Magnolia Petroleum pleased with production levels from latest US well
01 December 2009
Magnolia Petroleum, the PLUS-quoted onshore US oil and gas group, has reported that its latest well on the Bakken Shale formation in Dunn County, North Dakota US, has delivered over 750 barrels of oil and 490 thousand cubic feet (mcf) of gas per day.
The results come from the latest horizontal oil well, the Quill 10-30H #1, which is operated by Hunt Oil Company Inc and where Magnolia has a 0.4% interest, which is in line with its low risk high reward strategy of investing alongside proven operators.
Rita Whittington, Magnolia’s chief operations officer, said: “We are pleased with the levels of production being attained and we estimate that the Quill 10-30H #1 well could achieve payback within nine to twelve months.”
The well is the seventh completed producer on Magnolia's leasehold acreage in Dunn County in 2009. Magnolia partnered with Marathon Oil Company in drilling the previous six wells. Average initial production on all seven wells is 490 barrels of oil and 220 mcf of gas per day.
Whittington added: “Our continued drilling success proves that Magnolia's strategy of acquiring interests in leases in the Bakken area where major oil companies are preparing to drill is effective.”
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