8th Feb 2013 07:00
MAGNOLIA PETROLEUM PLC - Spudding of Bakken Well Operated by Marathon OilMAGNOLIA PETROLEUM PLC - Spudding of Bakken Well Operated by Marathon Oil
PR Newswire
London, February 7
Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas
8 February 2013
Magnolia Petroleum Plc(`Magnolia' or `the Company') Spudding of Marathon Oil Operated Helgeson Well targeting the Bakken Formation, North DakotaMagnolia Petroleum plc, the AIM quoted US onshore focused oil and gasexploration and production company, is pleased to announce that the Helgeson41-30H well (`Helgeson' or `the Well'), a horizontal well operated by MarathonOil (`Marathon') targeting the proven Bakken formation, North Dakota, commenceddrilling on 4 February 2013. Magnolia holds a 5.428% working interest and a4.071% net revenue interest in Helgeson. As announced on 24 January 2013, theestimated total cost of the Well is US$8,562,000 of which Magnolia's share isUS$464,745.
Other Well Updates
The Company has also been informed by the relevant operators of a change instatus in the following wells in which it participates:
Well Formation Status NRI % Operator Nighswonger Farms Mississippi Drilling 3.125% / Slawson (renamed Paul) Lime, Exploration 2815 1-13H Oklahoma 2.24187% BB Rice#2 Bakken, Drilling 0.11719% / Hess North Dakota Corporation 0.0878925% BB Rice#3 Three Forks Drilling 0.11719% / Hess Sanish, Corporation North Dakota 0.0878925%Rita Whittington, COO of Magnolia, said, "We are pleased to announce additionaldrilling alongside leading operators such as Marathon Oil and Statoil. Thisdrilling activity is a continuation of the momentum created last year when wesignificantly increased our acreage and the number of potential drillinglocations in proven US onshore formations. As these and other wells come intoproduction, we should see further increases in revenue and cash flow and welook forward to providing updates in our final results and the recentlycommissioned Reserves Report."
** 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 91 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 91 Being Drilled / Completed 19 Elected to participate / waiting to 12spud TOTAL 122This 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
Related Shares:
Magnolia Petroleum