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Magnolia Petroleum to participate in 16 new U.S. onshore wells

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Staff Writer |
Magnolia Petroleum
Oil exploration   1,411 barrels of oil per day

Magnolia Petroleum is to participate in 16 new onshore wells in the Scoop and Stack plays in Oklahoma, the U.S.

Magnolia recently participated in a new Continental Resources operated well, the Foree 1-18-7XH, which was drilled to the Woodford formation.

The operator reported initial production rates of 1,411 barrels of oil per day and 3.9m cubic feet of gas per day - equivalent to 2,061 barrels of oil equivalent per day.

Due to the production rates and estimated reserves, an additional 13 increased density wells have also been proposed within the same unit.

Drilling has already started on the second well on the unit, Houses Quarter 10-7-6XH, with 12 wells left to be drilled back to back.

Magnolia's share of the costs of drilling the initial foree well was fully carried and so it did not incur any cost, and the company will fund its share of the costs of the 13 increased density wells which is estimated at $45,000.

Magnolia Petroleum is also participating in the drilling of three initial wells operated by Comanche Exploration Co and Devon Energy, and will bear the costs of any increased density wells that may be proposed.

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