14th Apr 2014 11:07
LONDON (Alliance News) - Magnolia Petroleum PLC Monday said it has started production at its Bolay #1-19HW site and is participating in two new wells in Oklahoma at a cost of USD225,018.
The US-focused onshore oil and gas production company, which takes small stakes in multiple wells in highly prospective shale plays, said the Bolay #1-19HW well has started production at a gross rate of 542 barrels of oil equivalent per day.
The company holds a 2.059% stake in the site and so has added roughly 11.1 barrels of oil equivalent per day net production to its portfolio.
Magnolia also said that it is now also participating in a further two wells on its Oklahoma leases, bringing its total new wells so far in 2014 to 35.
The company said it has taken a 5.41% working interest and a 4.1% net revenue interest in the Rothermel 3 site at a cost of USD198,493 and a 3.516% working interest and a 2.64% net revenue interest in the Dunn 1-15 site at a cost of USD26,525.
Including those waiting to go into test production, the company now has interests in 219 wells, 154 of which are producing.
Magnolia Petroleum shares were down 2.3% to 1.90 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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