Magnolia Petroleum has begun a 10 well drilling programme targeting the Woodford formation in the Central Oklahoma Oil Province play.
An estimated 3.2billion barrels of oil have already been recovered from 60 reservoirs.
Magnolia has a stake in each of the 10 wells which are operated by Continental Resources.
Drilling has commenced on the Sympson 10-6H Well, the first of five wells which are to be drilled in this month.
The remaining five wells of the programme will be drilled by March next year, with one well in January and a further three in February and the last in March.
Rita Whittington, chief operating office of Magnolia, said: “With the 10 Continental operated wells due to be drilled by March 2016 and a further 10 non-Continental operated wells at various
stages of drilling and completion, we continue to make excellent progress in rolling out our strategy to prove up the reserves on our leases through drilling.
“As at 1 August 2015, Magnolia’s proven reserves were independently valued at $21 million, which far outstrips our current market valuation and provides us with considerable asset backing.
“Combined with our internally generated revenues from production, which as at 1 August 2015 stood at 309 boepd, we are well placed to maintain our strong track record of growth at $45 oil, as we look to deliver on our objective to build a significant US onshore focused oil and gas company.”
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