Magnolia Petroleum (LON:MAGP) has revealed initial production from the Marathon Oil operated Helgeson well, and announced it will participate in seven new wells in Oklahoma.
It has a 4% stake the Helgeson well, in the Bakken play in North Dakota, which produced 1,401 barrels of oil equivalent per day, giving Magnolia an additional 57 barrels a day.
In Oklahoma the company will take working interests, ranging from 0.3% to 12.5%, in seven wells for around US$300,000.
"We expect the strong momentum to be maintained if not built upon,” said chief operating officer Rita Whittington.
“The seven new wells announced today bring the total number in which Magnolia has an interest that are at various stages of development or waiting to spud to 47.”