20th Jan 2014 11:13
LONDON (Alliance News) - Magnolia Petroleum PLC Monday said it is participating in four new wells in North Dakota at a net cost of USD220,072.
The US-focused onshore oil and gas production company, which takes small stakes in multiple wells in highly prospective shale plays, said the sites are to be drilled on the same spacing unit as the Skunk Creek wells that are producing from the Bakken and Three Forks Sanish formations.
Magnolia has a 0.6% working interest in the four Skunk Creek sites and a 0.45% net revenue interest in the sites.
The company noted that the Skunk Creek 15H well in the area achieved a 2,303 barrels of oil per day initial production rate when it first went into production, the highest the company had made at the time.
Magnolia Petroleum shares were down 0.3% to 2.19 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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