Magnolia Petroleum reports 'highly active' first quarter

AIM-listed oil and gas exploration and production company Magnolia Petroleum has published a quarterly update indicating a highly active first three months of the year.The company reported having an interest in 96 producing wells as at end of the first quarter of 2013 and a current total of 104 producing wells.Initial production rates for 10 wells were disclosed and the company said that it had elected to participate in an additional 11. Some 985 net mineral acres was acquired in the Montana section of the company's Bakken/Three Forks Sanish formation, bringing total acreage acquired in the district to 7,866.Rita Whittington, Chief operating Officer at Magnolia Petroleum, commented: "This has been another highly active quarter for the company, during which we reported initial production rates for 10 wells, elected to participate in a further 11, and increased our net mineral acreage to over 12,700 in proven US onshore formations. She added: "The momentum has continued into the current quarter. Since period end, the number of producing wells in which we have an interest has increased to 104 and we continue to receive multiple new well proposals, reflecting the considerable potential of the acreage we hold."Magnolia Petroleum's share price was up 0.89% to 2.82p at 11:19 on Monday. MF