Magnolia Petroleum buys share in three new wells
Magnolia Petroleum, a US focused oil and gas exploration and production company, has announced its participation in three further wells in proven onshore oil plays in Oklahoma, as part of its expansion strategy to rapidly build production and revenues.
Magnolia Petroleum, a US focused oil and gas exploration and production company, has announced its participation in three further wells in proven onshore oil plays in Oklahoma, as part of its expansion strategy to rapidly build production and revenues.
The first of these is the Brandt horizontal well, which is targeting the Mississippi Lime Formation. Magnolia has a 4.1937% working interest in the well and its share of the drill costs are estimated at $155,817. The second is the Otis horizontal well, which is targeting the same site. Magnolia owns a 4.188% working interest and its share of the drill costs are estimated at $157,628.
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