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Don't have an account? Click here to register.Magnolia Petroleum surges on US well potential
Mon, 18th Mar 2013 09:14
Magnolia Petroleum's shares surged Monday after the oil and gas company said initial production rates from its US onshore wells exceeded expectations.The company reported robust results from four of its wells at formations including Bakken in North Dakota, Woodford in Oklahoma and Cotton Valley in Texas. Chief Operating Officer, Rita Whittington, said the wells had beat forecasts and highlighted the positive impact horizontal drilling and fracture stimulation can have on recovery rates in proven onshore US."The prolific Bakken play has been at the forefront of this revolution, and is largely responsible for a more than seven fold increase in daily oil production in North Dakota to over 700,000 boepd [barrels of oil per day] in just six years," she said."With 14 wells at various stages of drilling or stimulation and another 15 waiting to spud, we expect further growth in our net production in due course, as we continue with our strategy of drilling wells on our leases to prove up our reserves and, in the process, create value for shareholders."RD
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15 Feb 2016 09:42
Magnolia Petroleum completes share placing
(ShareCast News) - Magnolia Petroleum's work to shore up its balance sheet amid a tough oil price environment came to fruition on Monday, with a discounted fundraising of £300,000 via the issue of 214.3m new shares at 0.14p each. The AIM-traded US onshore oil firm said the proceeds of the placing wo
Read more4 Nov 2015 14:18
Magnolia Petroleum begins drilling programme in Oklahoma
(ShareCast News) - AIM-listed oil and gas exploration and production company Magnolia Petroleum has begun a 10-well drilling programme in Oklahoma, US. The company, which has a 0.53% interest in each of the ten wells, said it was targeting the proven Woodford formation in the prolific South-Central
Read more16 Oct 2015 09:06
Magnolia Petroleum surges after revealing it has more than 200 fully operational wells
(ShareCast News) - Shares in Magnolia Petroleum surged over 20% early on Friday, after the oil and gas producer said it has over 200 fully operational wells, after seven more came on stream during the latest quarter. The London-listed company now has 202 wells in operation, with an additional ten cu
Read more2 Oct 2015 09:34
Magnolia Petroleum gains stake in new Oklahoma gas wells
(ShareCast News) - Magnolia Petroleum has announced it is working with Continental Resources to drill 10 new gas wells in Oklahoma. The AIM listed company announced on Friday the new wells will be drilled in the Woodford formation, from which it's estimated a total of 3.2bn barrels of conventional o
Read more