Magnolia Petroleum participates in Bakken well with Marathon
BY RORY GALLIVAN
BROKEN ARROW, Oklahoma -- Magnolia Petroleum, an oil and gas exploration and production company focused on proven U.S onshore hydrocarbon formations, announced its participation in a well targeting the prolific Bakken formation in North Dakota. The Nicky Kerr 14-8 horizontal well is targeting is operated by Marathon Oil.
Total drill costs are estimated at $8.53 million with the company's 1.955692% working interest in the well estimated at $166,837. Magnolia's net revenue interest is 1.46677%. Magnolia participates in 83 producing properties, a further nine are currently being drilled, completed and another twelve waiting to spud.
Dow Jones Newswires