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5 Apr 2013 07:00
MAGNOLIA PETROLEUM PLC - Production UpdateMAGNOLIA PETROLEUM PLC - Production Update
PR Newswire
London, April 4
Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas
5 April 2013
Magnolia Petroleum Plc(`Magnolia' or `the Company') Production UpdateMagnolia Petroleum Plc, the AIM quoted US onshore oil and gas exploration andproduction company, is pleased to report initial production rates for threewells across its portfolio of interests, focused on proven and producing USonshore hydrocarbon formations. These include the prolific Bakken / Three ForksSanish Formations in North Dakota and Mississippi Lime and Hunton / WoodfordFormations in Oklahoma
Initial Production Rates
The Company has been informed by the relevant operators of wells in which itparticipates in that production has commenced at the following three wells,with the initial production rates (`IPR') as set out below:
Well Name Formation Operator Gross Magnolia's Net IPR IPR NRI BB Rice#2 Bakken, North Hess 2,060 0.0878925% 1.81 boepd Dakota Corporation boepd BB Rice#3 Three Forks Hess 2,207 0.0878925% 1.94 boepd Sanish, North Corporation boepd Dakota Mack Mississippi Chesapeake 251.85 0.504985% 1.27 boepd10-27-17 Lime, Oklahoma Energy boepd1HMagnolia COO, Rita Whittington said, "Initial production rates for wellstargeting the Bakken and Three Forks Sanish, North Dakota, and the MississippiLime, Oklahoma, in which we have an interest, continue to exceed ourexpectations, highlighting the prolific nature of these formations. Withmultiple potential drilling locations in both North Dakota and Oklahoma, we arelooking forward to participating in additional wells targeting these plays, aswe progressively prove up our acreage and in the process grow net productionand reserves further."
** ENDS ** Glossary`boe' means barrels of oil equivalent: a unit of energy based on theapproximate energy released by burning one barrel (42 US gallons or 158.9873litres) of crude oil.
There are 42 gallons (approximately 159 litres) in one barrel of oil, whichwill contain approximately 5.8 million British Thermal Units (MBtus) or 1,700kilowatt hours (kWh). The value is necessarily approximate as various grades ofoil have slightly different heating values. BOE is used by oil and gascompanies in their financial statements as a way of combining oil and naturalgas reserves and production into a single measure.
`boepd' means barrels of oil equivalent per day
`IPR' means initial production rates
`mcf/d' means thousand cubic feet per day
`NRI' means net revenue interest
For further information on Magnolia Petroleum Plc visitwww.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 Notes Magnolia Petroleum Plc is an AIM quoted, US focussed, oil and gas explorationand production company. Its portfolio includes interests in 99 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 Wells Category Number of wells Producing 99 Being Drilled / Completed 12 Elected to participate / waiting to 15spud TOTAL 126This 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.
Total US onshore net acreage 12,794.16 acres
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