Keeping Magnolia in Bloom New chief executive Rita Whittington using lifelong Oil and Gas career to pilot way ahead! Born and raised in Oklahoma, Rita is the newly appointed chief executive of Magnolia Petroleum (MAGP) fell into the oil & gas industry when she was 17. More than 30 years later, she finds herself encouraging her children to go into the industry, because “it is hard work but it has been good to us”. Growing up she says her choices of a higher education were somewhat limited. “Where I grew up we had mostly technical schools, so after graduating high school, young people would go straight into a job. I went into a co-operative education class, where you would go to school until noon and then go to work in the afternoon. That’s how I landed my first job in oil and gas.” Rita’s first steps towards her long-running career were made when she was hired as a trainee with Jack Kelly Oil in Oklahoma. It was here that Rita got to travel and train all over the USA. “By the time Rita was 21 she was already a supervisor, so it was a great opportunity but it was not easy! After being there for about three months, Rita was ready to quit. She told her Father she just wanted to work for Kmart instead. But he said No you have a good career. “There were some tough times for a while. Rita was the only woman hired as a lease records analyst, all the landmen were indeed MEN. But she learned as much as she could from them after that, each job that she took increased her experience and she was able to move up the ladder.
smidsy, Boys and Girls if you are all sitting comfortably I will tell you about Keeping Magnolia in Bloom
Sorry smidsy I am having trouble with the link so working on it.:-( I will put the story up as soon as I can
Nice little story for you all Boys and Girls Go Rita file:///C:/Users/Mr%20Sams/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/5K6X1H33/Upstream%2004.08.17.pdf
https://www.fool.com/investing/2017/08/06/why-oil-price-gains-wont-stick.aspx
Well Boys and Girls will SP go up or down today ?????
Magnolia CEO, Rita Whittington said, “Over the years, Magnolia has had great success acquiring and developing onshore US leases alongside leading operators, particularly when oil prices were trading at US$90 per barrel. Since the downturn, we have worked hard to bring costs down and to focus more on areas which require low oil prices to breakeven so that we can have the same success at today’s US$40-50 oil prices. Our low cost, low risk model has generated substantial returns in the past for two previous companies I was a part of and, together with a highly experienced management team and Board, I am focused on doing the same with Magnolia. Thanks to the agreement we have signed with WED, I am confident we can start to make material progress towards this objective in the near term.”
5 new wells commenced production during the Quarter - 159 producing wells in the Company’s portfolio as at end of Q2 2017 42 new wells proposed – 3 wells currently at various stages of development including in the prolific SCOOP and STACK plays in Oklahoma 25% increase in the value (‘NPV9’) of total net PDP reserves as at April 2017 to US$4,300,000 (1 July 2016: US$3,445,180) – provides strong asset backing PDP reserves as at 1 January 2017 stood at 282.686 Mbbl (1 July 2016: 133.31 Mbbl) and 2,343.116 MMCF gas (1 July 2016: 580.67 MMcf) Board and management team strengthened following appointment of Rita Whittington as CEO, highly experienced geologist Lanny Woods as a technical consultant and Derec Norman as CFO Board continues to be remunerated in shares of the Company in lieu of cash as part of on-going strategy to minimise corporate and operating expenses - 33% reduction in full year operating costs reported
Entered into an exclusive agreement with Western Energy Development LLC (‘WED’) to invest, on behalf of WED, up to US$18,500,000 into the Oklahoma oil and gas market as part of US Immigrant Investor Scheme Provides additional revenue stream and rapid low risk, low cost expansion of its asset base US$500,000 pilot programme since November 2016 to present has generated in excess of US$200,000 value net to Magnolia in terms of fees, equity in new wells, and uplift in reserves Commencement of roll-out of WED agreement has the potential to fast-track the roll-out of Magnolia’s strategy to acquire leases and prove up the reserves via drilling The Company continues to appraise its existing well portfolio to realign its forthcoming well investments into core counties in which WED can invest to allow Magnolia to participate alongside the anticipated WED investments Significant increase in proposals being received to drill new and infill wells on the Company’s existing leases particularly within the SCOOP and STACK, two highly active plays in Oklahoma where wells are economic at oil prices around US$40 per barrel
https://www.cnbc.com/2017/07/31/us-oil-prices-open-above-50-for-first-time-since-may-but-headwinds-persist.html So when is your next move Rita ??? buy more land or sell old wells ???
Morning all :-) smidsy is this it ?? https://earlebusinessunion.com/checking-on-the-technicals-for-magnolia-petroleum-plc-magp-l/65210/
Hi smidsy so what CD is playing today??? Have you left the bar door open as no one else about today!! Or have they all gone on shore leave So when will NTOG start selling back to the market OR will Rita / WED make them an offer to buy back to reduce shares on the market ???
http://www.cnbc.com/2017/07/26/oil-prices-ease-but-near-8-week-highs-on-lower-us-stocks.html
smidsy I have just patented the turbo two hamster wheel that generates extra power when the little fellas run round and can give you and extra 1 mile per hamster ;-D. The only thing is where do I store the little buggers Nuts to make them run round the wheel.
Morning smidsy Who is your money on for the replacement ??? Someone from WED or Mr Robsky for the chair :-)
Ron Harwood is retiring ;-)
https://www.cnbc.com/2017/07/24/oil-extends-gains-as-opec-moves-to-cap-nigeria-output.html
There you go Troy -: BROOOKIE has given some of the answer . Sell some wells at a profit then Rita will then buy some more land and start again with the WED money. Hopefully profits all round and SP up to 0.5p soon I hope ;-D