US-focused exploration firm Magnolia Petroleum says it has seen excellent production from the new Jake well in North Dakota’s Bakken field.
The Jane 2-11 1H well, which is operated by Statoil, has begun production at 3,928barrels of oil per day equivalent.
Magnolia holds a 1.465 net revenue stake in the field, taking 57.5 boed from the production.
“Thanks to the excellent performance of the first Jake well, in the space of a month we have reported initial production rates for three wells in the Bakken formation which together have added 164.5 boepd to Magnolia’s daily production,” said Magnolia chief operating officer Rita Whittington.
“Even allowing for expected decline rates, this represents a major increase in our net production which stood at 122.5boepd as at 31 December 2012.
“The results of the Statoil operated well bode well for the five remaining Jake wells which are at various stages of development.”
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