Magnolia Petroleum participates in three new wells

AIM-listed US onshore-focused oil and gas company Magnolia Petroleum has reported its participation in three new wells in Oklahoma including a Mississippi Lime formation well in which Magnolia has a 10 per cent working interest. Magnolia Petroleum said that this was in line with the company's strategy to increase the size of its interests in wells in which it had been participating in alongside established operators to rapidly grow net production and reserves. The company said that it would be participating in the wells for an aggregate net cost of $392,370.Rita Whittington, Chief Operating Officer at Magnolia Petroleum, commented: "We continue to increase our average interest in wells in proven US onshore formations. Along with the well today, this year we have announced the Blaser targeting the Mississippi Lime in which we have a 12.5% working interest, as well as our 5.4% interests in the Marathon operated Gustafson and Helgeson wells in the prolific Bakken, North Dakota."Magnolia Petroleum's share price was down 2.97% to 2.45p at 10:20 on Tuesday.MF