Magnolia Petroleum reports 'highly active' first quarter

AIM-listed oil and gas exploration and production company Magnolia Petroleum has published a quarterly update indicating a highly active first three months of the year.

AIM-listed oil and gas exploration and production company Magnolia Petroleum has published a quarterly update indicating a highly active first three months of the year.

The company reported having an interest in 96 producing wells as at end of the first quarter of 2013 and a current total of 104 producing wells.

Initial production rates for 10 wells were disclosed and the company said that it had elected to participate in an additional 11.

Some 985 net mineral acres was acquired in the Montana section of the company's Bakken/Three Forks Sanish formation, bringing total acreage acquired in the district to 7,866.

Rita Whittington, Chief operating Officer at Magnolia Petroleum, commented: "This has been another highly active quarter for the company, during which we reported initial production rates for 10 wells, elected to participate in a further 11, and increased our net mineral acreage to over 12,700 in proven US onshore formations.

She added: "The momentum has continued into the current quarter. Since period end, the number of producing wells in which we have an interest has increased to 104 and we continue to receive multiple new well proposals, reflecting the considerable potential of the acreage we hold."

Magnolia Petroleum's share price was up 0.89% to 2.82p at 11:19 on Monday.

MF

Recommended

Share tips of the week – 22 October
Share tips

Share tips of the week – 22 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
22 Oct 2021
Three dividend stocks from the dynamic Asia/Pacific region
Share tips

Three dividend stocks from the dynamic Asia/Pacific region

Professional investor Sat Duhra of the Henderson Far East Income investment trust highlights three of his favourite stocks.
18 Oct 2021
Share tips of the week – 15 October
Share tips

Share tips of the week – 15 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
15 Oct 2021
Trading: stash the family cash in this cheap wealth management firm
Trading

Trading: stash the family cash in this cheap wealth management firm

Wealth management is a growth market. Rathbone Brothers should be a prime beneficiary – and looks cheap. Matthew Partridge explains the best way to pl…
12 Oct 2021

Most Popular

How to invest as we move to a hydrogen economy
Energy

How to invest as we move to a hydrogen economy

The government has started to roll out its plans for switching us over from fossil fuels to hydrogen and renewable energy. Should investors buy in? St…
8 Oct 2021
How to invest in SMRs – the future of green energy
Energy

How to invest in SMRs – the future of green energy

The UK’s electricity supply needs to be more robust for days when the wind doesn’t blow. We need nuclear power, says Dominic Frisby. And the future of…
6 Oct 2021
Why the world’s most important economic data release has unnerved markets
US Economy

Why the world’s most important economic data release has unnerved markets

The US added only 194,000 jobs in September, far shorter than the 500,000 that were expected. John Stepek explains why markets didn't react as they no…
11 Oct 2021