14th Sep 2012 07:00
Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas
14 September 2012
Magnolia Petroleum Plc (`Magnolia' or `the Company')
Participation in additional Bakken well operated by Marathon
Magnolia Petroleum Plc, the AIM quoted US oil and gas exploration and production company focused on proven US onshore hydrocarbon formations, is pleased to announce its participation in a further well targeting the prolific Bakken Formation, North Dakota.
The Nicky Kerr 14-8 (`Nicky Kerr') horizontal well is targeting the Bakken Formation, North Dakota, and is operated by Marathon Oil (`Marathon') a leading US energy company. Total drill costs are estimated at US$8,530,880 with the Company's 1.955692% working interest in the well estimated at US$166,837. Magnolia's net revenue interest is 1.46677%.
Magnolia participates in 83 producing properties, a further nine are currently being drilled/ completed and, following today's announcement, another twelve waiting to spud. The Company possesses leases totalling 5,506 net mineral acres on which exist over 600 potential drilling opportunities.
Magnolia COO, Rita Whittington said, "The Nicky Kerr is the fourth well targeting the Bakken/ Three Forks Sanish in which we have elected to participate in this month alone, highlighting the elevated level of activity in these two prolific, oil rich, formations in North Dakota. "
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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 Northland Capital Partners +44 (0) 20 7796 8800Wicks 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 12spud TOTAL 104Notes
\* 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.
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