Magnolia Petroleum set to participate in 16 new wells

US oil and gas firm Magnolia Petroleum has announced that it is participating in 16 new wells across its leases in proven US onshore formations.

The aggregate cost totalled $686,335.

Chief executive officer Rita Whittington said: "The new wells highlight the value and diversity of our acreage and the multiple payzones that are being targeted."

The firm also revealed that following a recent successful fundraising it is also preparing to operate and drill two low cost 94% owned vertical wells and said is well capitalised for further non-operated well proposals in the coming months.

"These upcoming wells will add to daily production and continue the growth seen in the level of our proven reserves, which have increased to 985m barrels of oil and 2,905m cubic feet of gas as at 1 January 2015 from 46.6m barrels and 198.2m cubic feet in October 2011," added Whittington.