Magnolia Petroleum participating in new Oklahoma wells

Magnolia Petroleum said three additional wells would be drilled near the existing Gilchrist oil well in Oklahoma by project operator SandRidge Energy.

The extra wells would be drilled on the same spacing unit to maximise the recovery of reserves, Magnolia said.

Initial production rates from the Gilchrist well of 770 barrels of oil equivalent per day exceeded the company's projections of 570 boepd.

Alongside Western Energy Development, Magnolia has a combined working interest of 1.57% in the spacing unit on which Gilchrist is located.