Magnolia Petroleum is considering expanding its operations in the Bakken Shale formation in North Dakota following positive drilling results at the first of six wells in which it is participating. The Jake 2-11 1H well produced 3,928 barrels of oil per day. "The results of the Statoil-operated well bode well for the five remaining Jake wells, which are at various stages of development," said Rita Whittington, chief operating officer at Magnolia.

Related Summaries