LONDON--Magnolia Petroleum PLC (MAGP.LN), an AIM quoted U.S.
onshore focused oil and gas exploration and production company,
said Friday it has received a large number of proposals from
operators such as Devon Energy Corp (DVN), Newfield Exploration Co
(NFX), Chesapeake Energy Corp (CHK) and Kodiak Exploration to drill
increased density or infill wells across its portfolio of producing
leases in U.S. onshore formations, including the Bakken, North
Dakota, and Mississippi Lime, Oklahoma.
MAIN FACTS:
-Infill wells maximize the recovery of reserves on leases that
are held by production and, as a result of the growing number of
these wells in which Magnolia is participating and the multiple
proposals it is receiving, the Directors expect the strong growth
in production and reserves seen to date to continue in the years
ahead.
-Magnolia has above average 3% interests in several of these
proposed wells.
-Shares closed Thursday at 2 pence valuing the company at 19.58
million pounds.
-Write to Ian Walker at ian.walker@wsj.com
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