Search Site


JacksonBone - Print and Web Design

Geometric Drilling - UK Based onshore drilling contractor

Albany House - Business Centre in Berkshire


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.”






Headlines

17 March 2010

17 March 2010

17 March 2010

17 March 2010

17 March 2010

17 March 2010

17 March 2010

17 March 2010

16 March 2010

16 March 2010

16 March 2010

16 March 2010

16 March 2010

16 March 2010

16 March 2010

16 March 2010

16 March 2010

16 March 2010

15 March 2010

15 March 2010

15 March 2010

15 March 2010

15 March 2010

15 March 2010

15 March 2010

15 March 2010

15 March 2010

15 March 2010

15 March 2010

15 March 2010

12 March 2010

12 March 2010

12 March 2010

12 March 2010

12 March 2010

12 March 2010

12 March 2010

12 March 2010

12 March 2010

12 March 2010

12 March 2010

11 March 2010

11 March 2010

11 March 2010

11 March 2010

11 March 2010

11 March 2010

11 March 2010

10 March 2010

10 March 2010

» See all News

Round-Ups

12 March 2010

12 March 2010

05 March 2010

05 March 2010

28 February 2010

26 February 2010

26 February 2010

21 February 2010

19 February 2010

19 February 2010

14 February 2010

12 February 2010

12 February 2010

05 February 2010

29 January 2010

29 January 2010




Spreadex

© SmallCapNews   |   Contact Us   |   Terms of Use   |   RSS Feeds Site by LunarSafari