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14 Jan 2013 07:00
MAGNOLIA PETROLEUM PLC - Comment on SpeculationMAGNOLIA PETROLEUM PLC - Comment on Speculation
PR Newswire
London, January 13
Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas
14 January 2013
Magnolia Petroleum Plc (`Magnolia' or `the Company') Comment on SpeculationMagnolia Petroleum Plc, the AIM quoted US onshore focused oil and gasexploration and production company, notes the speculation on internet bulletinboards over the weekend regarding production rates at the Prucha 1-23MH andBrandt 31-28-12 1H wells.
The figures mentioned are not initial production rates but derive from early 24hour test runs by the operator. Such test runs are undertaken as part of thestandard practice and provide a guide to the operator as to the appropriateactions required to bring the well into full production. Shareholders shouldnote that there is no simple correlation between the results of a 24 hour testrun and the eventual initial production rates and that the former can bemisleading. The Company will be apprised of initial production rates in duecourse and will then inform shareholders.
** ENDS **For further information on Magnolia Petroleum Plc visit www.magnoliapetroleum.com or contact the following:
Steven Snead Magnolia Petroleum Plc +01 918 449 8750 Rita Whittington Magnolia Petroleum Plc +01 918 449 8750 Antony Legge/James Thomas Daniel Stewart & Company Plc +44 (0) 20 7776 6550 John Howes/John-Henry Wicks Northland Capital Partners +44 (0) 20 7796 8800 Limited Lottie Brocklehurst St Brides Media and Finance +44 (0) 20 7236 1177 Ltd Frank Buhagiar St Brides Media and Finance +44 (0) 20 7236 1177 Ltd NotesMagnolia Petroleum Plc is an AIM quoted, US focussed, oil and gas explorationand production company. Its portfolio includes interests in 86 producing andnon-producing assets, primarily located in the highly productive Bakken/ThreeForks Sanish hydrocarbon formations in North Dakota as well as the oil richMississippi Lime and the substantial and proven Woodford and Hunton formationsin Oklahoma.Summary of WellsCategory Number of wells Producing 86 Being Drilled / Completed 19 Elected to participate / waiting to 10spud TOTAL 115This summary excludes four out of six wells acquired as part of the acquisitionof 800 gross acres with a 100% working interest in Osage County, Oklahoma, asannounced on 10 February 2012. These four wells are currently `shut in' andwill require a workover programme at some point in the future to bring backinto production.
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