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Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gas exploration and production company, is pleased to announce its participation in four new wells in North Dakota. All four wells are to be drilled on the same spacing unit as the Skunk Creek 14H and Skunk Creek 15H wells that are producing from the Bakken and Three Forks Sanish formations.
The update is in line with the Company’s strategy to rapidly build production and prove up the reserves on its leases in oil rich formations, including the Bakken in North Dakota and Mississippi Lime in Oklahoma.
Rita Whittington, COO of Magnolia, said, “We are delighted to be participating in these four new wells which will be drilled back to back on the same spacing unit as the two original Skunk Creek wells. Though it has since been superseded, notably by four of the six Statoil operated Jake wells in North Dakota, at 2,303 bopd the initial production rate for the Skunk Creek 15H well was, at the time, our best ever.
“In addition, these four new infill wells serve as a reminder that in North Dakota it is accepted practice to drill a total of four wells per formation on each spacing unit in order to maximise the recovery of the reserves.
“As the Three Forks Sanish lies below the Bakken formation, there is therefore the potential for eight wells to be drilled per unit on all our leases in North Dakota, including the Jake wells and the Marathon operated Gustafson and Helgeson wells. I look forward to providing further updates in due course, as we prove up the reserves on our leases through drilling and generate value for our shareholders.”
