Magnolia Petroleum Plc Acquisition of 985 Net Acres in Bakken Formation, Montana
Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gas exploration and production company, is pleased to announce that it has agreed to acquire 985 net mineral acres in Montana for a cash consideration of US$546,000.
- 985 net mineral acres acquired in the Montana section of the Bakken/Three Forks Sanish formation, bringing total acreage acquired in the district to 7,866
- Total cost of the acquisition is US$546,000 to be funded from existing case balances
- Majority of acreage located in Daniels County, Montana
"We believe the area has the potential to become a significant extension for production from the Bakken/Three Forks Sanish formations and a number of companies have drilling programmes in the area planned for 2013."