Magnolia Petroleum
| Type | Public limited company |
|---|---|
| Industry | Oil and Gas Producers |
| Trades as | LSE:MAGP |
| Website | www.magnoliapetroleum.com |
Magnolia Petroleum Plc is an AIM traded oil & gas production company with an operational focus on the United States. The company has interests in over 60 producing properties, its most notable being the Bakken shale site in North Dakota and the Woodford and Hunton formations in Oklahoma. The company was first traded on the AIM in November 2011. [1]
Contents |
Operations
Bakken & Three Forks Sanish
Magnolia's operations target the Bakken formation, which is comprised of three separate reservoirs and the Three Forks Sanish formation which is above the other three. The interest includes leases totaling 33,920 gross mineral acres distributed across 28 sections located in Dunn, Williams, and McKenzie Counties, North Dakota. This formation represents a large portion of the company's holdings, with 13 of their 64 interests located on the site. The Bakken is being drilled at four wells per 1,280 acres by operators and the leases grant Magnolia the right to participate in 92 well locations targeting the Bakken and 107 locations targeting the Three Forks Sanish formation. [2]
Woodford & Hunton Formations
Woodford is a reservoir located in south east Oklahoma that was believed to be depleted until new technologies, including horizontal drilling, were applied. Magnolia holds leases that cover 57,600 gross mineral acres, giving them the right to participate in drilling in 87 sections across 26 counties. The company's average working interest in these wells is 1.57%, with an average net revenue interest of 1.18%. [3]
Mississippi Lime Play
Magnolia is testing opportunities in the prospective Mississippi formation. They have identified 5 prospects across 80 sections, with a hope to acquire more acreage on these sites in 2012. The company plans to drill and operate two wells with an average 25% working interest in 2012. The Mississippi formation was considered depleted, however due to recent technological advancements, it is believed to hold significant resources. [4]
