11th Sep 2012 07:00
Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas
11 September 2012
Magnolia Petroleum Plc (`Magnolia' or `the Company') Participating in twofurther wells in Bakken/Three Forks Sanish, North Dakota, Operated by Brigham
Magnolia Petroleum Plc, the AIM quoted US focused oil and gas exploration and production company, is pleased to announce its participation in two further wells targeting the prolific Bakken and Three Forks Sanish formations, North Dakota.
The Jake 2-11 # 1H (`Jake') horizontal well located in Williams County, North Dakota, is targeting the Bakken Formation and is operated by Brigham Oil & Gas, L.P. (`Brigham') a leading energy company. Total drill costs are estimated at US$10,215,000 with the Company's 1.9531% working interest in the well estimated at US$199,509. Magnolia's net revenue interest is 1.4648%.
The Jake 2-11 # 2TFH (`Jake 2TFH') horizontal well located in Williams County, North Dakota, also operated by Brigham, is targeting the Three Forks Sanish Formation (`TFS') using the same pad as the above well. Total drill costs are estimated at US$10,215,000 with the Company's 1.9531% working interest in the well estimated at US$199,509. Magnolia's net revenue interest is 1.4648%.
The two wells are to be drilled back to back and are the first in which Magnolia has participated with Brigham as operator. Magnolia expects to elect to participate in four further wells in Williams County also operated by Brigham in the near future.
Magnolia participates in 83 producing properties with a further nine currently being drilled/ completed and, following today's announcement, eleven are waiting to spud.
Magnolia COO, Rita Whittington said, "We are delighted to be participating in wells targeting the proven Bakken/TFS with Brigham for the first time, adding another leading name to our growing list of established operators with whom we have a commercial relationship. Brigham has had enormous success in drilling wells in Williams County, North Dakota, having reported some of the highest initial production rates ever recorded by wells targeting these two prolific reservoirs. With this in mind, I look forward to providing further updates on our progress in due course, as we continue to work towards our goal of building a significant oil and gas company."
** 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 83 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 83 Being Drilled / Completed 9 Elected to participate / waiting to 11spud TOTAL 103Notes
\* This table excludes four out of six wells acquired as part of the acquisition of 800 gross acres with a 100% working interest in Osage County, Oklahoma, as announced on 10 February 2012. These four wells are currently `shut in' and will require a workover programme at some point in the future to bring back into production.
Related Shares:
Magnolia Petroleum