Resources round-up: Magnolia, New World Oil, Orsu Metals

Magnolia Petroleum, the US onshore focused oil and gas exploration and production company, has agreed to acquire 6,700 net mineral acres in Montana.

Magnolia Petroleum, the US onshore focused oil and gas exploration and production company, has agreed to acquire 6,700 net mineral acres in Montana.

Magnolia is paying $4m in cash for the acreage, most of which is located in Daniels County, surrounded by leases acquired earlier this year by Apache, the international oil and gas company. The company thinks the acreage has the potential to become a significant extension for production from the Bakken/Three Forks Sanish formations.

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