Magnolia Petroleum looks to increase activity in Bakken
Magnolia Petroleum PLC’s recent success in the Bakken has the exploration and production firm looking to expand. The company recently reported initial production rates at the first of six North Dakota wells it is participating in. At the Statoil operated Jake 2-11 1H well, the IP rate reached 3,928 barrels of oil per day.
“The results of the Statoil operated well bode well for the five remaining Jake wells which are at various stages of development,” Rita Whittington, chief operating officer for the company said. “We believe the transformation of our production and revenue profile is set to continue,” adding that, “This in turn will allow us to step up our drilling and lease acquisition activity.”
According to Whittington, the company now has an interest in 165 wells that are either producing or at various stages of development in proven U.S. onshore formations, compared to 134 wells at the end of the first quarter.
In North Dakota, the company is currently waiting on IP rates for one Three Forks well and fracture stimulation of two Three Forks wells. Another Three Forks well is currently in the drilling process.