Mangnolia Petroleum will begin drilling 10 new wells in Oklahoma with onshore operator Continental Resources.
The companies will be targeting gas in the Woodford formation where Continental has seen previous success.
The well are located in the South Central Oklahoma Province (SCOOP) which has already delivered more than three million barrels of conventional oil from 60 reservoirs.
Jericho Oil has expanded into Oklahoma after signing a Letter of Intent (LOI) to acquire a 50% interest in the North of the state.
The company will begin build-out of its second platform, which is focused on developing and optimising legacy productive basins, upon closure of the deal.
The acquisition of the 2,050 acres will bring the company’s total acreage in the region to more than 5,800 acres.
