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Don't have an account? Click here to register.Magnolia Petroleum works on four new wells
Thu, 05th Sep 2013 09:15
Magnolia Petroleum said it was participating in four new wells in Oklahoma as it builds production on its leases in the US.The oil and gas company said it was working with established operators such as Devon Energy at the wells and that the aggregate net cost of participation was $153,444 (£98,323). Magnolia said it now had interests in 174 wells in US onshore formations and would exceed its target of 175 wells by the end of the year.Rita Whittingham, Chief Operating Officer of Magnolia, said: "Increasing the number of wells in which we have an interest generates higher revenues that are reinvested into drilling, but importantly proves up reserves. "The 20-fold increase in the value of Magnolia's 2P [proven plus probable] reserves to $44m between October 2011 and December 2012 illustrates the value created during this period through drilling, and with several wells due to commence production shortly, we expect to report further substantial growth, as we build a significant US onshore focused oil and gas company."
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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
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