59
Magnolia Petroleum shares rise on production bounce
Shares in Magnolia Petroleum leapt after the US oil & gas explorer said its daily production had risen more than 70% in just three months. Magnolia said an independent production report had shown an increase in its net daily production to 257 barrels of oil equivalent per day (boepd) at 1 July from
Read more30 Jul 2014 10:41
29 May 2014 10:54
Magnolia Petroleum Increases Production, Participates In Six New Wells
LONDON (Alliance News) - Magnolia Petroleum PLC Thursday said it has started production at its Parmley 1-1WH well site and is participating in six new wells in Oklahoma at a cost of USD899,808. The US-focused onshore oil and gas production company, which takes small stakes in multiple wells
Read more29 May 2014 07:25
UK MORNING BRIEFING: Kingfisher Shares Fall 5% Amid Firm Open
LONDON (Alliance News) - UK shares are higher at open Thursday, ahead of some US economic data later in the day.
B&Q and Screwfix owner Kingfisher is leading FTSE 100 fallers, down 5.4%. Despite showing a strong increase in its retail profit for the first quarte
20 May 2014 13:00
Magnolia Petroleum Secures Second Increase In Credit Facility
LONDON (Alliance News) - Magnolia Petroleum PLC Tuesday said the borrowing base limit of its credit facility has been increased for the second time since securing the facility. In a statement, the US onshore focused oil and gas exploration and production company said the borrowing bas
Read more14 May 2014 08:59
Magnolia Petroleum Pretax Loss Narrows On Production Increases
LONDON (Alliance News) - Magnolia Petroleum PLC Wednesday said its pretax loss narrowed in 2013 as its strategy to rapidly increase production led to a 48% increase in the number of wells on its leases and a more-than-tripling its revenues during the period. The US-focused onshore oil and g
Read more6 May 2014 11:22
UK MIDDAY BRIEFING: AstraZeneca Asks For Investor Patience
LONDON (Alliance News) - AstraZeneca Tuesday set out its defence against a GBP63 billion takeover offer from US rival Pfizer Inc, urging its investors to be patient because it is set to grow quickly after it invests in its pipeline and transforms the company over the next few
Read more