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Don't have an account? Click here to register.Magnolia Petroleum's North American well count increases
Thu, 25th Apr 2013 10:52
Magnolia Petroleum, the AIM-listed onshore focused oil and gasexploration and production company, has reported an increase in the number of wells it has a stake in.In an operational update issued on Thursday, the company reported that it had commenced production at its Peck 1-5H well in the Mississippi Lime formation in Oklahoma and had begun participating in five new wells.In total, the company now has 139 wells. Of this, 139 wells are producing, 17 are being drilled or completed and 17 are waiting to spud.Rita Whittington, Chief Operating Officer of Magnolia, said: "Our well count continues to rise. We now have interests in 105 producing wells in proven onshore US formations such as the Bakken, North Dakota, and the Mississippi Lime, Oklahoma." She added: "Our pipeline of new wells is currently growing at a faster rate than those that are coming into production and as a result, with 17 wells drilling and a further 17 waiting to spud, we expect the strong momentum behind Magnolia to continue." Magnolia Petroleum's share price was up 0.96% to 2.62p at 11:00 on Thursday.MF
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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
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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
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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
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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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