Above expectation oil production reported at Magnolia Petroleum's US wells

AIM-listed US onshore oil and gas exploration company Magnolia Petroleum has reported above expectation initial production rates for three wells.

AIM-listed US onshore oil and gas exploration company Magnolia Petroleum has reported above expectation initial production rates for three wells.

The net initial production rate (IPR) for well BB Rice no.2 in the Bakken, North Dakota formation was 1.81 barrels of oil equivalent per day.

In the BB Rice no.3, Three Forks Sanish formation, also in North Dakota, the net IPR was 1.94 barrels of oil equivalent per day, and in the Mack 10-27-17 1H Mississippi Lime formation in Oklahoma, the net IPR was 1.27 barrels of oil equivalent per day.

COO: Well production rates exceeding expectationsMagnolia Petroleum Chief Operating Officer, Rita Whittington, said: "Initial production rates for wells targeting the Bakken and Three Forks Sanish, North Dakota, and the Mississippi Lime, Oklahoma, in which we have an interest, continue to exceed our expectations, highlighting the prolific nature of these formations.

"With multiple potential drilling locations in both North Dakota and Oklahoma, we are looking forward to participating in additional wells targeting these plays, as we progressively prove up our acreage and in the process grow net production and reserves further," she added.

MF

Recommended

Share tips of the week – 28 January
Share tips

Share tips of the week – 28 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
28 Jan 2022
Which assets will benefit as the “jam tomorrow” bubble pops?
Investment strategy

Which assets will benefit as the “jam tomorrow” bubble pops?

With tech stocks, cryptocurrencies and many other “long duration” investments crashing hard, the “jam tomorrow” bubble looks to be bursting. John Step…
24 Jan 2022
Three innovative Asian stocks to buy now
Share tips

Three innovative Asian stocks to buy now

Professional investor Fay Ren of the Cerno Pacific Fund highlights three of her favourite Asian stocks to buy now
24 Jan 2022
Share tips of the week – 21 January
Share tips

Share tips of the week – 21 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
21 Jan 2022

Most Popular

Amazon halts plans to ban UK Visa credit card payments
Personal finance

Amazon halts plans to ban UK Visa credit card payments

Amazon has said that it is to shelve its proposed ban on UK customers making payments with Visa credit cards.
17 Jan 2022
Shareholder capitalism: why we must return power to listed companies’ ultimate owners
Investment strategy

Shareholder capitalism: why we must return power to listed companies’ ultimate owners

Under our system of shareholder capitalism it's not fund managers, it‘s the individual investors – the company's ultimate owners – who should be telli…
24 Jan 2022
Temple Bar’s Ian Lance and Nick Purves: the essence of value investing
Investment strategy

Temple Bar’s Ian Lance and Nick Purves: the essence of value investing

Ian Lance and Nick Purves of the Temple Bar investment trust explain the essence of “value investing” – buying something for less than its intrinsic v…
14 Jan 2022